"Smart Strategies, Giving Speed to your Growth Trajectory"

Cloud Computing Market Size, Share & COVID-19 Impact Analysis, By Type (Public Cloud, Private Cloud, and Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), By Industry (BFSI, IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, and Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI102697

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global cloud computing market size was valued at USD 569.31 billion in 2022 and is projected to grow from USD 677.95 billion in 2023 to USD 2,432.87 billion by 2030, exhibiting a CAGR of 20.0% during the forecast period.


Cloud computing is the technique of processing, storing, and managing data on a network of remote computers hosted on the internet rather than on a personal computer or a local server. It particularly refers to a shared storage area that allows all network devices to access data at the same time. Cloud computing is an IT service delivery approach in which third-party service providers use the internet to supply computing resources and software tools. In this service model, the customer only pays for the time they spend on the computer as well as the storage and bandwidth they utilize.


The major drivers that fuel the global cloud computing market growth are expanding digital transformation across businesses, rising internet and mobile device adoption around the world, and increased consumption of Big Data. Next-generation industrial solutions will be cloud-enabled, and a cloud platform will be required to demonstrate their digital business capabilities. Furthermore, the adoption of IoT, 5G, edge computing, and real-time analytics enabled by Machine Learning (ML) and Artificial Intelligence (AI) is expected to increase the value of computing technology among businesses.


COVID-19 IMPACT


Rising Investment in Developing Cloud Infrastructure Propelled Market Expansion Amid the Pandemic


Cloud computing has been one of the fastest-growing technologies among developed and developing nations and has witnessed a dramatic acceleration in 2020. Almost every sector has moved or is planning to move its business to the cloud since the world encountered the COVID-19 pandemic. Cloud services have become a new essential catalyst for enterprises looking for digital transformation. For instance,



  • In September 2020, Accenture Solutions Pvt Ltd. developed Cloud First with USD 3 billion investment to accelerate cloud adoption and digital transformation.


Moreover, the increasing investment by these prominent market players to develop data centers across the world in response to the COVID-19 pandemic is anticipated to drive the market in the coming years. For instance,



  • In December 2020, Google LLC established four cloud regions (data centers) across the U.S., Indonesia, and South Korea. Further, the company opened new cloud data centers across Italy, Qatar, and France to accelerate digital transformations and serve customers better.

  • In April 2020, Amazon.Com Inc. launched a cloud data center in Italy during the COVID-19 pandemic. The new data center will provide support to remote learning and working and empower research.


Thus, the growing investment by cloud providers to develop data centers is expected to create significant market opportunities for market growth in the post-pandemic period.


LATEST TRENDS


Request a Free sample to learn more about this report.


Substantial Adoption of Omni-Cloud over Multi-Cloud to Boost Industry Growth


Large companies are applying multi-cloud solutions in their business operations to organize their employees across cloud-based platforms. Also, as cloud-based applications, such as Gmail, Facebook, Dropbox are becoming more robust and flexible, the processing cycle needs to be faster in a real-time scenario.


As a result, businesses are migrating to omni-cloud solutions to take advantage of a variety of benefits, including simplicity of data use, better decision-making, safe data availability, and real-time scalability.


Omni-cloud provides enhanced connection services to businesses, allowing data to be integrated and reorganized across numerous platforms. With the omni-cloud computing system, the data location system is more accurate and ordered. To grow the market share, key market players are employing a variety of business strategies such as new product launches, mergers and acquisitions, and collaborations. For instance,



  • In February 2022, TecCentric and OmniClouds collaborated to efficiently support organizations’ shift from traditional internet connectivity models to cloud-based network infrastructures.


As a result, the global market is expected to grow during the forecast period.


DRIVING FACTORS


Integration of Big Data, AI, and ML with Cloud to Augment Market


The increasing adoption of Big Data, Artificial Intelligence (AI), Machine Learning (ML), and others is expected to drive the market growth. These technologies transform the market landscape, as they assist users in monitoring, analyzing, and visualizing the unprocessed data.


