Global Cloud Computing Market Analysis Report 2023-2028: Accelerated Spending on Cloud and Rising Demand for AI Driving the Cloud Computing Industry

Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Cloud Computing Market by Service Model (IaaS, PaaS, SaaS), Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size, Vertical (BFSI, Telecommunications, Manufacturing, Retail & Consumer Goods) and Region - Global Forecast to 2028" report has been added to's offering.

This analysis on the global cloud computing market anticipates significant growth from USD 626.4 billion in 2023 to USD 1,266.4 billion by 2028, expanding at a compound annual growth rate (CAGR) of 15.1%. The industry is expected to witness transformative developments, facilitated by technological advances and increasing enterprise workloads across various sectors.

Market Dynamics

  • Drivers
    • Accelerated Spending on Cloud
    • Rising Demand for AI
    • Personalized Customer Experience
    • Need for Disaster Recovery and Contingency Plans
  • Restraints
    • Data Security and Privacy Concerns
    • Lack of Technical Knowledge and Expertise
  • Opportunities
    • Increasing Government Initiatives
    • Adoption of IoT and Connected Devices
  • Challenges
    • High Complexity due to Adoption of Multi-Cloud Model
    • Risk of Vendor Lock-In

Case Study Analysis

  1. Zeotap Implemented DevOps Architecture to Improve Process Optimization
  2. Ghost Team Implemented DigitalOcean's App to Meet Its Cloud Computing Requirements
  3. Citrix Cloud Enabled Autodesk to Enhance Its Digitization
  4. AWS Cloud Helped SimScale Simulate Cost-Effective Designs and Make Better-Informed Decisions
  5. Accenture Digital Experience Revolutionized Minna Bank

The Compute Sub-Segment of IaaS to Dominate Market Share

Within the cloud computing landscape, the Infrastructure as a Service (IaaS) segment's compute sub-segment will command a formidable market size throughout the forecast period. The surge in demand for virtual machines and bare metal computing instances underlines the drive for improved performance, scalability, and integration in complex application environments.

BFSI Vertical Forecasts Largest Market Size Through 2028

In the industry vertical analysis, the Banking, Financial Services, and Insurance (BFSI) sector is projected to secure the largest market size. The BFSI sector's rapid adoption of cloud computing stems from the need to enhance IT efficiency, meet regulatory requirements, and handle sensitive customer data securely, driving digital innovation and customer satisfaction.

Unprecedented Growth in Asia Pacific’s Cloud Computing Market

Asia Pacific is poised to be the fastest-growing region in the cloud computing market within the forecast period. This impressive growth trajectory is attributed to an increase in enterprise workloads and the expansion of major cloud service providers in this region. Strategic investments and technological advancements are further fueling this expansion, making Asia Pacific a focal point for cloud computing advancements.

Analysis of Market Dynamics and Competitive Landscape

The cloud computing market analysis delves into key drivers, such as the demand for Artificial Intelligence and personalized customer experiences, along with challenges like complexities from adopting multi-cloud models. The report provides comprehensive competitive assessments, market developments, and diversification strategies of leading players impacting the market's growth trajectory.

Key Attributes

Report AttributeDetails
No. of Pages363
Forecast Period2023-2028
Estimated Market Value (USD) in 2023$626.4 Billion
Forecasted Market Value (USD) by 2028$1266.4 Billion
Compound Annual Growth Rate15.1%
Regions CoveredGlobal

Companies Mentioned

  • Adobe
  • Alibaba Cloud
  • App Maisters
  • AWS
  • Box
  • Centurylink
  • Cisco
  • Citrix
  • Cloudflex
  • Cloudways
  • Digitalocean
  • DXC
  • Epicor
  • Fujitsu
  • Google
  • IBM
  • IFS
  • Infor
  • Intuit
  • JDV Technologies
  • Joyent
  • Microsoft
  • Navisite
  • NEC
  • Opentext
  • Oracle
  • OVH
  • Pcloud
  • Rackspace
  • Sage
  • Salesforce
  • SAP
  • Servicenow
  • Skytap
  • Tencent Cloud
  • Tudip Technologies
  • Upland Software
  • Visartech
  • Vmware
  • Vultr
  • Workday
  • Zoho
  • Zymr

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Global Cloud Computing Market

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