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Cloud Computing Market Size, Growth | Trends Analysis [2030]
Hardware & Software IT Services
/ Cloud Computing Market
Cloud Computing Market Size, Share & COVID-19 Impact Analysis, By
Type (Public Cloud, Private Cloud, and Hybrid Cloud), By Service
(Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and
Software as a Service (SaaS)), By Industry (BFSI, IT and
Telecommunications, Government, Consumer Goods and Retail,
Healthcare, Manufacturing, and Others), and Regional Forecast, 20232030
Region : Global | Format: PDF | Report ID: FBI102697
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PUBLISHED ON:
May, 2023
Market
Research
Report
BASE YEAR:
2022
HISTORICAL DATA:
2019-2021
NO OF PAGES:
140
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2022
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KEY MARKET INSIGHTS
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The global cloud computing market size was valued at USD 569.31 billion in 2022 and is
projected to grow from USD 677.95 billion in 2023 to USD 2,432.87 billion by 2030,
exhibiting a CAGR of 20.0% during the forecast period.
Cloud computing is the technique of processing, storing, and managing data on a network
of remote computers hosted on the internet rather than on a personal computer or a local
server. It particularly refers to a shared storage area that allows all network devices to
access data at the same time. Cloud computing is an IT service delivery approach in which
third-party service providers use the internet to supply computing resources and software
tools. In this service model, the customer only pays for the time they spend on the
computer as well as the storage and bandwidth they utilize.
The major drivers that fuel the global cloud computing market growth are expanding
digital transformation across businesses, rising internet and mobile device adoption
around the world, and increased consumption of Big Data. Next-generation industrial
solutions will be cloud-enabled, and a cloud platform will be required to demonstrate their
digital business capabilities. Furthermore, the adoption of IoT, 5G, edge computing, and
real-time analytics enabled by Machine Learning (ML) and Artificial Intelligence (AI) is
expected to increase the value of computing technology among businesses.
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COVID-19 IMPACT
Companies Profiled based on User
Requirement
Rising Investment in Developing Cloud Infrastructure Propelled Market Expansion Amid the
Pandemic
Broader Insights Pertaining to a Specific
Segment or Region
Breaking Down Competitive Landscape as
per Your Requirement
Cloud computing has been one of the fastest-growing technologies among developed and
developing nations and has witnessed a dramatic acceleration in 2020. Almost every sector
has moved or is planning to move its business to the cloud since the world encountered
the COVID-19 pandemic. Cloud services have become a new essential catalyst for
enterprises looking for digital transformation. For instance,
Other Specific Requirement on
Customization
In September 2020, Accenture Solutions Pvt Ltd. developed Cloud First with USD 3
billion investment to accelerate cloud adoption and digital transformation.
Moreover, the increasing investment by these prominent market players to develop data
centers across the world in response to the COVID-19 pandemic is anticipated to drive the
market in the coming years. For instance,
Information & Technology
Clients
In December 2020, Google LLC established four cloud regions (data centers) across
the U.S., Indonesia, and South Korea. Further, the company opened new cloud data
centers across Italy, Qatar, and France to accelerate digital transformations and serve
customers better.
In April 2020, Amazon.Com Inc. launched a cloud data center in Italy during the
COVID-19 pandemic. The new data center will provide support to remote learning and
working and empower research.
Thus, the growing investment by cloud providers to develop data centers is expected to
create significant market opportunities for market growth in the post-pandemic period.
LATEST TRENDS
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Substantial Adoption of Omni-Cloud over Multi-Cloud to Boost Industry Growth
Large companies are applying multi-cloud solutions in their business operations to
organize their employees across cloud-based platforms. Also, as cloud-based applications,
such as Gmail, Facebook, Dropbox are becoming more robust and flexible, the processing
cycle needs to be faster in a real-time scenario.
As a result, businesses are migrating to omni-cloud solutions to take advantage of a variety
of benefits, including simplicity of data use, better decision-making, safe data availability,
and real-time scalability.
