The cloud computing market would grow at a CAGR of 17.43% over the predicted time frame. The market is expected to increase in value from US$ 446.51 Bn in 2022 to US$ 1,614.10Bn in 2030.
Some sales insight revealing the strong growth of cloud computingmarket during the past few years are listed below:
- The global cloud computing market value is expected to reach US$1,614.1 billion by 2030
- By deployment, the private segment accounted for a revenue share of 46% in 2021
- By service, the Software as a Service (SaaS) segment constituted around 55% of the revenue in 2021
- By end user, the BFSI was the leading segment with 25% of the global cloud computing market share in 2021
- Region wise, North America led the global cloud computing market with 40% of the revenue in 2021
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Approximately 40% of the Global Bicycle Market Captured by North America
North America is one of the early adopters of the latest and advanced technologies like AI, VR/AR, ML, big data analytics, and IoT. The increased emphasis of the industries in North America on the adoption of the advanced digital technologies to enhance their operations and decrease costs has led to the rapid adoption of the cloud computing services. The big tech giants such as IBM, Oracle Corporation, Google, Amazon, and Apple have significant contributions in the growth of the cloud computing market in North America. The rapid adoption of the cloud computing services in the healthcare, BFSI, and manufacturing industries in the region has led to the huge demand for the cloud computing. The increased government initiatives and the presence of strong ICT in the region have exponentially supported the growth of the cloud computing market. The growing penetration of the tech giants in the region is expected to foster the market growth in the forthcoming future.
The hybrid deployment cloud services are trending in the market. The companies are moving forward to shift their existing infrastructure towards cloud computing and are willing to adopt the hybrid models. The hybrid model allows the enterprises to reap the benefits of both the cloud services and the on premise services. The small and medium enterprises are increasingly adopting the cloud services owing to its benefits like low initial infrastructure costs and availability of cloud computing services on-demand. The hybrid models offer increased security, higher compliance, and easy workload management. Furthermore, it offers flexibility of switching to cloud from on premise or between clouds has also offers scalability. All these factors are expected to boost the demand for the cloud computing market in the foreseeable future. Furthermore, the declining costs and increasing return on investments associated with the implementation of the cloud infrastructure is a major factor that is expected to foster the growth of the market in the forthcoming years.
What are the key challenges in the Global Cloud Computing Market?
With the rising adoption of the digital technologies, the threat of cyberattacks has increased rapidly. The cybersecurity and data privacy has emerged as a major challenge for the market players and the users of the cloud computing services market. The cyberattacks has cause huge financial and non-financial losses to the enterprises and the customers. Therefore, the service providers have to spend more on maintaining higher security. Furthermore, the high initial capital investments associated with the implementation of the cloud computing infrastructure refrains most of the small and medium enterprises from adopting the cloud based services.
Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)
Asia Pacific is expected to witness significant CAGR during the forecast period. The rapid industrialization and supportive government initiatives and investments in the region has significantly contributed to the growth of the large and small and medium sector enterprises. The rising focus towards digital transformation of the industries is a major factor that is boosting the demand for the cloud computing technologies in Asia Pacific. The rising investments in the development of IT and healthcare infrastructure in the nations like India and China is expected to fuel the growth of the cloud computing market in the region. The rapidly growing manufacturing, BFSI, and healthcare industry in Asia Pacific and huge investments towards the digitization of operations in these industries will have a significant impact on the growth of the cloud computing market in Asia Pacific.
Top Cloud Computing Providers in 2021
Adobe Inc., Alibaba Group Holding Limited, Amazon.com Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, and Workday, Inc. are the prominent players in the global cloud computing market.
