"Smart Strategies, Giving Speed to your Growth Trajectory"

Cloud Computing Market Size, Share & COVID-19 Impact Analysis, 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 (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods, and Retail, Healthcare, Manufacturing, Others), and Regional Forecast, 2021-2028

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



Play Audio Listen to Audio Version

The global cloud computing market size was USD 219.00 billion in 2020. The impact of COVID-19 globally has been exceptional and astounding, with cloud computing solutions witnessing a diverse demand across the region during the pandemic. Based on our research, the global market exhibited a substantial growth of 13.7% in 2020 compared to the average year-on-year revenue growth during 2017-2019. The market is projected to reach USD 250.04 billion in 2021 to USD 791.48 billion in 2028 at a CAGR of 17.9% during the 2021-2028 period.

The market growth is primarily driven by the growing implementation of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the rising shift of enterprises towards cloud-based solutions. Also, increasing investments by countries such as the U.S., the U.K., China, India, and others, in various cloud-based development projects are anticipated to boost the market's growth.

  • For instance, in 2019, the Government of U.S. Federal invested about USD 5.91 billion in adopting cloud solutions and other cloud migration & support services across their units.

  • In February 2020, Snowflake raised funding of USD 479 million, raising the company valuation to USD 12.4 billion from Salesforce Ventures and Dragoneer Investment Group. This funding will help the company to strengthen Snowflake’s cloud data platform.

COVID-19 Impact

Proliferating Cloud-based Solutions amid COVID-19 Pandemic to Aid Growth

The current coronavirus epidemic has impacted economies worldwide. Governments and organizations across several industries are widely dependent on IT-related solutions and services. Lately, there has been a momentous rise in the demand for online live streaming platforms, such as Netflix, Hulu, Amazon, Spotify, and others. Most of the workforce is working from home due to lockdown restrictions, which, in turn, has resulted in a sudden rise in demand for cloud-hosted solutions such as OTT services, video-on-demand (VoD), and others. Furthermore, this factor has augmented the adoption of cloud-based services such as SaaS and IaaS amidst the COVID-19 pandemic.

Governments and public and private enterprises in many countries have implemented the “work from home” approach. This factor has resulted in an escalation in demand for SaaS-based collaboration solutions. The rising demand has created various opportunities for cloud vendors to expand their business by launching advanced solutions.

  • For instance, in May 2020, Microsoft Corporation launched "Hospital Emergency Response", a cloud-based healthcare sector solution enabled by the Azure platform. The Centres for Disease Control and Prevention (CDC) and other healthcare institutions can control the solution to develop COVID-19 calculation tools and reduce the work stress on front-line workforces.

  • Similarly, in December 2020, The Centers for Disease Control (CDC) used Oracle Cloud to manage the COVID-19 vaccination program in the U.S. Oracle Cloud helps order the vaccine, track shipment, and manage inventory.

Such active initiatives are likely to boost the demand for cloud-based solutions in the upcoming years.


Request a Free sample to learn more about this report.

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

Large enterprises are implementing multi-cloud solutions in their business operations to organize their employees over cloud-based platforms. Also, as cloud-based applications such as Dropbox, Facebook, Gmail, among others, are becoming more flexible and robust, the processing cycle needs to be faster in a real-time scenario. As a result, enterprises are moving towards Omni-cloud solutions to leverage numerous advantages, including ease of data use, effective decision making, secured data availability, and scalability in real-time.

Omni-cloud offers advanced connectivity services to enterprises that allow multiple platforms to integrate and reorganize data. The data positioning system is more accurate and organized with the Omni-cloud computing system. Key players in the market are implementing numerous corporate approaches such as new product launches, mergers & acquisitions, and partnerships to increase their market share.

  • For instance, in November 2019, Sprint Corporation completed a partnership with Ooma, Inc. The partnership was completed to launch and promote its cloud-based enterprise phone service - "Omni". The aim is to deliver enterprise-quality landline phone technologies to SMEs and large businesses.

  • Similarly, in February 2021, Accenture partnered with VMware and launched a dedicated business group to help enterprises adopt a cloud-first strategy. This launch will allow the building of apps more rapidly, accelerate cloud migration, and help use the cloud as the foundation for new businesses and innovation.