Adopting these developing technologies in conjunction with cloud solutions assists organizations in improving their visualization capabilities and making complex data accessible and usable. The widespread adoption of AI and ML technologies in businesses has increased data usage and reduced data storage issues. These technologies also aid in increasing business productivity, improving decision-making processes, and lowering operating expenses.


Enterprises embrace AI-powered solutions to become more strategic, efficient, and insight-driven. AI can automate repetitive and challenging processes to increase productivity and conduct data analysis without manual participation. IT teams can also use AI to monitor and oversee essential workflows.


The companies offering cloud solutions and services are constantly focusing on R&D activities, product enhancements, and new product launches with the integration of Big Data, AI, and ML. For instance,



  • In March 2022, Microsoft Corporation launched a Platform as a Service (PaaS) platform, Azure Health Data Service specifically designed to support both transactional and analytical workloads.


Thus, the increasing adoption of big data, AI, and ML is expected to drive the market growth.


RESTRAINING FACTORS


Data Privacy and Information Security Concerns Associated with Cloud Solutions to Impede Market Growth


Users deploy cloud services to save sensitive data about their business and personal activities over cloud-based platforms. However, concerns regarding data security and privacy, data loss, data breaches, unanticipated emergencies, application vulnerabilities, and internet cyber-attacks are projected to hamper the progress of cloud computing.


While cloud services assist businesses to increase company efficiency and cut costs, data kept in the cloud is vulnerable to cyber-attack. Cyber-attacks such as cloud malware injection, meltdown, account or service hijacking, and man-in-the-cloud assaults expose company data vulnerabilities that may result in business closure and losses and hinder market expansion. However, cyber-attacks disrupt corporate operations, limiting the growth of the cloud services market.


Moreover, due to changing company needs, the necessity for meeting regulatory and compliance requirements is continually increasing. In addition, organizations must seek to remain in the market by taking steps to meet regulatory requirements.


Hence, the aforementioned factors are expected to hamper the market growth.


SEGMENTATION


By Type Analysis 


Public Cloud to Dominate Owing to Growing Penetration of Connected Devices


Based on type, the market is allocated into private cloud, hybrid cloud, and public cloud.


Furthermore, rising demand for scalable, secure, and cost-effective solutions is expected to surge private cloud demand across large enterprises. During the estimated period, the public cloud segment is expected to lead the market share. The growth can be attributed to increased penetration of connected devices, digital transformation, and growing automation among small & medium-sized businesses.


The hybrid cloud segment is expected to grow at the fastest rate over the forecast period due to SMEs' increasing use of cloud-based solutions to increase productivity and reduce operational costs.


By Service Analysis


Rising Demand Among Various Enterprises to Increase Software as a Service (SaaS) Segment Growth


Based on service, the market is divided into Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS).


In 2022, Software as a Service (SaaS) segment was expected to have the largest market share. This growth is due to its ease of deployment, low maintenance costs, and low cost of ownership. During the forecast period, the Infrastructure as a Service (IaaS) segment is expected to grow at the fastest rate. The increase can be attributed to the increasing adoption of hybrid cloud platforms as well as the rising demand for business data storage and security solutions.


By Industry Analysis


To know how our report can help streamline your business, Speak to Analyst


Higher Adoption of Cloud Computing Solutions to Propel IT and Telecommunications Segment Expansion


Based on industry, the market is divided into Banking, Financial Services, & Insurance (BFSI), government, IT & telecommunications, healthcare, consumer goods and retail, manufacturing, and others. The IT & telecommunications segment holds the largest market share, owing to the growing popularity of cloud-based computing solutions among small and medium enterprises.


