Redding, California, May 29, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography—Global Forecast to 2030,’ the global cloud computing market is projected to reach $1,402.7 billion by 2030, at a CAGR of 16.8% from 2023 to 2030.
Cloud computing is the delivery of different services through the internet, including data storage, servers, databases, networking, and software. Cloud storage has grown increasingly popular among individuals who need larger storage space and businesses seeking an efficient off-site data backup solution. Cloud computing is gaining traction due to its increased implementation by different enterprises for notable benefits, such as cost savings, increased productivity, speed and efficiency, performance, and security.
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Several industries and organizations, including government, BFSI, retail, and healthcare, are deploying this technology on a considerable scale. The key factors driving the growth of the cloud computing market are the increase in adoption of cloud computing services, personalized customer experience, rising demand for AI, and increasing adoption of technologies such as ML and IoT. However, data security & privacy concerns may restrain the market’s growth.
The rising government initiatives and consistently rising adoption of cloud computing solutions among businesses are expected to offer significant growth opportunities for the cloud computing market. Furthermore, the high complexity due to the adoption of the multi-cloud model is expected to pose challenges to the growth of the cloud computing market. The latest trends in the global cloud computing market are cloud gaming and serverless computing.
Impact of COVID-19 on the Cloud Computing Market
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries. These negatively affected multiple industries, including the cloud computing industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the cloud computing market.
Numerous cloud computing providers were under immense pressure due to the COVID-19 pandemic. However, economies are shifting their focus from responding to the pandemic to economic recovery. Various growth opportunities are expected to emerge for the cloud computing market players due to the consistently rising adoption of cloud computing solutions among businesses.
However, several businesses are exerting extensively to move the cloud computing market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the cloud computing market is expected to recover to its original track after 2023.
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The global cloud computing market is segmented by service model (infrastructure as a service, platform as a service, and software as a service), deployment mode (public cloud, private cloud, and hybrid cloud), organization size (large enterprises, small & medium enterprises), end user (BFSI, healthcare, IT and telecom, government & public sector, retail, manufacturing, energy & utilities, media & entertainment, and other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on service model, in 2022, the software as a services segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the rising adoption of cloud computing services, increasing preferences for SaaS delivery models, and growing demand for AI. Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on deployment mode, in 2022, the public cloud segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the growing reliance on public cloud services among SMEs for effective management and the rising shift of businesses towards work-from-home culture. In addition, the benefits offered by public cloud, such as cost efficiency, agility, and flexibility, further augment the growth of this segment. However, the hybrid cloud segment is projected to register the highest CAGR during the forecast period. The growing demand for agile and scalable computing and the rising need for computational power are expected to support this segment's growth.
Based on organization size, in 2022, the large enterprise segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the high spending capabilities of large enterprises and the availability of skilled IT personnel for the management of cloud platforms. However, the small & medium enterprises segment is slated to register the higher CAGR during the forecast period.
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Based on geography, the global cloud computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the global cloud computing market. North America’s major market share is attributed to the presence of leading cloud computing providers and their increasing focus on developing advanced cloud computing technology and increasing government funding for further advancements.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of cloud computing among small and medium-sized organizations create huge opportunities for the cloud computing market.
The key players operating in the global cloud computing market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.), Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.).
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Scope of the Report:
Cloud Computing Market, by Service Model
- Infrastructure as a Service
- Platform as a Service
- Software as a Service
Cloud Computing Market, by Deployment Mode
- Public Cloud
- Private Cloud
- Hybrid Cloud
Cloud Computing Market, by Organization Size
- Large Enterprise
- Small & Medium Enterprises
Cloud Computing Market, by End User
- BFSI
- Healthcare
- IT and Telecom
- Government & Public Sector
- Retail
- Manufacturing
- Energy & Utilities
- Media & Entertainment
- Other End Users
Cloud Computing Market, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- Singapore
- South Korea
- Rest of Asia-Pacific
-
- Latin America
- Middle East & Africa
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