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Cloud Computing Market to Depict 19.9% CAGR from 2022 to 2029; IBM Corporation Collaborated with Amazon Web Services to Offer IBM Software as a Service

July 07, 2022 | Information & Technology

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.

To get a detailed report summary and research scope of this market, click here:


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

  • May 2022 – IBM Corporation inked an agreement with Amazon Web Services to offer IBM software as a service on AWS.

List of the Companies Profiled in the Report

  • Amazon.com Inc. (U.S.)

  • Oracle Corporation (U.S.)

  • IBM Corporation (U.S.)

  • Alibaba Group Holding Limited (China)

  • Microsoft Corporation (U.S.)

  • VMware, Inc. (U.S.)

  • Google LLC (U.S.)

  • Rackspace Technology, Inc. (U.S.)

  • SAP SE (Germany)

  • Salesforce, Inc. (U.S.)

Further Report Findings

  • In terms of service, the Software as a Service (SaaS) segment could account for a considerable share of the global market due to low maintenance costs and ease of deployment.

  • North America market size was valued at USD 262.44 billion in 2021 and will grow with the rising deployment of IoT, robotics, and AI.

  • Europe market forecast will be strong due to bullish investments in the cloud.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period



Value (USD Billion)


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

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

    • Brazil (By Industry)

    • Mexico (By Industry)

    • Rest of South America

Cloud Computing Market
  • PDF
  • 2021
  • 2018-2020
  • 140


  • 4850

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