Overview and Scope
Cloud computing refers to delivering services over the internet, allowing users to access and use a wide range of computing resources without needing local infrastructure or hardware. Users can utilize computing resources as needed, eliminating the local requirement to buy, install, set up, and oversee physical infrastructure. Cloud computing provides flexibility, scalability, and cost efficiency compared to traditional on-premises infrastructure.
Sizing and Forecast
The cloud computing market size has grown rapidly in recent years. It will grow from $631.39 billion in 2023 to $735.45 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to data security and compliance, digital transformation, containerization and microservices, increasing need for remote collaboration and the globalization of businesses.
The cloud computing market size is expected to see rapid growth in the next few years. It will grow to $1,276.15 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to integration of artificial intelligence (AI) and machine learning (ML), demand for IoT, continued advancements in cybersecurity, cross-cloud interoperability, and quantum computing integration. Major trends in the forecast period include edge computing growth, serverless computing maturity, AI and machine learning integration, and hybrid and multi-cloud evolution.
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Segmentation & Regional Insights
The cloud computing market covered in this report is segmented –
1) By Type: Public Cloud, Private Cloud, Hybrid Cloud
2) By Service: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS)
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government And Public Sector, IT And ITES, Retail And Consumer Goods, Manufacturing, Media And Entertainment, Healthcare And Life Sciences, Other Verticals
North America was the largest region in the cloud computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of the internet of things (IoT) is expected to propel the growth of the cloud computing market going forward. The internet of things (IoT) denotes a network comprising interconnected devices that gather and share data with other IoT devices and the cloud. The adoption of the internet of things (IoT) is driven by its ability to enhance efficiency, connectivity, and data-driven decision-making across various industries, leading to improved productivity, cost savings, and innovative solutions. IoT and cloud computing are used together to create powerful and scalable solutions for collecting, storing, analyzing, and acting upon data generated by IoT devices. For instance, in February 2024, according to reports by DataProt, a Ukraine-based cybersecurity product company, it’s estimated that the number of active IoT devices will surpass 25.4 billion in 2030. Further, by 2025, there will be 152,200 IoT devices connecting to the internet per minute. Therefore, the growing adoption of the internet of things (IoT) is expected to propel the growth of the cloud computing market.
Key Industry Players
Major companies operating in the cloud computing market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., ServiceNow Inc., Workday Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Sage Group plc, Lumen Technologies Inc., IFS AB, Epicor Software Corporation, OVH SAS, DigitalOcean LLC, Upland Software Inc., Navisite LLC, Skytap Inc., Joyent Inc.
The cloud computing market report table of contents includes:
1. Executive Summary
2. Cloud Computing Market Characteristics
3. Cloud Computing Market Trends And Strategies
4. Cloud Computing Market – Macro Economic Scenario
5. Global Cloud Computing Market Size and Growth
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32. Global Cloud Computing Market Competitive Benchmarking
33. Global Cloud Computing Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Cloud Computing Market
35. Cloud Computing Market Future Outlook and Potential Analysis
36. Appendix
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