Cloud Computing Market Size is projected to reach USD 1412.39 Billion by 2031, growing at a CAGR of 17.23%: Straits Research

New York, United States, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The development of novel technologies like AI and machine learning has opened up the cloud, providing businesses with easier access to computational power and data storage. Consumers' growing openness to using multi-cloud strategies will lead to a boom in the cloud computing industry. Cloud computing has flourished in the last few years, becoming increasingly popular across all sectors. It is becoming increasingly important for companies worldwide to take advantage of cloud services like Microsoft Azure and Google Cloud Platform to reduce costly infrastructure expenses and boost operational agility. Since then, these companies have consistently introduced new features to their cloud offerings.

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Growing Need among Organizations to Meet Cloud Computing Services Drives the Global Market

Cloud computing services and cloud-based applications have benefited businesses and their employees through increased productivity and adaptability. It is a common concern among companies that the risks to cloud computing systems are growing faster than their ability to implement sufficient countermeasures. The cloud offers numerous advantages in terms of performance, cost, and responsiveness, making it an ideal platform for new ideas. For example, cloud computing has allowed businesses to innovate at a previously impossible rate when developing products for the Internet of Things. In large part due to cloud computing, the Internet of Things (loT) sector has been able to create and launch transformational new products and services that are reshaping economies around the world. As a result, more companies, especially SMEs, have been forced to move their operations to the cloud to save money.

Increasing Government Initiatives Creates Tremendous Opportunities

Businesses are increasingly cloud for scalable and adaptable data storage in the modern digital age. Since this is the case, governments worldwide are investing in cloud-based IT infrastructure. Thanks to cloud computing's ability to streamline IT operations, governments may see significant productivity gains in areas such as the time it takes to process transactions involving citizens. Governments can use cloud computing to implement citizen suggestions quickly and grow services in line with demand. Local or remote storage and processing of data generated by loT devices are required. Remote data hosting and analytics provide a more practical and cost-effective solution for many loT use cases.

Report Scope

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Regional Analysis

North America is the most significant shareholder in the global cloud computing market and is expected to grow during the forecast period. The United States is far ahead of Canada in terms of market value, but the latter is showing signs of growth. Increases in the number of large cloud service providers in Canada have contributed to the country's rising adoption rate for cloud-based services. The increasing demand for online government services in Canada has contributed to the rise of cloud computing in this country. The Canadian government is encouraging the development of promising new cyber trends by encouraging the widespread adoption of cloud-based technologies. Canada's adoption of cloud computing has accelerated thanks to government initiatives that promote the technology.

Asia-Pacific is anticipated to grow during the forecast period. China and India's rapid economic development and the emergence of regional powerhouses like Alibaba Group drove the region's rapid market expansion. Thanks to government initiatives like Make in India, which have poured much money into the manufacturing and IT sectors, demand in India's cloud computing market has increased. Furthermore, numerous government initiatives, such as Make in India, which has attracted massive investments in the manufacturing and IT industries, are expected to increase demand for cloud computing services in the coming years.

For various cloud investors, the Nordic countries represent the most promising future market in Europe based on the CAGR forecast. Markets for cloud services are well-established in the Nordic countries, which include Finland, Sweden, and others. The manufacturing sector has started to adopt cloud computing in response to the rising popularity of BYOD (Bring Your Device) and analytics. Providers in these nations offer an extensive menu of cloud services for enterprises with critical needs, including those that leverage a mix of public, private, and hybrid clouds. VMware states that public cloud deployment is more prevalent than remote cloud deployment in these geographies.

Key Highlights

• The global cloud computing market size is projected to reach USD 1412.39 million by 2031, growing at a CAGR of 17.23% during the forecast period (2023–2031).
• Based on the model, the global cloud computing market is bifurcated into IaaS, PaaS, and SaaS. The SaaS segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on deployment, the global cloud computing market is bifurcated into public, private, and hybrid. The hybrid segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on application, the global cloud computing market is bifurcated into database management, business analytics, storage backup and recovery, application development and testing, integration and orchestration, content management, and others. The business analytics segment is the highest contributor to the market and is expected to grow during the forecast period.
• Based on industry vertical, the global cloud computing market is bifurcated into IT and telecom, BFSI, manufacturing, government and public sector, retail and consumer goods, healthcare, energy and utilities, and media & entertainment. The BFSI segment is the highest contributor to the market and is expected to grow during the forecast period.
• North America is the most significant shareholder in the global cloud computing market and is expected to grow during the forecast period.

