Global Cloud Computing Market Expected to Reach $1,554.94 Billion by 2030, Driven by Adoption of Cloud-Native Applications and Advanced Technologies

Dublin, Nov. 03, 2023 (GLOBE NEWSWIRE) -- The "Cloud Computing Market Size, Share & Trends Analysis Report By Service (SaaS, IaaS), By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030" report has been added to's offering.

The global cloud computing market is poised for substantial growth, with an anticipated size of USD 1,554.94 billion by 2030, projecting a robust CAGR of 14.1% from 2023 to 2030.

Key factors driving this growth include the increasing adoption of cloud-native applications in various sectors, such as banking and supply chain automation. Cloud solutions enable businesses to swiftly develop, manage, and deploy web applications, enhancing operational efficiency. For example, in June 2023, First Abu Dhabi Bank (FAB) partnered with International Business Machines Corporation (IBM) to migrate applications to the cloud, optimizing their technology infrastructure and enhancing the digital experience for customers.

The market is also witnessing a surge in the adoption of cutting-edge technologies like Artificial Intelligence (AI), Machine Learning (ML), and 5G, driving rapid implementation within business applications. Cloud computing facilitates efficient storage, access, and management of critical data, aligning with the increasing demand for cloud services.

Notably, machine learning, edge computing, and personalization have become significant trends globally. The cloud reduces technological barriers, making it easier to perform complex computations needed for personalization. In March 2023, NVIDIA Corporation introduced cloud services for businesses to refine, operate, and build custom large language and generative AI models, benefiting companies like Morningstar, Inc., Getty Images Holdings, Inc., Shutterstock, and Quantiphi.

Market vendors are actively launching new cloud solutions, services, and workloads while enhancing existing capabilities to bolster their market position. Many prominent players are expanding into new regions by establishing data centers and driving digital transformation. For example, in June 2023, Microsoft Corporation unveiled its first Italian cloud region with three data centers in the Lombardy region, offering scalable, resilient, and available cloud services to support Italy's digital transition.

Companies Mentioned

  • Adobe Inc.
  • Alibaba Group Holding Limited.
  • Inc.
  • Google LLC.
  • International Business Machines Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Inc.
  • SAP SE
  • Workday, Inc.

Key Market Highlights:

  • Infrastructure as a Service (IaaS): The IaaS segment is expected to exhibit the highest CAGR from 2023 to 2030 due to growing adoption driven by the need to simplify IT complexities, find skilled IT professionals, and reduce data center deployment costs.
  • Small and Medium-sized Businesses (SMEs): SMEs are projected to experience the highest growth rate, benefiting from affordable IT software and hardware, increased processing power, storage elasticity, and improved data and service accessibility.
  • Hybrid Deployment: The hybrid deployment segment is anticipated to grow rapidly, as industries adopt hybrid models to optimize costs, enhance application development, operational efficiency, and user experiences. The rise of edge computing is expected to further boost demand for hybrid clouds.
  • Manufacturing End-use: The manufacturing sector is expected to register the highest growth rate from 2023 to 2030, driven by advantages such as seamless data management and real-time visibility. Increased adoption of cloud services for data storage, supply chain management, and resource organization is fueling growth in this segment.
  • Asia Pacific: The Asia Pacific region is set to experience the fastest market growth, with SMEs and large enterprises focusing on digital transformation.

Key Attributes:

Report AttributeDetails
No. of Pages130
Forecast Period2022 - 2030
Estimated Market Value (USD) in 2022$483.98 Billion
Forecasted Market Value (USD) by 2030$1554.94 Billion
Compound Annual Growth Rate14.1%
Regions CoveredGlobal

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Cloud Computing Market: Industry Outlook
3.1 Market Lineage Outlook
3.2 Cloud Computing Market - Value Chain Analysis
3.3 Cloud Computing Market Dynamics
3.3.1 Market Driver Analysis Increased resource, user mobility, and ongoing migration of applications over the cloud Increasing adoption of technologies such as artificial intelligence, machine learning, 5G, and IoT
3.3.2 Market Challenge Analysis Data security and data privacy
3.4 Market Analysis Tools
3.4.1 Cloud computing market - Porter's five forces analysis
3.4.2 Cloud computing market - PESTEL analysis

Chapter 4 Cloud Computing Market: Service Segment Analysis

Chapter 5 Cloud Computing Market: Deployment Segment Analysis

Chapter 6 Cloud Computing Market: Enterprise Size Segment Analysis

Chapter 7 Cloud Computing Market: End-Use Segment Analysis

Chapter 8 Cloud Computing Market: Region Segment Analysis

Chapter 9 Competitive Landscape

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Global Cloud Computing Market

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