Chicago, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The Global Cloud Computing Market size is expected to grow from USD 545.8 billion in 2022 to USD 1,240.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period, according to a new report by MarketsandMarkets™. Cloud computing vendors provide IT resources over the internet. The need to mitigate risks, achieve scalability and flexibility to move and store data, reduce storage and infrastructure complexities, and increase business efficiency leads to the growth of the Cloud Computing Market.
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 545.8 Billion |
| Market size value in 2027 | USD 1,240.9 Billion |
| Growth rate | CAGR of 17.9% |
| Market size available for years | 2017–2027 |
| Base year considered | 2022 |
| Forecast period | 2022–2027 |
| Forecast units | Billion (USD) |
| Segments covered | Components, Service Models, Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), Deployment Models, Organization Sizes, Verticals, and Regions |
| Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Companies covered | AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden) |
A wide range of use cases, including data backup, disaster recovery, email, virtual desktops, software development, and testing, big data analytics, and customer-facing web apps, are being used by businesses of every size, type, and sector. For instance, healthcare organizations are utilizing the cloud to provide more patient-specific treatments. Companies that provide financial services are utilizing the cloud to support real-time fraud prevention and detection. Additionally, online games are distributed to millions of players worldwide by video game developers via the cloud. Such factors are expected to help the growth of the market.
By deployment model, the public cloud has captured the highest market share, and the trend is expected to continue during the forecast period. Public cloud service providers can offer consumers cloud-based services such as infrastructure as a service (IaaS), platform as a service (PaaS), or software as a service (SaaS) for a flat rate or pay-per-use cost. This deployment architecture has several advantages, including scalability, dependability, flexibility, and remote location access. Many companies choose the private cloud over the public cloud because the private cloud is an easier way to meet their regulatory compliance requirements. Others choose private clouds because their workloads involve sensitive information such as financial data, medical records, intellectual property, and personally identifiable information (PII).
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The Cloud Computing Market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2022, North America is estimated to hold the largest market share in the Cloud Computing Market. The rising adoption of cutting-edge technologies is expected to propel the market demand in the region. North America has a presence of top vendors, including AWS (US), Microsoft (US), IBM (US), Google (US), Salesforce (US), Oracle (US), Adobe (US), and Workday (US). The region is also experiencing significant technological innovations, including AI, ML, IoT, data analytics, and big data for digital transformation factors that are also assisting in regional market growth. Asia Pacific is estimated to hold the highest CAGR during the forecast period in the Cloud Computing Market. The high growth rate in the region can be attributed to the proliferation of innovative technologies, combined with the growing business needs and an increase in the number of organizations adopting cloud computing. The Asia Pacific region comprises major economies such as China, Japan, India, Singapore, Australia, South Korea, and the rest of Asia Pacific, which show the need to mitigate risks, achieve scalability and flexibility to move and store data, reduce storage and infrastructure complexities, and increase business efficiency leads to the growth of the Cloud Computing Market.
Key Players
Some of the major Cloud Computing Market vendors are AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden).
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