The global cloud computing market’s major key players are

• Adobe
• Google
• IBM
• Microsoft
• NTT Communication
• Oracle
• Alibaba
• AWS
• CenturyLink
• Fujitsu
• Rackspace
• SAP
• Verizon
• VMware

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Global Cloud Computing Market: Segmentation

By Model

• IaaS
• PaaS
• SaaS

By Deployment

• Public
• Private
• Hybrid

By Applications

• Database management
• Business Analytics
• Storage backup and recovery
• Application development and testing
• Integration and orchestration
• Content management
• Others

By Industry Vertical

• IT and telecom
• BFSI
• Manufacturing
• Government and public sector
• Retail and consumer goods
• Healthcare
• Energy and utilities
• Media and entertainment

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. EXECUTIVE SUMMARY
2. RESEARCH SCOPE & SEGMENTATION 
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. MARKET OPPORTUNITY ASSESSMENT 
   1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM
4. MARKET TRENDS 
   1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors
5. MARKET ASSESSMENT 
   1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Sales And Distribution Channel Analysis
   4. Case Study Analysis
   5. Patent Analysis
   6. M & A Agreements & Collabration Analysis
6. ESG TRENDS
7. GLOBAL CLOUD COMPUTING MARKET SIZE ANALYSIS 
   1. Global Cloud Computing Market Introduction
   2. By Model
      1. Introduction
         1. Model By Value
      2. IaaS
         1. By Value
      3. PaaS
         1. By Value
      4. SaaS
         1. By Value
   3. By Deployment
      1. Introduction
         1. Deployment By Value
      2. Public
         1. By Value
      3. Private
         1. By Value
      4. Hybrid
         1. By Value
   4. By Application
      1. Introduction
         1. Application By Value
      2. Database Management
         1. By Value
      3. Business Analytics
         1. By Value
      4. Storage Backup And Recovery
         1. By Value
      5. Application Development And Testing
         1. By Value
      6. Integration And Orchestration
         1. By Value
      7. Content Management
         1. By Value
      8. Others
         1. By Value
   5. By Industry Vertical
      1. Introduction
         1. Industry Vertical By Value
      2. IT And Telecom
         1. By Value
      3. BFSI
         1. By Value
      4. Manufacturing
         1. By Value
      5. Government And Public Sector
         1. By Value
      6. Retail And Consumer Goods
         1. By Value
      7. Healthcare
         1. By Value
      8. Energy And Utilities
         1. By Value
      9. Media And Entertainment
         1. By Value
8. NORTH AMERICA MARKET ANALYSIS 
   1. Introduction
   2. By Model
      1. Introduction
         1. Model By Value
      2. IaaS
         1. By Value
      3. PaaS
         1. By Value
      4. SaaS
         1. By Value
   3. By Deployment
      1. Introduction
         1. Deployment By Value
      2. Public
         1. By Value
      3. Private
         1. By Value
      4. Hybrid
         1. By Value
   4. By Application
      1. Introduction
         1. Application By Value
      2. Database Management
         1. By Value
      3. Business Analytics
         1. By Value
      4. Storage Backup And Recovery
         1. By Value
      5. Application Development And Testing
         1. By Value
      6. Integration And Orchestration
         1. By Value
      7. Content Management
         1. By Value
      8. Others
         1. By Value
   5. By Industry Vertical
      1. Introduction
         1. Industry Vertical By Value
      2. IT And Telecom
         1. By Value
      3. BFSI
         1. By Value
      4. Manufacturing
         1. By Value
      5. Government And Public Sector
         1. By Value
      6. Retail And Consumer Goods
         1. By Value
      7. Healthcare
         1. By Value
      8. Energy And Utilities
         1. By Value
      9. Media And Entertainment
         1. By Value
   6. U.S. 
      1. By Model
         1. Introduction
            1. Model By Value
         2. IaaS
            1. By Value
         3. PaaS
            1. By Value
         4. SaaS
            1. By Value
      2. By Deployment
         1. Introduction
            1. Deployment By Value
         2. Public
            1. By Value
         3. Private
            1. By Value
         4. Hybrid
            1. By Value
      3. By Application
         1. Introduction
            1. Application By Value
         2. Database Management
            1. By Value
         3. Business Analytics
            1. By Value
         4. Storage Backup And Recovery
            1. By Value
         5. Application Development And Testing