Omni-cloud provides enhanced connection services to businesses, allowing data to be
integrated and reorganized across numerous platforms. With the omni-cloud computing
system, the data location system is more accurate and ordered. To grow the market share,
key market players are employing a variety of business strategies such as new product
launches, mergers and acquisitions, and collaborations. For instance,
In February 2022, TecCentric and OmniClouds collaborated to efficiently support
organizations’ shift from traditional internet connectivity models to cloud-based
network infrastructures.
As a result, the global market is expected to grow during the forecast period.
DRIVING FACTORS
Integration of Big Data, AI, and ML with Cloud to Augment Market
The increasing adoption of Big Data, Artificial Intelligence (AI), Machine Learning (ML), and
others is expected to drive the market growth. These technologies transform the market
landscape, as they assist users in monitoring, analyzing, and visualizing the unprocessed
data.
Adopting these developing technologies in conjunction with cloud solutions assists
organizations in improving their visualization capabilities and making complex data
accessible and usable. The widespread adoption of AI and ML technologies in businesses
has increased data usage and reduced data storage issues. These technologies also aid in
increasing business productivity, improving decision-making processes, and lowering
operating expenses.
Enterprises embrace AI-powered solutions to become more strategic, efficient, and insightdriven. AI can automate repetitive and challenging processes to increase productivity and
conduct data analysis without manual participation. IT teams can also use AI to monitor
and oversee essential workflows.
The companies offering cloud solutions and services are constantly focusing on R&D
activities, product enhancements, and new product launches with the integration of Big
Data, AI, and ML. For instance,
In March 2022, Microsoft Corporation launched a Platform as a Service (PaaS)
platform, Azure Health Data Service specifically designed to support both transactional
and analytical workloads.
Thus, the increasing adoption of big data, AI, and ML is expected to drive the market
growth.
RESTRAINING FACTORS
Data Privacy and Information Security Concerns Associated with Cloud Solutions to Impede
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Cloud Computing Market Size, Growth | Trends Analysis [2030]
Market Growth
Users deploy cloud services to save sensitive data about their business and personal
activities over cloud-based platforms. However, concerns regarding data security and
privacy, data loss, data breaches, unanticipated emergencies, application vulnerabilities,
and internet cyber-attacks are projected to hamper the progress of cloud computing.
While cloud services assist businesses to increase company efficiency and cut costs, data
kept in the cloud is vulnerable to cyber-attack. Cyber-attacks such as cloud malware
injection, meltdown, account or service hijacking, and man-in-the-cloud assaults expose
company data vulnerabilities that may result in business closure and losses and hinder
market expansion. However, cyber-attacks disrupt corporate operations, limiting the
growth of the cloud services market.
Moreover, due to changing company needs, the necessity for meeting regulatory and
compliance requirements is continually increasing. In addition, organizations must seek to
remain in the market by taking steps to meet regulatory requirements.
Hence, the aforementioned factors are expected to hamper the market growth.
SEGMENTATION
By Type Analysis
Public Cloud to Dominate Owing to Growing Penetration of Connected Devices
Based on type, the market is allocated into private cloud, hybrid cloud, and public cloud.
Furthermore, rising demand for scalable, secure, and cost-effective solutions is expected to
surge private cloud demand across large enterprises. During the estimated period, the
public cloud segment is expected to lead the market share. The growth can be attributed
to increased penetration of connected devices, digital transformation, and growing
automation among small & medium-sized businesses.
The hybrid cloud segment is expected to grow at the fastest rate over the forecast period
due to SMEs' increasing use of cloud-based solutions to increase productivity and reduce
operational costs.
By Service Analysis
Rising Demand Among Various Enterprises to Increase Software as a Service (SaaS) Segment
Growth
Based on service, the market is divided into Software as a Service (SaaS), Platform as a
Service (PaaS), and Infrastructure as a Service (IaaS).
In 2022, Software as a Service (SaaS) segment was expected to have the largest market
share. This growth is due to its ease of deployment, low maintenance costs, and low cost of
ownership. During the forecast period, the Infrastructure as a Service (IaaS) segment is
expected to grow at the fastest rate. The increase can be attributed to the increasing
adoption of hybrid cloud platforms as well as the rising demand for business data storage
and security solutions.
