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Cloud Computing Market to Record 16.5% CAGR Over 2024-2032; Increasing Preference for Omni-Cloud Over Multi-Cloud to Spur Market Growth

February 28, 2024 | Information & Technology

The cloud computing market size touched USD 587.78 billion in 2023 and is predicted to reach USD 676.29 billion in 2024. The market is anticipated to touch USD 2,291.59 billion by 2032, recording a CAGR of 16.5% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled Cloud Computing Market Size, Share & Industry 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 Enterprise Type (SMEs and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, and Others), and Regional Forecast, 2024-2032”.

Cloud computing is a technology that stores, processes, and handles different types of data on a remote computer’s network, which is hosted on the internet. Many industry verticals across the globe are adopting this technology to improve their business performance and enhance their customers’ experience. Moreover, organizations are implementing many emerging technologies, such as Artificial Intelligence (AI) and ML, which will further boost the performance of cloud-based solutions, thereby fueling the market’s progress.

The COVID-19 pandemic played a vital role in boosting the market’s growth as the demand for this technology skyrocketed during this period. One of the major reasons was an increasing number of organizations working from home, which increased the demand for platforms with strong computing power and vast storage capacity.

Introduction of Generative AI-Powered Cloud Solutions by Market Players to Boost Market Progress

Many key companies operating in this market are focusing on introducing cloud solutions that are equipped with generative AI capabilities, as these solutions can help them enhance their customers’ experience. Generative AI can also accelerate the growth of various cloud technologies, encouraging enterprises to convert their existing transactional applications into cloud. These advantages will boost the use of this form of AI in cloud.

AWS Partnered with IN-SPACe and ISRO to Boost India’s Space Capabilities

AWS announced its collaboration with IN-SPACe and ISRO to improve India’s space capabilities with the help of cloud mechanisms. The firm aims to accelerate space-tech modernizations through cloud computing solutions. This collaboration is expected to offer students, space startups, and research institutes access to innovative cloud technologies.

Increasing Preference for Omni-Cloud over Multi-Cloud to Spur Market Growth

A growing number of large-scale enterprises are shifting to omni-cloud solutions as integrating multiple cloud infrastructures can decrease their efficiency due to a lack of coordination between them. Omni-cloud infrastructures offer several advantages, such as better decision-making, simplified use of data, and real-time scalability. These factors will also accelerate the market’s growth.

However, data privacy and security concerns may hamper the cloud computing market growth.

Key Companies to Focus on Launching Innovative Solutions to Stay Ahead of Market Competition

The market has a vast start-up ecosystem, which is engaged in the development of innovative solutions and services for its clients. This scenario is compelling the existing market players to adopt the ongoing advancements in cloud computing technologies and launch cutting-edge services to enhance their customers’ experience and expand their business.

Notable Industry Development:

  • January 2024: Microsoft signed a ten-year strategic partnership with Vodafone to bring cloud, generative AI, and other digital services to more than 300 million businesses, consumers, and public sector organizations across Europe and Africa. With the help of this partnership, the companies can collaborate to improve the experience of Vodafone customers by using Microsoft’s generative AI, overhauling its global data center cloud strategy, and designing new digital & financial facilities for companies.

List of the Companies Profiled in the Report:

  • Amazon Web Services 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.)

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


Further Report Findings:

  • North America is expected to dominate the cloud computing market share as the region is one of the early users of cutting-edge technologies, such as robotics, AI, and Blockchain. Many leading cloud service providers, such as Microsoft, IBM, Oracle, and others, are present in this region, which will further help the regional market grow.

  • Europe is predicted to capture a major market share as many governments across the region are increasing their investments to boost the adoption and implementation of cloud services.

  • Based on industry, the IT & telecom segment is holding the biggest market share as the popularity of cloud-based computing solutions is increasing across various organizations across this sector.

Table of Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 16.5% from 2024 to 2032


Value (USD Billion)


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 Enterprise Type

  • SMEs

  • Large Enterprises

By Industry

  • BFSI

  • IT and Telecommunications

  • Government

  • Consumer Goods and Retail

  • Healthcare

  • Manufacturing

  • Others

By Region

  • North America (By Type, Service, Enterprise Type, Industry, and Country)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)

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

    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific

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

    • Turkey (By Industry)

    • Israel (By Industry)

    • GCC (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of Middle East & Africa

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

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America

Cloud Computing Market
  • PDF
  • 2023
  • 2019-2022
  • 150


  • 4850

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