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

The increasing adoption of technologies such as big data, artificial intelligence (AI), machine learning (ML), and others are expected to drive the market's growth. These technologies transform the market landscape, as it assists users in monitoring, analyzing, and visualizing the unprocessed data. Adopting these emerging technologies with cloud solutions would help enterprises enhance their visualization abilities and make complex data accessible and usable. The adoption of AI and ML technologies across enterprises has empowered data usage and has reduced data storage complications. These technologies also help increase commerce productivity, enhance decision-making procedures, and reduce business operational costs. Thus, the increasing adoption of big data, AI, and ML is expected to drive the market's growth.

  • In May 2021, Google Cloud launched Vertex Al, a machine learning platform that helps enterprises maintain and deploy artificial intelligence (AI) models. This factor would further help to efficiently manage and build machine learning projects throughout the entire development lifecycle.


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

Users deploy cloud platforms to save their confidential data and information concerning business and personal activities over the cloud-based platforms. Data security and privacy concerns about data loss, data breaches, unforeseen emergencies, application vulnerabilities, and online cyber-attacks allied to cloud-based solutions are expected to hinder growth. This can also affect the revenues in healthcare, government, IT and telecom, BFSI, and other sectors. According to the arXiv.org e-Print archive, in 2019, around 60% of the corporate-related data and information on storing drives were insecurely held.

The authorization administration, access control, data encryption & integration, communication security, among others, are a few of the cloud-based security services offered to handle information security and data privacy issues. For instance, providers including Amazon.com Inc., Microsoft Corporation, and Google LLP provides around 99.9% uptime, which discharges end-users from the liability of retaining and creating recovery facilities and backup infrastructure.


By Type Analysis

Public Cloud to Dominate Owing to Rapid Digital Transformation

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

The hybrid cloud is expected to display the maximum growth rate throughout the predictable period among all the segments. The growth is due to SMEs' growing implementation of cloud-based solutions to increase productivity and decrease operational costs. Additionally, the rising demand for secured, scalable, and cost-efficient solutions is likely to drive private cloud demand across large enterprises. The public cloud services are anticipated to lead the market in terms of share during the estimated period. The growth is attributable to the digital transformation, increasing penetration towards connected devices, and growing automation amongst small and medium enterprises.

By Service Analysis

Rising Demand among Various Enterprises to Drive Software-as-a-Service (SaaS)

Based on service, the market is divided into software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS).

Among the services, the software as a service (SaaS) captured the major share in 2020. This growth is due to its ease of deployment, cost-effectiveness, and low maintenance charges. The infrastructure as a service (IaaS) is projected to show the highest growth rate during the projection period. The growth is attributable to the increasing adoption of hybrid cloud platforms and swelling demand for storage & safety of business data 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

Based on industry, the market is divided into banking, financial services, & insurance (BFSI), government, IT & telecommunications, healthcare, consumer goods & retail, manufacturing, and others.

Among the segments, IT & telecommunications is projected to show the largest share during the foreseeable period. The segment's growth is due to the rising implementation of cloud-based solutions across IT enterprises for data storage and management. In addition, secured storage, enhanced productivity & performance, and reliability empowers the IT and telecom sector to adopt cloud solutions.

The healthcare segment is likely to develop at the uppermost compound annual growth rate (CAGR) during the study period. This growth is owing to the rising deployment of cloud-based software, mobile applications, wearable healthcare devices, smart healthcare equipment, among others. Other industries such as retail and consumer goods, BFSI, government, manufacturing, and others are anticipated to show noteworthy CAGR, owing to government and cloud providers' increasing initiatives and investment plans to support cloud adoption across start-ups.

  • For instance, in November 2020, IBM Corporation launched IBM Cloud for telecommunication with more than 35+ partners to help drive business transformation and committed to joining IBM’s ecosystem. This launch will help telecommunication providers address accelerating business transformation, specific challenges to the highly regulated industry, and improving agility to unlock the power of 5G and edge.


North America Cloud Computing Market, 2020 (USD Billion)

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

Geographically, the market is segmented across five major regions: North America, Latin America, the Middle East & Africa, Asia Pacific, and Europe.

North America is expected to dominate the market in terms of revenue during the forecast period. The rapid development and adoption of emerging technologies and key players such as IBM Corporation, Amazon Web Services, Apple Inc., and others are expected to drive the growth across the region.

  • For instance, in June 2020, Apple Inc. launched its cloud computing infrastructure to update and expand its cloud-based solutions and services such as Apple Music, News Plus, iCloud, among others.

