Connect with us

Technology

Global Public IT Cloud Services Market Revenue Increased by 34% in 2020 – $312B

Published

on

Cloud Computing - Investors King

Cloud Services have become an integral part of business operations for many large companies and in 2020 the industry earned an estimated revenue of over $300B globally. According to data presented by TradingPlatforms, global public IT cloud services market revenue for 2020 was at $312.4B – a 34% Increase from 2019.

Global Spending on Cloud Services Passes $300B; CAGR of 36% From 2016-2020

In 2016, global spending on public IT cloud services was just under $100B. In 2021 that figure has ballooned to a healthy $312.4B after experiencing a 34% increase from 2019’s $233.4B revenue. In the 4 year period from 2016-2020 revenue from spending on cloud services grew at an impressive compound annual growth rate (CAGR) of 36.31%.

SaaS Accounts For Largest Share of Revenue; IaaS Saw Highest Growth in 2020

Of the three main types of cloud services, Software as a Service (SaaS) still accounts for the largest share of total revenue with a 63% share. In 2020 SaaS revenue amounted to $197.6B which is a 33% increase from 2019’s $148.5. S From 2016-2020 SaaS revenue grew at a CAGR of 34.1%

Infrastructure as a Service (IaaS) held the second-largest share of the revenue accounting for 21.5% of total revenue. IaaS experienced the largest growth among the three main types of cloud services with a 37% increase in revenue from $49B in 2019 to $67.2B in 2020. From 2016-2020 IaaS had a staggering CAGR of almost 40%.

Platform as a Service (PaaS) revenue accounts for just 15% of total revenue and experienced a 32.6% increase from $35.9B in 2019 to $47.6B in 2020. PaaS experienced a CAGR of 42.42% from 2016-2020, the highest out of the three main types of cloud services despite experiencing the lowest YoY growth.

Rex Pascual, editor at Trading Platforms, commented: “The cloud services industry was already gathering strong momentum prior to the outbreak of the COVID-19 pandemic in 2020. Lockdowns across the world resulted in many businesses rapidly shifting to cloud-based services giving the industry its highest YoY growth to date. Expect the industry to sustain this growth as many more businesses see the value in the adaptability of cloud services even in a post-pandemic world.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Fintech

Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs

Published

on

Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

Continue Reading

Startups

Google Leads $250 Million Funding Round for Glance

Published

on

A logo is pictured at Google's European Engineering Center in Zurich

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

Continue Reading

Technology

Cyber Threats Surge as Nigeria’s Digital Economy Expands

Published

on

cybercrime - Investors King

As Nigeria’s digital economy flourishes, it faces escalating cyber threats, prompting the Federal Government to issue 33 cyberattack advisories in the past year.

These warnings, issued by the Nigeria Computer and Emergency Response Team (ngCERT), highlight the growing vulnerability of the nation’s digital infrastructure.

Since July 2023, ngCERT has alerted Nigerians to new attack methods and vulnerabilities. With 22 advisories issued in 2024 alone, the surge in cyberattacks coincides with the accelerated digitization spurred by the COVID-19 pandemic.

Monthly internet usage in Nigeria soared from 125,149.86 terabytes in December 2019 to 753,388.77 terabytes in March 2024.

The National Information Technology Development Agency (NITDA) notes that increased digitalization has heightened cybersecurity risks, necessitating robust protective measures.

According to Check Point Research, Nigerian businesses face approximately 2,308 attacks weekly across all sectors.

The advisories reveal various cyber threats, including ransomware and banking trojans. A recent warning highlighted Grandoreiro, a malware targeting over 1,500 banks globally, affecting 41 banking applications in Nigeria alone.

These attacks aim to steal sensitive financial data, potentially causing significant financial losses.

Nigeria’s critical infrastructure is also under threat. In August, pro-Nigerien hackers attempted to disrupt MTN Nigeria’s network, although they were unsuccessful.

During the 2023 elections, the government recorded 12.99 million cyberattacks, underscoring the scale of the threat.

Cybercrime costs Nigeria about $500 million annually. This includes data damage, stolen money, lost productivity, and post-attack disruptions.

The Federal Bureau of Investigation ranked Nigeria as the 16th country worst affected by cybercrime in 2020.

Experts emphasize the need for stronger cybersecurity measures. Adesina Sodiya, a professor of Computer Science and Information Security, warns that cyberattacks will continue to grow in sophistication.

He stresses the importance of building a cybersecurity curriculum and involving experts in creating effective strategies.

In response, NITDA plans to reduce cyberattacks by 40% by 2027. “As we digitize, we must build with security in mind,” said Kashifu Inuwa, director-general of NITDA.

The agency aims to implement comprehensive strategies to protect Nigeria’s burgeoning digital economy.

As Nigeria’s digital economy expands, it must address the growing cyber threats that accompany this progress. By enhancing cybersecurity measures and fostering collaboration among stakeholders, Nigeria can safeguard its digital future.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending