Pune, India, March 29, 2022 (GLOBE NEWSWIRE) -- The global cloud computing market size is projected to reach USD 791.48 billion by 2028, exhibiting a CAGR of 17.9% during the forecast period. Rising preference for omni-cloud systems will prove highly beneficial for the growth of this market, states Fortune Business Insights™ in its report, titled “Cloud Computing Market Size, Share & COVID-19 Impact Analysis, 2021-2028”. According to this market research report, the value of the market stood at USD 219.00 billion in 2020.
According to our researchers, the market growth is majorly navigated by the increasing employment of progressive technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the growing fluctuation of enterprises towards cloud-based solutions.
Key Industry Developments:
- May 2020: Microsoft Corporation presented industry-specific Microsoft cloud for healthcare organizations and streamlined communications and amplified workflow proficiency. Additionally, this involves data analytics for both unstructured as well as structured data.
- October 2019: SAP SE, the German software company, launched SAP HANA, the company’s integrated cloud service with advanced data and analytics capabilities. The service comprises of the SAP Data Warehouse Cloud solution to enable efficient warehouse management.
- July 2019: Bahrain became the first country in the Middle East where Amazon Web Services (AWS), Amazon’s cloud computing division, introduced its cloud solutions. The company aims at tapping the technological potential of businesses in the Middle East through the launch of its services in the region.
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Cloud Computing Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 17.9 % |
| 2028 Value Projection | USD 791.48 billion |
| Base Year | 2020 |
| Cloud Computing Market Size in 2020 | USD 219.00 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 140 |
| Segments covered | By Type; By Service; By Industry; Regional |
| Cloud Computing Market Growth Drivers | Integration of Big Data, AI, and ML with Cloud to Provide Impetus to Market |
Drivers and Restraints:
Incorporation of Big Data, AI, and ML with Cloud to Offer Motivation to Market Growth
The rising implementation of technologies such as big data, Artificial Intelligence (AI), Machine Learning (ML), and others are projected to fuel the growth of the market. These technologies alter the market setting, as it aids users in surveying, assessing, and envisaging the untreated data.
Moreover, implementing these developing technologies with cloud solutions would aid enterprises to augment their imagining capabilities and make complicated data available and serviceable. Therefore, these factors are expected to promote the cloud computing market growth during the mentioned timeframe.
Potential Risk of Cyber Attacks to Negatively Influence Adoption of Cloud Systems
Today, majority of organizations and many government departments and agencies have shifted their databases onto the cloud to improve efficiency and productivity of resources as well as bring down costs. Unfortunately, this move has exposed sensitive information to hackers, who have frequently launched cyber-attacks to retrieve and misuse data. For instance, the US-based Center for Strategic & International Studies (CSIS) revealed that in April 2020 hackers from Iran attempted to breach personal files of World Health Organization (WHO) staffers while the world was reeling under the coronavirus pandemic. In February 2020, two Chinese hackers were persecuted by the US Department of Justice for performing cryptocurrency laundering activities for North Korean nationals. Such attacks are prompted by the availability of delicate data on cloud platforms and the constant threat of privacy infringement may hinder the cloud computing market growth in the upcoming years.
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Regional Insights:
Strong Presence of Tech Bigwigs to Augment the Market in North America
North America is home to some of the biggest technology companies such as Google, Microsoft, and IBM and this factor has enabled the region to boast a market size of USD 78.28 Billion in 2020. Moreover, the regulatory and research environment in the region is extremely favorable for development and adoption of advanced cloud technologies based on Artificial Intelligence (AI) and Machine Learning (ML). As a result, North America is slated to dominate the cloud computing market share during the forecast period. Increasing penetration of the internet and rising usage of smartphones will aid Asia-Pacific register a high CAGR, while rapid deployment of 5G will favor market growth in Latin America and Middle East & Africa.
Companies Profiled in Cloud Computing Market Report:
- Amazon Web Services (AWS) (Washington, U.S.)
- Oracle Corporation (California, U.S.)
- IBM Corporation (New York, U.S.)
- Alibaba Group Holding Limited (Hangzhou, China)
- Microsoft Corporation (New Mexico, U.S.)
- VMware, Inc. (California, U.S.)
- Alphabet Inc. (Google LLC) (California, U.S.)
- Rackspace Technology, Inc. (Texas, U.S.)
- SAP SE (Walldorf, Germany)
- Apple Inc. (California, U.S.)
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Major Points from Table of Content:
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Service (USD)
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Government
- Consumer Goods and Retail
- Healthcare
- Manufacturing
- Others (Education, etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (USD)
- Global Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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