By Industry Analysis
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Higher Adoption of Cloud Computing Solutions to Propel IT and Telecommunications Segment
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Cloud Computing Market Size, Growth | Trends Analysis [2030]
Expansion
Based on industry, the market is divided into Banking, Financial Services, & Insurance
(BFSI), government, IT & telecommunications, healthcare, consumer goods and retail,
manufacturing, and others. The IT & telecommunications segment holds the largest
market share, owing to the growing popularity of cloud-based computing solutions among
small and medium enterprises.
During the study period, the healthcare segment is expected to grow at the highest CAGR.
This growth can be attributed to the increased deployment of cloud-based software,
mobile applications, wearable healthcare devices, and smart healthcare equipment, among
others. Other industries, such as retail and consumer goods, BFSI, government,
manufacturing, and others, are expected to grow at a significant rate, owing to increased
government and cloud provider initiatives and investment plans to support cloud adoption
among start-ups. For instance,
In October 2022, Accenture and Google expanded their partnership to increase and
offer new solutions using data and AI technologies. Google Cloud’s capabilities aid
businesses and public sector organizations benefit from AI, ML, data analytics,
cybersecurity, and more.
REGIONAL INSIGHTS
North America Cloud Computing Market Size, 2022 (USD Billion)
NORTH AMERICA
USD 401.49 Billion
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Geographically, the market is divided into five key regions such as North America, Europe,
Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into
countries.
North America is expected to dominate the market in terms of revenue during the forecast
period due to the early adoption of technologies such as AI, robotics, Internet of Things
(IoT), and cloud. The presence of prominent cloud providers, including IBM Corporation,
Microsoft Corporation, Oracle Corporation, and others contributes to the region’s cloud
adoption. Cloud service providers are focusing on investing in technical skills, partnerships,
and expansion of cloud centers. For instance,
In January 2023, TTEC Holdings, Inc. partnered with Google Cloud to enable
customers to use Google's Contact Center-as-a-Service features to support the realtime customer interactions across digital channels.
In February 2022, Amazon and Kyndryl joined hands to launch an AWS cloud center
of excellence. With this partnership, Kyndryl built its cloud infrastructure in AWS cloud
to deliver the best customer experience.
Europe is expected to gain a significant share of the market during the projected period of
2023 to 2030. Investments by government and private corporations to accelerate cloud
adoption across the countries drive the market growth. For instance,
In February 2022, SAP SE, a Germany-based software company, launched a
sovereign cloud platform for data processing domestically.
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Cloud Computing Market Size, Growth | Trends Analysis [2030]
Asia Pacific is expected to grow at an exponential rate. The rise in demand for cloud-based
solutions in the manufacturing and healthcare industries is driving the expansion. In
addition, the region's growth is predicted to be fueled by rising demand for smart Electric
Vehicles (EVs), increasing internet penetration, and expanding digitalization. For instance,
In September 2022, Google partnered with NASSCOM to launch a new cloud
computing course in India.
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The Middle East & Africa and Latin America are expected to grow at a rapid pace in the
coming years. The increase is attributed to increased government investments in emerging
technologies such as Artificial Intelligence (AI), 5G, Machine Learning (ML), Big Data, cloud,
and others by governments such as Israel, Brazil, and Mexico.
KEY INDUSTRY PLAYERS
Key Players Emphasize Advanced Solutions to Strengthen their Positions
The global market comprises a vibrant start-up ecosystem. The market is expected to have
more than 100 start-ups developing and innovating solutions and services for consumers.
Such a fragmented market is likely to create intense competition by forcing existing
companies to continuously upgrade and adopt new developments in cloud offerings.
Hence, increasing competition is expected to increase the market size, thereby creating
more opportunities for market players. For instance,
In April 2022, Salesforce developed industry specific Customer Relationship
Management (CRM) Analytics. It is an AI-powered PaaS solution that enables Salesforce
customers across every industry to provide predictive analytical insights.
In November 2021, Moro Hub signed an SD-WAN Managed Service Provider (MSP)
agreement with OmniClouds. As per the agreement, OmniClouds offers Moro Hub with
SD-WAN services and solutions that include connectivity, cloud migration, and security
managed services.