During the study period, the healthcare segment is expected to grow at the highest CAGR. This growth can be attributed to the increased deployment of cloud-based software, mobile applications, wearable healthcare devices, and smart healthcare equipment, among others. Other industries, such as retail and consumer goods, BFSI, government, manufacturing, and others, are expected to grow at a significant rate, owing to increased government and cloud provider initiatives and investment plans to support cloud adoption among start-ups. For instance,



  • In October 2022, Accenture and Google expanded their partnership to increase and offer new solutions using data and AI technologies. Google Cloud’s capabilities aid businesses and public sector organizations benefit from AI, ML, data analytics, cybersecurity, and more.


REGIONAL INSIGHTS


North America Cloud Computing Market Size, 2022 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


Geographically, the market is divided into five key regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


North America is expected to dominate the market in terms of revenue during the forecast period due to the early adoption of technologies such as AI, robotics, Internet of Things (IoT), and cloud. The presence of prominent cloud providers, including IBM Corporation, Microsoft Corporation, Oracle Corporation, and others contributes to the region’s cloud adoption. Cloud service providers are focusing on investing in technical skills, partnerships, and expansion of cloud centers. For instance,



  • In January 2023, TTEC Holdings, Inc. partnered with Google Cloud to enable customers to use Google's Contact Center-as-a-Service features to support the real-time customer interactions across digital channels.

  • In February 2022, Amazon and Kyndryl joined hands to launch an AWS cloud center of excellence. With this partnership, Kyndryl built its cloud infrastructure in AWS cloud to deliver the best customer experience.


Europe is expected to gain a significant share of the market during the projected period of 2023 to 2030. Investments by government and private corporations to accelerate cloud adoption across the countries drive the market growth. For instance,



  • In February 2022, SAP SE, a Germany-based software company, launched a sovereign cloud platform for data processing domestically.


Asia Pacific is expected to grow at an exponential rate. The rise in demand for cloud-based solutions in the manufacturing and healthcare industries is driving the expansion. In addition, the region's growth is predicted to be fueled by rising demand for smart Electric Vehicles (EVs), increasing internet penetration, and expanding digitalization. For instance,



  • In September 2022, Google partnered with NASSCOM to launch a new cloud computing course in India.


To know how our report can help streamline your business, Speak to Analyst


The Middle East & Africa and Latin America are expected to grow at a rapid pace in the coming years. The increase is attributed to increased government investments in emerging technologies such as Artificial Intelligence (AI), 5G, Machine Learning (ML), Big Data, cloud, and others by governments such as Israel, Brazil, and Mexico.


KEY INDUSTRY PLAYERS


Key Players Emphasize Advanced Solutions to Strengthen their Positions


The global market comprises a vibrant start-up ecosystem. The market is expected to have more than 100 start-ups developing and innovating solutions and services for consumers. Such a fragmented market is likely to create intense competition by forcing existing companies to continuously upgrade and adopt new developments in cloud offerings. Hence, increasing competition is expected to increase the market size, thereby creating more opportunities for market players. For instance,



  • In April 2022, Salesforce developed industry specific Customer Relationship Management (CRM) Analytics. It is an AI-powered PaaS solution that enables Salesforce customers across every industry to provide predictive analytical insights.

  • In November 2021, Moro Hub signed an SD-WAN Managed Service Provider (MSP) agreement with OmniClouds. As per the agreement, OmniClouds offers Moro Hub with SD-WAN services and solutions that include connectivity, cloud migration, and security managed services.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • February 2023: Tech Data launched cloud services in Australia as a part of its regional launch. The company covers customized offerings for Microsoft and AWS’s Infrastructure as a Service and Platform as a Service business models

  • February 2023: Akamai Technologies, Inc. launched the Akamai Connected Cloud platform for cloud computing, content delivery, and security to keep applications close and threats away.

  • February 2023: 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.

  • January 2023: Alibaba launched its first international partner management and product innovation center to provide better customer services and facilitate customers’ digitalization journey.