            1. By Value
         6. Integration And Orchestration
            1. By Value
         7. Content Management
            1. By Value
         8. Others
            1. By Value
      4. By Industry Vertical
         1. Introduction
            1. Industry Vertical By Value
         2. IT And Telecom
            1. By Value
         3. BFSI
            1. By Value
         4. Manufacturing
            1. By Value
         5. Government And Public Sector
            1. By Value
         6. Retail And Consumer Goods
            1. By Value
         7. Healthcare
            1. By Value
         8. Energy And Utilities
            1. By Value
         9. Media And Entertainment
            1. By Value
   7. Canada
9. EUROPE MARKET ANALYSIS 
   1. Introduction
   2. By Model
      1. Introduction
         1. Model By Value
      2. IaaS
         1. By Value
      3. PaaS
         1. By Value
      4. SaaS
         1. By Value
   3. By Deployment
      1. Introduction
         1. Deployment By Value
      2. Public
         1. By Value
      3. Private
         1. By Value
      4. Hybrid
         1. By Value
   4. By Application
      1. Introduction
         1. Application By Value
      2. Database Management
         1. By Value
      3. Business Analytics
         1. By Value
      4. Storage Backup And Recovery
         1. By Value
      5. Application Development And Testing
         1. By Value
      6. Integration And Orchestration
         1. By Value
      7. Content Management
         1. By Value
      8. Others
         1. By Value
   5. By Industry Vertical
      1. Introduction
         1. Industry Vertical By Value
      2. IT And Telecom
         1. By Value
      3. BFSI
         1. By Value
      4. Manufacturing
         1. By Value
      5. Government And Public Sector
         1. By Value
      6. Retail And Consumer Goods
         1. By Value
      7. Healthcare
         1. By Value
      8. Energy And Utilities
         1. By Value
      9. Media And Entertainment
         1. By Value
   6. U.K. 
      1. By Model
         1. Introduction
            1. Model By Value
         2. IaaS
            1. By Value
         3. PaaS
            1. By Value
         4. SaaS
            1. By Value
      2. By Deployment
         1. Introduction
            1. Deployment By Value
         2. Public
            1. By Value
         3. Private
            1. By Value
         4. Hybrid
            1. By Value
      3. By Application
         1. Introduction
            1. Application By Value
         2. Database Management
            1. By Value
         3. Business Analytics
            1. By Value
         4. Storage Backup And Recovery
            1. By Value
         5. Application Development And Testing
            1. By Value
         6. Integration And Orchestration
            1. By Value
         7. Content Management
            1. By Value
         8. Others
            1. By Value
      4. By Industry Vertical
         1. Introduction
            1. Industry Vertical By Value
         2. IT And Telecom
            1. By Value
         3. BFSI
            1. By Value
         4. Manufacturing
            1. By Value
         5. Government And Public Sector
            1. By Value
         6. Retail And Consumer Goods
            1. By Value
         7. Healthcare
            1. By Value
         8. Energy And Utilities
            1. By Value
         9. Media And Entertainment
            1. By Value
   7. Germany
   8. France
   9. Spain
   10. Italy
   11. Russia
   12. Nordic
   13. Benelux
   14. Rest Of Europe
10. APAC MARKET ANALYSIS 
    1. Introduction
    2. By Model
       1. Introduction
          1. Model By Value
       2. IaaS
          1. By Value
       3. PaaS
          1. By Value
       4. SaaS
          1. By Value
    3. By Deployment
       1. Introduction
          1. Deployment By Value
       2. Public
          1. By Value
       3. Private
          1. By Value
       4. Hybrid
          1. By Value
    4. By Application
       1. Introduction
          1. Application By Value
       2. Database Management
          1. By Value
       3. Business Analytics
          1. By Value
       4. Storage Backup And Recovery
          1. By Value
       5. Application Development And Testing
          1. By Value
       6. Integration And Orchestration
          1. By Value
       7. Content Management
          1. By Value
       8. Others
          1. By Value
    5. By Industry Vertical
       1. Introduction
          1. Industry Vertical By Value
       2. IT And Telecom
          1. By Value
       3. BFSI
          1. By Value
       4. Manufacturing
          1. By Value
