Market Introduction
The global Cloud Computing in Higher Education market held a market value of USD 2,182.4 Million in 2020 and is forecasted to reach USD 8,779.1 Million by the year 2027. The market is anticipated to register a CAGR of 22% over the projected period.
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Cloud computing in higher education assists teachers, administrators, and students in their education related activities. It helps teachers for uploading learning materials, students to access their homeworks, and administrators to easily collaborate with each other and save money on data storage. Increasing adoption of SaaS based cloud platforms in higher education and growing adoption of e-learning is anticipated to boost the market growth. Furthermore, rising IT spending on cloud infrastructure in education coupled with increasing application of quantum computing in education sector is also expected to fuel the market growth.
Despite the driving factors, cybersecurity and data protection risks are estimated to restrain the market growth. Also, lack of compliance to the SLA and legal & jurisdiction issue is estimated to negatively hamper the market growth. Furthermore, rigid design of cloud-based systems is also expected to hinder the market growth during the forecast period.
Growth Influencers:
Increasing adoption of SaaS based cloud platforms in higher education
Adoption of SaaS based cloud platforms have increased in many industries. In the higher education sector, adoption of these platforms increased rapidly during the COVID-19 pandemic. This is because the transition to virtual learning has driven many institutions for reevaluate the longevity of their technology stack. Furthermore, various advantages associated with SaaS based platform are expected to boost the market growth. These benefits include fewer IT demands & constraints on capacity, greater flexibility to meet needs, enhanced collaboration, less down time, data recovery, enhanced security, and predictable monthly expenses. Therefore, increasing adoption of SaaS based cloud platforms in higher education is estimated to fuel the market growth.