  • May 2022: Google LLC and SAP SE expanded their collaboration to serve customers better. Google Workspace and SAP S/4HANA Cloud have joined hands to enable customers to integrate features of Google Docs and Google Sheets from within their SAP Software.


REPORT COVERAGE


An Infographic Representation of Cloud Computing Market

To get information on various segments, share your queries with us



The research report includes prominent areas throughout the world to get a better knowledge of the industry. Furthermore, the report provides insights into the most recent industry and cloud computing market trends as well as an analysis of technologies that are being adopted at a quick rate on a global scale. It also emphasizes some of the growth-stimulating restrictions and elements, allowing the reader to obtain a thorough understanding of the industry.


REPORT SCOPE & SEGMENTATION


























































  ATTrIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 20.0% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type, Service, Industry, and Geography



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 (By Type, By Service, By Industry, and By Country)

    • U.S. (By Industry)

    • Canada (By Industry)





  • Europe (By Type, By Service, By Industry, and By Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Russia (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe





  • Asia Pacific (By Type, By Service, By Industry, and By Country)


    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • Southeast Asia (By Industry)

    • Rest of Asia Pacific




  • Middle East & Africa (By Type, By Service, By Industry, and By Country)

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of Middle East & Africa





  • Latin America (By Type, By Service, By Industry, and By Country)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 2,432.87 billion by 2030.

In 2022, the market stood at USD 569.31 billion.

The market is projected to grow at a CAGR of 20.0% over the forecast period (2023-2030).

By type, the public cloud segment is likely to lead the market.

Integration of Big Data, AI, and ML with cloud to spur the market.

Amazon.com Inc., Oracle Corporation, IBM Corporation, Alibaba Group Holding Limited, Microsoft Corporation, VMware, Inc., Google LLC, Rackspace Technology, Inc., SAP SE, and Salesforce, Inc. are the top players in the market.

North America is expected to hold the highest market share.

By industry, the healthcare segment is expected to grow with the highest CAGR over the forecast period.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert

Below is the list of companies that are studied in order to estimate the market size and/or understanding the market ecosystem

This list does not necessarily mean that all the below companies are profiled in the report. The report includes profiles of only the top 10 players based on revenue/market share.

  1. Adobe, Inc. 
  2. Alibaba Group Holding Limited (Profiled in the report)
  3. Amazon Web Services Inc. (Profiled in the report)
  4. Box 
  5. Cisco Systems, Inc
  6. Citrix Systems, Inc.
  7. Dell Technologies
  8. DigitalOcean Inc.
  9. Dropbox
  10. DXC Technology  
  11. Epicor Software Corporation
  12. Fujitsu  Limited
  13. Google  LLC (Profiled in the report)
  14. IBM Corporation (Profiled in the report)
  15. IFS 
  16. Intuit Inc.
  17. Joyent  Inc.
  18. Koch Industries (Infor) 
  19. Lumen Technologies, Inc.(CenturyLink)
  20. Microsoft  Corporation (Profiled in the report)
  21. Navisite, Inc.
  22. NEC Corporation 
  23. OpenText  Corporation
  24. Oracle Corporation  (Profiled in the report)
  25. OVH Groupe SAS,
  26. pCloud
  27. Rackspace  Technology, Inc. (Profiled in the report)
  28. Red Hat
  29. Sage Group 
  30. Salesforce, Inc. (Profiled in the report)
  31. SAP SE (Profiled in the report)
  32. Serverspace
  33. ServiceNow 
  34. Skytap Inc.
  35. Tencent Holdings Ltd.
  36. Upland Software 
  37. Verizon Cloud
  38. Virtuestream 
  39. VMware  Inc. (Profiled in the report)
  40. Workday Inc. 
  41. Zoho  Croporation
  • May, 2023
  • 2022
  • 2019-2021
  • 140

    CHOOSE LICENSE TYPE

  • $4850
    $5850
    $6850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- UGlobal hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X