       5. Government And Public Sector
          1. By Value
       6. Retail And Consumer Goods
          1. By Value
       7. Healthcare
          1. By Value
       8. Energy And Utilities
          1. By Value
       9. Media And Entertainment
          1. By Value
    6. China 
       1. By Model
          1. Introduction
             1. Model By Value
          2. IaaS
             1. By Value
          3. PaaS
             1. By Value
          4. SaaS
             1. By Value
       2. By Deployment
          1. Introduction
             1. Deployment By Value
          2. Public
             1. By Value
          3. Private
             1. By Value
          4. Hybrid
             1. By Value
       3. By Application
          1. Introduction
             1. Application By Value
          2. Database Management
             1. By Value
          3. Business Analytics
             1. By Value
          4. Storage Backup And Recovery
             1. By Value
          5. Application Development And Testing
             1. By Value
          6. Integration And Orchestration
             1. By Value
          7. Content Management
             1. By Value
          8. Others
             1. By Value
       4. By Industry Vertical
          1. Introduction
             1. Industry Vertical By Value
          2. IT And Telecom
             1. By Value
          3. BFSI
             1. By Value
          4. Manufacturing
             1. By Value
          5. Government And Public Sector
             1. By Value
          6. Retail And Consumer Goods
             1. By Value
          7. Healthcare
             1. By Value
          8. Energy And Utilities
             1. By Value
          9. Media And Entertainment
             1. By Value
    7. Korea
    8. Japan
    9. India
    10. Australia
    11. Taiwan
    12. South East Asia
    13. Rest Of Asia-Pacific
11. MIDDLE EAST AND AFRICA MARKET ANALYSIS 
    1. Introduction
    2. By Model
       1. Introduction
          1. Model By Value
       2. IaaS
          1. By Value
       3. PaaS
          1. By Value
       4. SaaS
          1. By Value
    3. By Deployment
       1. Introduction
          1. Deployment By Value
       2. Public
          1. By Value
       3. Private
          1. By Value
       4. Hybrid
          1. By Value
    4. By Application
       1. Introduction
          1. Application By Value
       2. Database Management
          1. By Value
       3. Business Analytics
          1. By Value
       4. Storage Backup And Recovery
          1. By Value
       5. Application Development And Testing
          1. By Value
       6. Integration And Orchestration
          1. By Value
       7. Content Management
          1. By Value
       8. Others
          1. By Value
    5. By Industry Vertical
       1. Introduction
          1. Industry Vertical By Value
       2. IT And Telecom
          1. By Value
       3. BFSI
          1. By Value
       4. Manufacturing
          1. By Value
       5. Government And Public Sector
          1. By Value
       6. Retail And Consumer Goods
          1. By Value
       7. Healthcare
          1. By Value
       8. Energy And Utilities
          1. By Value
       9. Media And Entertainment
          1. By Value
    6. UAE 
       1. By Model
          1. Introduction
             1. Model By Value
          2. IaaS
             1. By Value
          3. PaaS
             1. By Value
          4. SaaS
             1. By Value
       2. By Deployment
          1. Introduction
             1. Deployment By Value
          2. Public
             1. By Value
          3. Private
             1. By Value
          4. Hybrid
             1. By Value
       3. By Application
          1. Introduction
             1. Application By Value
          2. Database Management
             1. By Value
          3. Business Analytics
             1. By Value
          4. Storage Backup And Recovery
             1. By Value
          5. Application Development And Testing
             1. By Value
          6. Integration And Orchestration
             1. By Value
          7. Content Management
             1. By Value
          8. Others
             1. By Value
       4. By Industry Vertical
          1. Introduction
             1. Industry Vertical By Value
          2. IT And Telecom
             1. By Value
          3. BFSI
             1. By Value
          4. Manufacturing
             1. By Value
          5. Government And Public Sector
             1. By Value
          6. Retail And Consumer Goods
             1. By Value
          7. Healthcare
             1. By Value
          8. Energy And Utilities
