The Business Research Company’s report on the Cloud Industry Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the cloud industry market further?
The increasing adoption of digital transformation is expected to propel the growth of the cloud industry market going forward. Digital transformation is the process of integrating digital technologies into all areas of a business or organization, fundamentally changing how it operates and delivers value to customers. The increasing adoption of digital transformation is due to the growing need for businesses to enhance operational efficiency enabling organizations to collect, analyze, and leverage insights for smarter, data-driven decision-making. The cloud industry supports digital transformation, delivering scalable, flexible, and cost-effective solutions that empower businesses to innovate, streamline operations, and enhance customer experiences in a dynamic digital landscape. For instance, in February 2024, according to a report published by the gov.UK, a UK-based government website, in 2022, provisional estimates show that the digital sector contributed $171.77 billion (£158.3 billion) to the UK economy, making up 7.2% of the country’s total gross value added (GVA). This marks a slight rise from 7.1% in 2021, based on current prices. Therefore, the increasing adoption of digital transformation is driving the growth of the cloud industry market.
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What are the key factors influencing the forecasted market size of the cloud industry industry?
The cloud industry market size has grown exponentially in recent years. It will grow from $705.91 billion in 2024 to $848.46 billion in 2025 at a compound annual growth rate (CAGR) of 20.2%. The growth in the historic period can be attributed to digital transformation, the rise of SaaS, increased internet penetration, demand for data storage, and the growth of e-commerce.
The cloud industry market size is expected to see rapid growth in the next few years. It will grow to $1,754.85 billion in 2029 at a compound annual growth rate (CAGR) of 19.9%. The growth in the forecast period can be attributed to the expansion of AI and ML, edge computing adoption, hybrid cloud growth, increasing cybersecurity concerns, and regulatory compliance needs. Major trends in the forecast period include multi-cloud strategies, quantum computing integration, cloud-native applications, advancements in virtualization, and industry-specific cloud solutions.
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Who are the leading competitors in the cloud industry market?
Major companies operating in the cloud industry market are Amazon Web Services Inc., Google LLC, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Tencent Cloud Computing (Beijing) Co. Ltd., Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Salesforce Inc., Equinix Inc., NetApp Inc., Workday Inc., VMware Inc., ServiceNow Inc., Nutanix Inc., Snowflake Inc., DigitalOcean Inc., OpenSta
Which emerging trends are set to transform the cloud industry market landscape?
Major companies operating in the cloud industry are focusing on developing innovative solution such as cloud computing solution to enhance scalability, improve data security, and optimize operational efficiency. A cloud computing solution is a service or technology that enables businesses and individuals to access computing resources such as servers, storage, databases, networking, software, and analytics over the internet. These solutions eliminate the need for on-premises infrastructure, offering flexibility, scalability, and cost efficiency. For instance, in August 2024, Vultr, a US-based cloud computing platform, introduced Vultr industry cloud. It is a specialized cloud computing solution designed to meet industry-specific needs across sectors such as retail, manufacturing, healthcare, media, telecommunications, and finance. It leverages Vultr’s infrastructure, including Cloud GPU powered by NVIDIA, to optimize AI and digital transformation initiatives.
How do different geographies compare in terms of market share and growth potential in the cloud industry market?
North America was the largest region in the cloud industry market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud industry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Which major segments of the cloud industry market are experiencing the fastest growth?
The cloud industry market covered in this report is segmented –
1) By Type: Public Cloud, Private Cloud, Hybrid Cloud, Multi-Cloud
2) By Enterprise Size: Small And Medium-Enterprises, Large Enterprises
3) By Application: BFSI (Banking, Financial Services, And Insurance), Healthcare, Retail And E-Commerce, Information Technology (IT) And Telecom, Government And Defense, Manufacturing, Media And Entertainment, Education
Subsegments:
1) By Public Cloud: Infrastructure As a Service (IaaS), Platform As a Service (PaaS), Software As a Service (SaaS), Function As a Service (FaaS)
2) By Private Cloud: On-Premise Private Cloud, Hosted Private Cloud
3) By Hybrid Cloud: Cloud Bursting, Disaster Recovery And Backup, DevOps Integration
4) By Multi-Cloud: Multi-Cloud Storage, Multi-Cloud Security, Multi-Cloud Networking, Multi-Cloud Application Management
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How is the cloud industry market defined, and what are its core characteristics?
The cloud industry refers to the sector encompassing cloud computing services, infrastructure, and technologies that enable the storage, processing, and management of data over the internet. It includes cloud service providers, infrastructure vendors, and businesses leveraging cloud technology for scalability, efficiency, and innovation.
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