"We Envision Growth Strategies Most Suited
to Your Business"
The global cloud computing market size was valued at USD 569.31 billion in 2022. Fortune Business Insights™ in its report 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, 2023-2030” observes that the market 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 storing, processing, and managing data on a network of remote computers hosted on the internet rather than on a local server or personal computer. It refers to a shared storage area that allows all network devices to access data simultaneously.
IBM Corporation Signs Collaboration Agreement with Amazon Web Services
In May 2022, IBM Corporation announced that it signed a Strategic Collaboration Agreement (SCA) with Amazon Web Services, Inc. (AWS). Through this collaboration, the company plans to offer a broad array of its software catalog as Software-as-a-Service (SaaS) on AWS. This first-of-its-kind agreement between IBM and AWS will provide clients with easy and access to IBM Software that spans data and AI, automation, security and sustainability capabilities built on Red Hat OpenShift Service on AWS (ROSA), and runs cloud-native on AWS. The two companies also announced plans to make joint investments to make it easier for users to consume IBM Software on AWS.
Growing Investment in Building Data Centers Aided Market Expansion Amid the Pandemic
Cloud computing technology has been growing exponentially in developed and developing nations alike since 2020. The spread of COVID-19 and imposition of travel restrictions and lockdowns have prompted all sectors to move their business to the cloud. Cloud services have thus become a necessity for enterprises looking for digital transformation. For instance, in September 2020, Accenture Solutions Pvt. Ltd. developed Cloud First with USD 3 billion investment to boost digital transformation and cloud adoption. Moreover, rising investment by cloud providers to develop data centers created several opportunities for market expansion in the post-pandemic period.
Integration of Artificial Intelligence and Machine Learning with Cloud to Aid Market Growth
The rising adoption of artificial intelligence, Big Data, and machine learning technologies will spur the cloud computing market growth in the forthcoming years. These technologies have transformed the market landscape, as they help users in analyzing, monitoring, and visualizing the unprocessed data. The integration of these technologies with cloud computing assists organizations in enhancing their visualization capabilities and making complex data usable and accessible. The widespread adoption of machine learning and artificial intelligence technologies in businesses has increased data usage and decreased data storage issues. These technologies also help in boosting business productivity, improving decision-making processes, and decreasing operating expenses, and thus their adoption will also drive the market growth.
On the other hand, concerns regarding data loss, cyber-attacks, data privacy, and data security will act as challenges for businesses operating in this domain.
To get a detailed report summary and research scope of this market, click here:
Partnerships Between Market Players to Spur Market Growth
Leading players make several tactical moves such as mergers and acquisitions, partnerships, collaborations, and partnerships to gather larger profits and expand customer base. For instance, in February 2023, Reply expanded Storm Reply, to support AWS partnership in North America. Through this partnership, Storm Reply helped global clients in the implementation of cloud-based systems.
Notable Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
CAGR of 20.0% from 2023 to 2030
Value (USD Billion)
By Type, Service, Industry, and Geography