The next few years could be the best yet for the web hosting industry as an increasing number of businesses go fully digital to survive the post-pandemic world.
A new report from ResearchAndMarkets.com claims the global market for web hosting services may reach $204.6 billion by 2024. While the United States takes top spot, the Asia-Pacific (APAC) region is perceived as the biggest-growing market, with a compound annual growth rate (CAGR) of 17.3% predicted over the next few years.
The developing internet infrastructure, rapid digitalization of the enterprise sector, as well as increasing disposable income are some of the key factors driving this growth, the report stated. It added that the robust growth of e-commerce in APAC, as well as more cloud-based service providers entering the market are also propelling the region forward.
ResearchAndMarkets.com is not the only market research organization expecting the Asia-Pacific regions web hosting industry to keep growing. Fortune Business Insights expects a CAGR of 15.1% between 2018 and 2026, with the market expected to hit $183.18bn by that time.
For ResearchAndMarkets.com, building and maintaining customer relationships is a “vital prerequisite” for survival in todays environment, and with Covid-19 still lingering, websites are seen as a “critical medium” to achieve that goal. It helps build and nurture relationships in both business-to-business and business-to-consumer environments, it was said.
Besides customer relationship management, there are numerous other advantages of using a professional web hosting service, such as lower upfront costs that come with licensing website creation software, easy access to backup solutions, antivirus tools and spam filters.
Using professional web hosting services means no backend infrastructure to worry about, and enables a more flexible website design. Storage space is highly scalable, while cloud-based delivery models can also offer dynamic bandwidth benefits, too.