The Asia Pacific is likely to display exponential growth during the estimated period. The growth is owing to the rising demand for cloud-based solutions across the manufacturing and healthcare industries. Also, the increasing demand for smart electric vehicles (EVs), growing internet penetration, and ongoing digitalization are expected to drive the growth in the region.

  • For instance, in June 2020, Google Cloud launched the Google Cloud Platform (GCP) in Jakarta (Southeast Asia) to bring GCP closer to users and customers. Further, it will help customers to meet specific compliance & regulatory requirements and provide more disaster recovery options for customer access in the Asia Pacific.

Europe is expected to showcase a substantial CAGR during the forecast period. The growth is attributable to the increasing manufacturing start-ups, digital government projects and regulatory environment, and increasing adoption of cloud-based technologies.

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

The Middle East & Africa, and Latin America will probably exhibit a considerable growth rate through the upcoming year. The growth is due to the increasing investments by governments in Israel, Brazil, Mexico and emerging technologies such as artificial intelligence (AI), 5G, machine learning (ML), big data, cloud, and others.


Emphasis towards Innovative Cloud Computing Solutions by Key Players to Strengthen Competition

Major players such as Microsoft Corporation, Amazon Web Services, IBM Corporation, Alibaba Group Holding Limited, Oracle Corporation, and Apple, Inc. are focused on upgrading their existing product portfolio. These companies provide a complete suite of cloud-computing services such as Microsoft Azure, Google Cloud Platform (GCP), AWS Cloud, among others. Also, these companies are now developing and offering cloud-based solutions with innovative technologies such as AI, ML, and others to enhance their products and provide enriched solutions to their users.

List of the Key Companies Profiled:

  • Amazon Web Services (AWS) (Washington, U.S.)

  • Oracle Corporation (California, U.S.)

  • IBM Corporation (New York, U.S.)

  • Alibaba Group Holding Limited (Hangzhou, China)

  • Microsoft Corporation (New Mexico, U.S.)

  • VMware, Inc. (California, U.S.)          

  • Alphabet Inc. (Google LLC) (California, U.S.)

  • Rackspace Technology, Inc. (Texas, U.S.)

  • SAP SE (Walldorf, Germany)

  • Apple Inc. (California, U.S.)    


  • May 2020: Microsoft Corporation launched industry-specific Microsoft cloud for healthcare organizations, streamlining interactions and improving workflow efficiency. In addition, this includes data analytics for both unstructured and structured data.

  • May 2020 – Microsoft Corporation launched 10 new cloud computing services across the U.K. The aim is to help organizations keep their data secure and enable innovation through IoT and bot technology.

  • July 2019: - Amazon Web Services (AWS) completed the acquisition of E8 Storage for around USD 18.3 million. The purchase assisted Amazon in integrating its cloud computing capabilities with E8 Storage’s technology and enhanced the cloud-based service market globally.


An Infographic Representation of Cloud Computing Market

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

The cloud computing market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.

Report Scope and Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD billion)


Type; Service; Industry and Region

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 (Energy and Utilities, Education, Media and Entertainment, and others.)

By Region

  • North America (Type; Service; Industry and Country) 

    • U.S. (By Industry)

    • Canada (By Industry)

  • Latin America (Type; Service; Industry and Country)

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of South America

  • Europe (Type; Service; Industry and Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • France (By Industry)

    • Italy (By Industry)

    • Spain (By Industry)

    • Rest of Europe

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

    • GCC (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa

  • Asia Pacific (Type; Service; Industry and Country)

    • China (By Industry)

    • India (By Industry)

    • Japan (By Industry)

    • Southeast Asia (By Industry)

    • Rest of Asia Pacific

Frequently Asked Questions

Fortune Business Insights says that the market stood at USD 219.00 billion in 2020.

By 2028, the market size is expected to reach USD 791.48 billion

The market is expected to grow at a CAGR of 17.9% in the forecast period (2021-2028).

As per type, the public cloud segment is expected to lead the global market in terms of share during the forecast period

The increasing integration of artificial intelligence (AI) and machine learning (ML) technologies with the cloud is a key market driver.

Amazon Web Services (AWS), Alibaba Group Holding Limited, IBM Corporation, Microsoft Corporation, and others are the top companies in the market.

The IT and telecommunications segment holds the major market share.

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

Speak to an Expert
  • Oct, 2021
  • 2020
  • 2017-2019
  • 140


  • $4850
    Buy Now

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

“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.