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The global cloud computing market size could rise from USD 480.04 billion in 2022 to USD 1,712.44 billion by 2029. Industry players expect considerable growth in mobile devices and digital transformation, along with an exponential consumption of big data. Robust adoption of 5G, IoT, real-time analytics, and edge computing will foster the penetration of cloud computing.
According to the latest research report by Fortune Business Insights™ titled, “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, 2022-2029,” the market stood at USD 405.65 billion in 2021. It is anticipated to witness 19.9% CAGR during the forecast period.
Expansion of Data Centers amidst COVID-19 Pandemic Propelled Industry Growth
The impact of the COVID-19 pandemic became pronounced with cloud services witnessing massive demand across end-use applications. For instance, in September 2020, Accenture Solutions reportedly infused USD 3 billion to rollout Cloud First to expedite cloud adoption and digital transformation. Bullish investments to introduce data centers have augured well for the industry outlook. To illustrate, in April 2020, Amazon.Com Inc. rolled out a cloud data center in Italy to offer support to remote learning and boost research.
Microsoft Launched Azure Health Data Services to Bolster Analytical and Transactional Workloads
Industry participants have furthered investments in organic and inorganic strategies to tap into global markets. Start-ups and well-established players could invest in innovative and advanced cloud computing solutions. To illustrate, in March 2022, Microsoft Corporation rolled out Azure Health Data Services, a Platform as a Service (PaaS) designed to bolster analytical and transactional workloads. The solution will apparently boost Artificial Intelligence (AI) and unify health data in the cloud to underpin Protected Health Information (PHI). Prevailing trends could foster the cloud computing market share during the forecast period.
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Rising Trend for AI, Big Data, and ML to Reinforce Growth
Stakeholders expect the expansion of AI, Big Data, and machine learning to play a pivotal role in driving the industry growth. Unprecedented use of ML and AI could minimize data storage issues and augment data usage. Organizations have sought AI-powered cloud computing to provide insightful, efficient, and strategic services. Leading companies could seek a hybrid cloud to minimize operational costs and propel productivity. With the demand for cost-effective, secure, and scalable solutions rising, the cloud computing market growth could be pronounced over the next few years. However, security and data privacy concerns could dent the industry growth.
Stakeholders Emphasize Strategic Approaches to Bolster Footprint
Major players are poised to inject funds into mergers & acquisitions, product launches, R&D activities, and technological advancements to propel their penetration. Furthermore, leading companies could infuse funds into innovations to expand their market presence across untapped areas.
Notable Industry Development
List of the Companies Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD Billion)
By Type, Service, Industry, and Geography