LIST OF KEY COMPANIES PROFILED:
Amazon Web Services Inc. (U.S.)
Oracle Corporation (U.S.)
IBM Corporation (U.S.)
Alibaba Group Holding Limited (China)
Microsoft Corporation (U.S.)
VMware, Inc. (U.S.)
Google LLC (U.S.)
Rackspace Technology, Inc. (U.S.)
SAP SE (Germany)
Salesforce, Inc. (U.S.)
KEY INDUSTRY DEVELOPMENTS:
February 2023: Tech Data launched cloud services in Australia as a part of its
regional launch. The company covers customized offerings for Microsoft and AWS’s
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Cloud Computing Market Size, Growth | Trends Analysis [2030]
Infrastructure as a Service and Platform as a Service business models
February 2023: Akamai Technologies, Inc. launched the Akamai Connected Cloud
platform for cloud computing, content delivery, and security to keep applications close
and threats away.
February 2023: Reply expanded Storm Reply, a cloud-based solution provider, to
support AWS partnership in North America. Through this partnership, Storm Reply
aided global clients in the implementation of cloud-based systems.
January 2023: Alibaba launched its first international partner management and
product innovation center to provide better customer services and facilitate customers’
digitalization journey.
May 2022: Google LLC and SAP SE expanded their collaboration to serve customers
better. Google Workspace and SAP S/4HANA Cloud have joined hands to enable
customers to integrate features of Google Docs and Google Sheets from within their
SAP Software.
REPORT COVERAGE
An Infographic Representation of Cloud Computing Market
View Full Infographic
To get information on various segments, Share Your Queries With Us
The research report includes prominent areas throughout the world to get a better
knowledge of the industry. Furthermore, the report provides insights into the most recent
industry and cloud computing market trends as well as an analysis of technologies that are
being adopted at a quick rate on a global scale. It also emphasizes some of the growthstimulating restrictions and elements, allowing the reader to obtain a thorough
understanding of the industry.
REPORT SCOPE & SEGMENTATION
ATTrIBUTE
DETAILS
Study Period
2019-2030
Base Year
2022
Estimated Year
2023
Forecast Period
2023-2030
Historical Period
2019-2021
Growth Rate
CAGR of 20.0% from 2023 to 2030
Unit
Value (USD Billion)
Segmentation
By Type, Service, Industry, and Geography
Public Cloud
By Type
Private Cloud
Hybrid Cloud
Infrastructure as a Service (IaaS)
By Service
Platform as a Service (PaaS)
Software as a Service (SaaS)
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Cloud Computing Market Size, Growth | Trends Analysis [2030]
BFSI
IT and Telecommunications
Government
By Industry
Consumer Goods and Retail
Healthcare
Manufacturing
Others
North America (By Type, By Service, By Industry, and By
Country)
U.S. (By Industry)
Canada (By Industry)
Europe (By Type, By Service, By Industry, and By Country)
U.K. (By Industry)
Germany (By Industry)
France (By Industry)
Italy (By Industry)
Spain (By Industry)
Russia (By Industry)
Benelux (By Industry)
Nordics (By Industry)
Rest of Europe
By Region
Asia Pacific (By Type, By Service, By Industry, and By Country)
China (By Industry)
Japan (By Industry)
India (By Industry)
Southeast Asia (By Industry)
Rest of Asia Pacific
Middle East & Africa (By Type, By Service, By Industry, and By
Country)
GCC (By Industry)
South Africa (By Industry)
Rest of Middle East & Africa
Latin America (By Type, By Service, By Industry, and By Country)
Brazil (By Industry)
Mexico (By Industry)
Rest of Latin America
FREQUENTLY ASKED QUESTIONS
How much will be the global cloud computing market worth in 2030?
The market is projected to reach USD 2,432.87 billion by 2030.
What was the value of the global cloud computing market in 2022?
At what CAGR is the market projected to grow in the forecast period (20232030)?
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Cloud Computing Market Size, Growth | Trends Analysis [2030]
Which is the leading type segment in the market?
Which is the key factor driving the market growth?
Who are the top players in the market?
Which region is expected to hold the highest market share?
Which industry segment is expected to grow at a significant CAGR?
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