ROCKVILLE, Md., Feb. 22, 2022 (GLOBE NEWSWIRE) -- A recently published Fact.MR report on the global cloud computing market estimates that the industry is expected to secure a value of US$ 1,949 Bn by 2032 while expanding at a CAGR of 15% in the forecast period from 2022 to 2032. Rapid digitization of workplaces and the growing demand for SaaS-based solutions are further broadening prospects.
From 2015 to 2021, sales of cloud computing solutions flourished at a CAGR of 12%. The outbreak of COVID-19 further encouraged adoption of cloud computing, as work from home directives were issued by enterprises. For instance, the number of Microsoft Team platforms increased to 44 million due to the high demand for collaboration solutions. In addition, the growing usage of platforms such as Apple TV, Netflix, Hulu, and Amazon Prime has played a salient role in driving the market.
As business operations continue to expand, business entities are looking to leverage the most economical yet highly effective information storage and assimilation capabilities. Hence, there is extensive reliance on IaaS, SaaS and PaaS based solutions, providing significant impetus to market growth for cloud computing.
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Key Takeaways from the Market Study
- The global cloud computing market to secure a value of US$ 482 Bn in 2022
- Cloud computing solutions to accumulate 40% of global revenue in North America
- Asia Pacific to exhibit a CAGR of 18% with regard to cloud computing solutions
- By enterprise size, large enterprises to accumulate 55% revenue in 2022
- Cloud computing solutions for the BFSI industry to emerge strongest, procuring 1/4th of global revenue
“The growing digitization of various end-user sectors such as; health, BFSI, and others, is likely to boost the market. Further, the outbreak of COVID-19 has posed a significant opportunity of expansion to the market.”- says an analyst at Fact MR.
Key Market Segments Covered in the Global Cloud Computing Market
By End Use
- Cloud Computing for IT & Telecom
- Cloud Computing for Government & Public Sector
- Cloud Computing for Energy & Utilities
- Cloud Computing for Retail & Consumer Goods
- Cloud Computing for Manufacturing
- Cloud Computing for BFSI
- Cloud Computing for Healthcare
- Cloud Computing for Media & Entertainment
- Cloud Computing for Other End Uses
By Deployment
- Public Cloud Computing
- Private Cloud Computing
- Hybrid Cloud Computing
Based on Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By Enterprise Size
- Cloud Computing for Large Enterprises
- Cloud Computing for Small & Medium Enterprises
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Competitive Landscape
The players of the global cloud computing market are taking several initiatives to expand their global reach and spearhead the market. Acquisitions, partnerships, and collaborations are some of the most practices to intensify their market presence. Some of the recent developments among the key players are:
- In February 2022, IBM announced its plan to team up with SAP to offer technology and expertise to clients to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
- In October 2020, Microsoft Corporation announced its partnership with ZEISS Group to offer better care to patients and enhance manufacturing quality through data solutions. As per the partnership, ZEISS Group adopted Microsoft Azure as its cloud platform to provide digital experiences to its German counterpart.
- In January 2020, IBM Corporation disclosed the launch of Advertising Accelerator with Watson. It is a predictive solution that uses AI and benefits Watson by providing campaigns that could help marketers and advertisers in understanding the customers’ preferences.
Key Players of the Global Cloud Computing Market:
- Adobe Inc.
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- Workday, Inc.
Regional Analysis of Cloud Computing Market
The market in North America is expected to dominate the global market. The estimation reveals that the region secured about 40% of the global revenue share in 2022.
The globally renowned players such as; Microsoft, Oracle, and Amazon are early adopters of cloud computing technology such as; big data analytics, IoT, additive manufacturing, AI, VR, AR, and ML which has expanded the market significantly in the region.
As per the analysis of Fact MR, the APAC market is anticipated to be the fastest-growing region during the forecast period, growing at an 18% CAGR. The presence of emerging economies such as; India and China are likely to play a salient role in developing the regional market.
For instance, the rapid expansion of Alibaba Group and initiatives such as Make in India have played a notable role in bolstering the market size in the APAC. In addition, cloud computing service providers such as; Amazon, Microsoft Corporation, and Google LLP are taking initiatives to strengthen their presence in countries like Thailand and Indonesia.
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