Pune, India, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Global cloud computing market size was valued at USD 569.31 billion in 2022 and is projected to reach USD 2,432.87 billion by 2030, exhibiting a CAGR of 20.0% during the forecast period. Fortune Business Insights, provide this information in its latest research report titled, Cloud Computing Market Forecast, 2023-2030.
Increasing penetration of internet and smartphones and rising consumption of Big Data are the factors aiding market growth. Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation. The increasing adoption of IoT, edge computing, real time analytics, and 5G will boost the need for computing technology in industries, thus aiding market proliferation.
Key Industry Development:
- Reply expanded Storm Reply, a cloud-based solution provider, to support AWS partnership in North America. Through this partnership, Storm Reply aided global clients in the implementation of cloud-based systems.
- Alibaba launched its first international partner management and product innovation center to provide better customer services and facilitate customers’ digitalization journey.
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Key Takeaways
- Cloud services have become a new essential catalyst for enterprises looking for digital transformation
- Large companies are applying multi-cloud solutions in their business operations to organize their employees across cloud-based platforms.
- The increasing adoption of big data, AI, and ML is expected to drive the market growth.
- By Service Analysis: Rising Demand Among Various Enterprises to Increase Software as a Service (SaaS) Segment Growth
Discover the Leading Players Featured in the Report:
“Companies leading the cloud computing market share are Amazon Web Services, 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.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 20.0% |
| 2030 Value Projection | USD 2,432.87 Billion |
| Base Year | 2022 |
| Cloud Computing Market Size in 2022 | USD 569.31 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 140 |
| Segments covered | Industry, Type, Service and Geography |
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Drivers and Restraints:
The increasing embrace of omni-cloud solutions is set to propel market growth substantially.
The escalating concern over data privacy and information security has cast a shadow over the otherwise promising growth of cloud solutions in the business landscape. cloud services offer unparalleled benefits, empowering businesses to streamline operations, optimize resources, and achieve significant cost savings.
Cloud storage, while fostering efficiency and accessibility, introduces a level of vulnerability. The specter of cyber-attacks, ranging from insidious cloud malware injections to sophisticated account hijackings, presents a substantial risk to the confidentiality and integrity of the data stored in the cloud.
Segmentation:
By Type
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By Industry
- BFSI
- IT and Telecommunications
- Government
- Consumer Goods and Retail
- Healthcare
- Manufacturing
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Regional Insights:
North America to Hold Major Share Due to Early Adoption of Advanced Technologies
North America is projected to hold the largest cloud computing market share over the forecast timeframe, owing to early adoption of technologies such as robotics, AI, IoT, and cloud. The presence of leading cloud providers, including Microsoft Corporation, IBM Corporation, Oracle Corporation, and others also contributes to market growth.
The Europe market is projected to grow substantially in the forthcoming years owing to investments by private corporations and governments to boost cloud adoption across the countries. For example, in February 2022, SAP SE, a Germany-based software company, launched a sovereign cloud platform for data processing domestically.
The Asia Pacific market is projected to showcase positive trends in the forthcoming years due to surging demand for cloud-based solutions in healthcare and manufacturing. There is rising adoption of smart Electric Vehicles (EVs), growing internet penetration, and rising digitalization. For example, in September 2022, Google partnered with NASSCOM to launch new cloud computing course in India.
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Competitive Landscape:
Advanced Software Launches by Leading Companies to Boost Market Expansion
Industry leaders participate in several tactical decisions to strengthen their positioning in the global market. For example, in February 2023, Akamai Technologies, Inc. launched the Akamai Connected Cloud platform for content delivery, cloud computing, and security to keep applications close and threats away. Mergers and acquisitions, partnerships, and collaborations are some of the methods adopted by companies to maximize profits, revenue, and expand geographical reach.
FAQ’s
How large is the cloud computing market?
Cloud Computing Market size was USD 569.31 Billion in 2022.
What is the future market size of cloud computing?
The Global Cloud Computing Market size is expected to be worth around USD 2,432.87 Billion by 2030.
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