Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The global cloud computing market size stood at USD 405.65 billion in 2021. The market is anticipated to surge from USD 480.04 billion in 2022 to USD 1,712.44 billion by 2029 at 19.9% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Cloud Computing Market forecast, 2022-2029.”
According to the analysis, an exponential rise in internet penetration, digital transformation, and adoption of a mobile devices will foster the industry growth. Industry players could invest in the next-gen industrial solutions to propel real-time analytics, edge computing, IoT, and 5G. Amidst data security concerns, industry players could inject funds into data centers to make them more secure.
Key Industry Development-
July 2021: Google Cloud inked a deal with SAP SE to boost business systems by helping migrate and transform to the cloud.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 19.9% |
| 2029 Value Projection | USD 1,712.44 Billion |
| Base Year | 2021 |
| Cloud Computing Market Size in 2021 | USD 405.65 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type; Service; Industry; |
Investment in Cloud Infrastructure Triggered Innovations
Although the onslaught of the COVID-19 pandemic did not bode well for the industry outlook, cloud computing gained considerable traction. Leading companies have upped investments in the solutions to tap into markets. For instance, in September 2020, Accenture Solutions invested USD 3 billion to rollout Cloud First to boost cloud adoption and digital transformation. Besides, in April 2020, Amazon.Com Inc. established a cloud data center in Italy to offer support to remote learning and boost research.
Drivers and Restraints
Expanding Footfall of AI and Big Data to Usher in Innovation
The cloud computing market growth will witness an appreciable gain due to AI, Big Data, and machine learning trends. Industry participants are expected to trigger investments in AI and ML to reduce data storage issues and augment data usage. Lately, leading enterprises have exhibited a preference for AI-powered cloud computing to offer insightful, efficient, and strategic services. Industry players have also witnessed an increased investment from the healthcare sector. The trend for wearables, cloud-based services, and smart devices will remain prominent in the ensuing period. However, security and data privacy concerns could dent the industry growth. The pervasive nature of cyber-attacks may challenge leading companies to boost their portfolios.
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Regional Insights
North America to Witness Investment Galore with Strong Adoption of Advanced Technologies
Stakeholders expect the U.S. and Canada to provide lucrative opportunities following the adoption of cloud, IoT, robotics, and AI. North America market size stood at USD 262.44 billion in 2021 and will grow with robust investments from cloud providers. For instance, in July 2020, Rackspace Technology teamed up with Amazon Web Services to offer cloud services to customers.
The Europe cloud computing market share will be noticeable during the assessment period. The regional growth is partly attributed to robust adoption of cloud across government and private enterprises. Advanced economies could foster innovation in cloud platforms for better data processing. To illustrate, in February 2022, SAP SE rolled out a sovereign cloud platform for data processing domestically.
Industry players expect Asia Pacific to account for a considerable share of the global market due to robust adoption from the healthcare sector. Cloud-based solutions will highly be sought-after in smart electric vehicles across China and India. Moreover, rising internet penetration and digitalization trend will augur well for the regional growth.
Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
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Segments
Hybrid Cloud to Grow at the Fastest Rate due to Increasing Preference for Cloud-based Solutions
In terms of type, the market is segmented into public cloud, hybrid cloud, and private cloud. The hybrid cloud segment could expand at the fastest rate in the wake of the rising use of cloud-based solutions to boost productivity.
Software-as-a-Service (SaaS) to Remain Dominant Due to Low Maintenance Cost
With respect to service, the market is segregated into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The SaaS segment will grow with the growing need for low maintenance costs, ease of deployment, and reduced cost of ownership.
Healthcare to Grow at the Highest CAGR with Rising Deployment of Wearable Devices
With respect to industry, the market is classified into healthcare, IT & telecommunications, BFSI, consumer goods & retail, manufacturing, government, and others. The healthcare segment will witness the highest CAGR during the forecast period. The growth outlook is majorly linked to the trend for wearable devices and deployment of cloud-based software.
List of Key Players Mentioned in the Report:
- Amazon.com Inc. (U.S.)
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.)
- Alibaba Group Holding Limited (China)
- Microsoft Corporation (U.S.)
- VMware, Inc. (U.S.)
- Google LLC (U.S.)
- Rackspace Technology, Inc. (U.S.)
- SAP SE (Germany)
- Salesforce, Inc. (U.S.)
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Major Table of Contents:
- Global Cloud Computing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- 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
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Cloud Computing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- 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
- By Country (USD)
- U.S.
- By Industry
- Canada
- By Industry
- U.S.
- Latin America Cloud Computing Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- 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
- By Country (USD)
- Brazil
- By Industry
- Mexico
- By Industry
- Rest of Latin America
- Brazil
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