Cloud Computing Market Size
:
Cloud Computing Market size was USD 453.6 billion in 2021 and projected to grow from USD 624.9 billion in 2023 to USD 2703.4 billion by 2032, exhibiting a CAGR of 17.6% during the forecast period.
Cloud Computing is an IT service delivery model and is an act of sharing a network of remote servers hosted on internet to process, store, and manage data. It is an ordinary storage space with accessibility to data from devices in the network. Utilizing cloud computing technology provide cost benefits and assist in accessibility to data in the network from any location at any time.
Market Highlights
Cloud Computing Market is expected to project a CAGR of 17.6% during the forecast period, 2022-2032
Cloud Computing Market is expected to reach USD 2703.4 billion, growing at a CAGR of 17.6% during forecast period owing to the ability of cloud computing to enhance business performance and increasing requirement for hybrid models. Several initiatives by governments to protect data integrity and safety are also expected to boost the growth of the Cloud Computing market. Cloud computing provide several advantages than on-premises hardware infrastructures like low cost, early deployment, scalability, disaster recovery, mobility support, and reduced burden of systems maintenance which are expected to boost the growth of the Cloud Computing Market.
Cloud Computing Market Segmentation:
Software as a Service segment is expected to grow with high CAGR during the forecast period
Cloud Computing Market is classified based on the Service into Infrastructure as a Service (IaaS), Software as a Service (SaaS), Platform as a Service (PaaS). Software as a Service (SaaS) segment dominated the cloud computing market in 2021 and is expected to continue its dominance in the forecast period due to the simple maintenance, deployment and flexible cost. The focus of organizations to shift to is expected to boost the growth of the segment in the market.
Large Enterprises segment expected to grow with high CAGR during the forecast period
Cloud Computing Market is classified based on the Organization Size into Small and Medium-sized Enterprises (SMEs), Large Enterprises. Large enterprises segment dominated the cloud computing market in 2021 and is expected to continue its dominance in the forecast period owing to the increasing demand for cloud computing services due to increased remote working which permit the access to centralized data. Large-scale businesses use cloud computing to automize regular tasks for easy completion.
Market Dynamics:
Growth Drivers
Advancement in Technology is Expected to Boost the Growth of the Market
The demand and acceptance for artificial intelligence, big data and various other technologies is increasing creating demand for the market. The visualization skills can be improved by the organizations and the complex data can be used easily by utilizing the technologies along with cloud solutions. These technologies aid in improving the decision-making processes, reducing the operator costs, and helping to increase the business efficiency.
Increasing Cloud-Based Applications is Expected to Boost the Growth of the Market
The demand for various Over the Top (OTT) platforms like Netflix, Amazon Prime, Apple TV, Hotstar is increasing owing to the increased acceptance and usage of these platforms. Different online platforms like Microsoft Teams, Google Meet, Skype, zoom etc. are used for communication purposes and are used for the growth of the cloud computing market in the forecast period. The increasing investments in development of telecommunications and IT infrastructure along with digitization resulted in improving the infrastructure which is expected to boost cost efficiency and thereby having positive impact on the growth of the market.
Restraint
Security Concerns May Restrain the Growth of the Market
Cloud services are used to preserve crucial personal and business data over cloud-based platforms. The data privacy and security, data breaches, data loss, and internet cyber-attacks are expected to restrain the growth of cloud computing market.
Recent Developments:
- In February 2023, Storm Reply was introduced to aid AWS partnership in North America.
- In January 2023, Alibaba initiated its first international product innovation centre and partner management to deliver better customer services.
Cloud Computing Market
Key Players Covered:
- Salesforce.com Inc.
- Microsoft Corporation
- Google LLC
- Amazon.com Inc.
- Oracle Corporation
- International Business Machines Corporation
- Adobe Inc.
- Alibaba Group Holding Limited
- Workday, Inc.
- SAP SE
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Regional Analysis
Cloud Computing Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America dominated the market in 2021. Several business communities are preferring digital transformation and advancements in technologies like big data analytics, Artificial Intelligence (AI), machine learning, virtual reality (VR), 4G, 5G, technologies are expected to boost the growth of the market. The presence of key market players in this region like Microsoft Corp are also expected to boost the growth of the market.
Impact of Covid-19 on Cloud Computing Market
The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and applied travel restrictions to control the spread of the virus. Streaming is a new alternative for remote work and pandemic has created high demand for services and digital events. Due to the pandemic, several fields have adopted to shift to the cloud. Covid-19 had a positive impact for the growth of the Cloud Computing Market.
Cloud Computing Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.
Cloud Computing Market Scope and Segments:
|
ATTRIBUTE |
DETAILS |
|
Study Period |
2018-2032 |
|
Base Year |
2022 |
|
Forecast Period |
2021-2032 |
|
Historical Period |
2019-2021 |
|
Growth Rate |
CAGR of 17.6% from 2022-2032 |
|
Unit |
Value (USD Billion) |
|
Segmentation |
Main Segments List |
|
Deployment |
|
|
Service |
|
|
End User |
|
|
Organization Size |
|
|
By Region |
|
Frequently Asked Questions (FAQ):
Cloud Computing Market size was estimated at USD 453.6 billion in 2021 and is expected to reach USD 2703.4 billion in 2032.
Cloud Computing is an IT service delivery model and is an act of sharing a network of remote servers hosted on internet to process, store, and manage data. It is an ordinary storage space with accessibility to data from devices in the network. Utilizing cloud computing technology provide cost benefits and assist in accessibility to data in the network from any location at any time.
Software as a Service and Large Enterprises segment accounted for the largest Cloud Computing market share.
Key players: Salesforce.com Inc., Microsoft Corporation, Google LLC, Amazon.com Inc., Oracle Corporation, International Business Machines Corporation, Adobe Inc., Alibaba Group Holding Limited, Workday, Inc., SAP SE and Other Prominent Players are the key players in the Cloud Computing Market.
Advancement in Technology and Increasing Cloud-Based Applications are the factors driving the Cloud Computing market.
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