             1. By Value
          9. Media And Entertainment
             1. By Value
    7. Turkey
    8. Saudi Arabia
    9. South Africa
    10. Egypt
    11. Nigeria
    12. Rest Of MEA
12. LATAM MARKET ANALYSIS 
    1. Introduction
    2. By Model
       1. Introduction
          1. Model By Value
       2. IaaS
          1. By Value
       3. PaaS
          1. By Value
       4. SaaS
          1. By Value
    3. By Deployment
       1. Introduction
          1. Deployment By Value
       2. Public
          1. By Value
       3. Private
          1. By Value
       4. Hybrid
          1. By Value
    4. By Application
       1. Introduction
          1. Application By Value
       2. Database Management
          1. By Value
       3. Business Analytics
          1. By Value
       4. Storage Backup And Recovery
          1. By Value
       5. Application Development And Testing
          1. By Value
       6. Integration And Orchestration
          1. By Value
       7. Content Management
          1. By Value
       8. Others
          1. By Value
    5. By Industry Vertical
       1. Introduction
          1. Industry Vertical By Value
       2. IT And Telecom
          1. By Value
       3. BFSI
          1. By Value
       4. Manufacturing
          1. By Value
       5. Government And Public Sector
          1. By Value
       6. Retail And Consumer Goods
          1. By Value
       7. Healthcare
          1. By Value
       8. Energy And Utilities
          1. By Value
       9. Media And Entertainment
          1. By Value
    6. Brazil 
       1. By Model
          1. Introduction
             1. Model By Value
          2. IaaS
             1. By Value
          3. PaaS
             1. By Value
          4. SaaS
             1. By Value
       2. By Deployment
          1. Introduction
             1. Deployment By Value
          2. Public
             1. By Value
          3. Private
             1. By Value
          4. Hybrid
             1. By Value
       3. By Application
          1. Introduction
             1. Application By Value
          2. Database Management
             1. By Value
          3. Business Analytics
             1. By Value
          4. Storage Backup And Recovery
             1. By Value
          5. Application Development And Testing
             1. By Value
          6. Integration And Orchestration
             1. By Value
          7. Content Management
             1. By Value
          8. Others
             1. By Value
       4. By Industry Vertical
          1. Introduction
             1. Industry Vertical By Value
          2. IT And Telecom
             1. By Value
          3. BFSI
             1. By Value
          4. Manufacturing
             1. By Value
          5. Government And Public Sector
             1. By Value
          6. Retail And Consumer Goods
             1. By Value
          7. Healthcare
             1. By Value
          8. Energy And Utilities
             1. By Value
          9. Media And Entertainment
             1. By Value
    7. Mexico
    8. Argentina
    9. Chile
    10. Colombia
    11. Rest Of LATAM
13. COMPETITIVE ASSESSMENT 
    1. Adoption Matrix
    2. Cloud Computing Market Share By Manufacturers
    3. Cloud Computing Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
14. MARKET PLAYERS ASSESSMENT 
    1. Adobe 
       1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments
    2. Alibaba
    3. AWS
    4. CenturyLink
    5. Fujitsu
    6. Google
    7. IBM
    8. Microsoft
    9. NTT Communication
    10. Oracle
    11. Rackspace
    12. SAP
    13. Verizon
    14. Vmware 
15. RESEARCH METHODOLOGY 
    1. Research Data
       1. Secondary Data
          1. Major Secondary Sources
          2. Key Data From Secondary Sources
       2. Primary Data
          1. Key Data From Primary Sources
          2. Breakdown Of Primaries
       3. Secondary And Primary Research
          1. Key Industry Insights
    2. Market Size Estimation
       1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection
    3. Research Assumptions
       1. Assumptions
    4. Limitations
    5. Risk Assessment
16. APPENDIX 
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/cloud-computing-market/toc

Market News

• In February 2022, SAP SE, a software firm based in Germany, recently unveiled a private cloud platform for data
• In November 2022, IBM and Vodafone Joined Forces to Study Quantum Computing and Quantum-Safe Cryptography.

News Media

Global Communication Platform as a service (CPaaS) Market Ascends at a Noteworthy CAGR of 34.4%

Global SaaS market Size USD 382.59 Million By 2030 | CAGR of 10.08%

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