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Deployment
- Private
- Hybrid
- Public
By Service
- Software as a Service (SaaS)
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Human Capital Management (HCM)
- Content Management
- Collaboration and Productive Suites
- Supply Chain Management (SCM)
- Others (Business Intelligence (BI) and Analytics, PPM and operations and manufacturing applications)
- Infrastructure as a Service (IaaS)
- Primary Storage
- Disaster Recovery and Backup
- Archiving
- Compute
- Platform as a Service (PaaS)
- Application Development and Platforms
- Application Testing and Quality
- Analytics and Reporting
- Integration and Orchestration
- Data Management
By End User
- IT and Telecom
- BFSI
- Manufacturing
- Healthcare
- Retail and Consumer Goods
- Media and Entertainment
- Energy and Utilities
- Government and Public Sector
- Others
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Workload
- Storage, Backup, and Disaster Recovery
- Application Development and Testing
- Database Management
- Business Analytics
- Integration and Orchestration
- Enterprise Resource Management
- Collaboration and Content Management
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
Some sales insight revealing the strong growth of cloud computingmarket during the past few years are listed below:
- The global cloud computing market value is expected to reach US$1,614.1 billion by 2030
- By deployment, the private segment accounted for a revenue share of 46% in 2021
- By service, the Software as a Service (SaaS) segment constituted around 55% of the revenue in 2021
- By end user, the BFSI was the leading segment with 25% of the global cloud computing market share in 2021
- Region wise, North America led the global cloud computing market with 40% of the revenue in 2021
Get the Sample Pages of Report@
Approximately 40% of the Global Bicycle Market Captured by North America
North America is one of the early adopters of the latest and advanced technologies like AI, VR/AR, ML, big data analytics, and IoT. The increased emphasis of the industries in North America on the adoption of the advanced digital technologies to enhance their operations and decrease costs has led to the rapid adoption of the cloud computing services. The big tech giants such as IBM, Oracle Corporation, Google, Amazon, and Apple have significant contributions in the growth of the cloud computing market in North America. The rapid adoption of the cloud computing services in the healthcare, BFSI, and manufacturing industries in the region has led to the huge demand for the cloud computing. The increased government initiatives and the presence of strong ICT in the region have exponentially supported the growth of the cloud computing market. The growing penetration of the tech giants in the region is expected to foster the market growth in the forthcoming future.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 380.25 Billion |
| Revenue Forecast by 2029 | USD 1374.57 Billion |
| Largest Market | North America |
| Fastest Growing Region | Asia Pacific |
| Companies Covered | Adobe Inc., Alibaba Group Holding Limited, Amazon.com Inc., Google LLC, International Business, Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, Workday, Inc. |
What are the key trends in the Global Cloud Computing Market?
The hybrid deployment cloud services are trending in the market. The companies are moving forward to shift their existing infrastructure towards cloud computing and are willing to adopt the hybrid models. The hybrid model allows the enterprises to reap the benefits of both the cloud services and the on premise services. The small and medium enterprises are increasingly adopting the cloud services owing to its benefits like low initial infrastructure costs and availability of cloud computing services on-demand. The hybrid models offer increased security, higher compliance, and easy workload management. Furthermore, it offers flexibility of switching to cloud from on premise or between clouds has also offers scalability. All these factors are expected to boost the demand for the cloud computing market in the foreseeable future. Furthermore, the declining costs and increasing return on investments associated with the implementation of the cloud infrastructure is a major factor that is expected to foster the growth of the market in the forthcoming years.
What are the key challenges in the Global Cloud Computing Market?
With the rising adoption of the digital technologies, the threat of cyberattacks has increased rapidly. The cybersecurity and data privacy has emerged as a major challenge for the market players and the users of the cloud computing services market. The cyberattacks has cause huge financial and non-financial losses to the enterprises and the customers. Therefore, the service providers have to spend more on maintaining higher security. Furthermore, the high initial capital investments associated with the implementation of the cloud computing infrastructure refrains most of the small and medium enterprises from adopting the cloud based services.
Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)
Asia Pacific is expected to witness significant CAGR during the forecast period. The rapid industrialization and supportive government initiatives and investments in the region has significantly contributed to the growth of the large and small and medium sector enterprises. The rising focus towards digital transformation of the industries is a major factor that is boosting the demand for the cloud computing technologies in Asia Pacific. The rising investments in the development of IT and healthcare infrastructure in the nations like India and China is expected to fuel the growth of the cloud computing market in the region. The rapidly growing manufacturing, BFSI, and healthcare industry in Asia Pacific and huge investments towards the digitization of operations in these industries will have a significant impact on the growth of the cloud computing market in Asia Pacific.
Top Cloud Computing Providers in 2021
Adobe Inc., Alibaba Group Holding Limited, Amazon.com Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, and Workday, Inc. are the prominent players in the global cloud computing market.
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Deployment
- Private
- Hybrid
- Public
By Service
- Software as a Service (SaaS)
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Human Capital Management (HCM)
- Content Management
- Collaboration and Productive Suites
- Supply Chain Management (SCM)
- Others (Business Intelligence (BI) and Analytics, PPM and operations and manufacturing applications)
- Infrastructure as a Service (IaaS)
- Primary Storage
- Disaster Recovery and Backup
- Archiving
- Compute
- Platform as a Service (PaaS)
- Application Development and Platforms
- Application Testing and Quality
- Analytics and Reporting
- Integration and Orchestration
- Data Management
By End User
- IT and Telecom
- BFSI
- Manufacturing
- Healthcare
- Retail and Consumer Goods
- Media and Entertainment
- Energy and Utilities
- Government and Public Sector
- Others
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Workload
- Storage, Backup, and Disaster Recovery
- Application Development and Testing
- Database Management
- Business Analytics
- Integration and Orchestration
- Enterprise Resource Management
- Collaboration and Content Management
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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