Cloud Computing Market

Cloud Computing Market Study by IaaS, PaaS, and SaaS for IT & Telecom, Government & Public Sector, Energy & Utilities, Retail, Manufacturing, BFSI, Healthcare, and Media from 2024 to 2034

Analysis of Cloud Computing Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Cloud Computing Market Outlook (2024 to 2034)

The global cloud computing market is calculated at a size of US$ 628.6 billion for 2024 and is projected to increase at a noteworthy CAGR of 14.2% to reach US$ 2,371.6 billion by 2034.

Increasing adoption of advanced technologies such as edge computing, machine learning, big data, and artificial intelligence are some of the key factors driving the global cloud computing market growth. Furthermore, the increasing need to achieve flexibility and scalability, mitigate the risks, and reduce infrastructure complexities are other aspects driving the adoption of cloud computing solutions. Demand for cloud computing solutions is exhibiting an impressive uptick due to the increasing virtualization of multiple end-use industries. The rising demand to simplify workflows is prompting the shift to the virtual space.

During the COVID-19 pandemic, prospects for cloud computing increased massively, as a shift toward remote working models by corporations and enterprises alike has necessitated the deployment of SaaS-based, IaaS-based, and PaaS-based solutions. This trend of remote working is still aiding the sales of cloud computing technologies.

As the volume of information and data processing intensifies, companies are looking to integrate advanced technological solutions, including artificial intelligence, machine learning, and augmented reality to make their operations easy to conduct. Hence, the reliance on the cloud ecosystem is expected to flourish impressively during the forecast period.

  • North America is estimated to account for 23.9% of the global cloud computing market share in 2024.
  • The East Asian cloud computing market size is anticipated to reach US$ 547.8 billion by 2034.
Report Attributes Details
Cloud Computing Market Size (2024E) US$ 628.6 Billion
Forecasted Market Value (2034F) US$ 2,371.6 Billion
Global Market Growth Rate (2024 to 2034) 14.2% CAGR
South Korea Market Value (2034F) US$ 126.6 Billion
Key Companies Profiled
  • Google LLC
  • IBM Corporation
  • Oracle Corporation
  • Salesforce
  • Adobe Inc.
  • Microsoft Corporation
  • SAP SE
  • Workday, Inc.
  • Alibaba Group Holding Limited
  • Amazon Inc.

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Which Trends are Influencing Sales of Cloud Computing Solutions?

“Cloud Computing and Cloud Infrastructure Services Exhibiting Increasing Demand across Sectors”

The outbreak of COVID-19 resulted in the adoption of work from home culture. The number of users on the Microsoft Team platform increased because of the high demand for collaboration solutions. Other SaaS-based solutions such as Slack, Zoom, Ding Walk, Google Hangouts, and WeChat also gained considerable traction during the pandemic period.

The increasing popularity of video streaming platforms such as Apple TV, Netflix, Hulu, and Amazon Prime is anticipated to play a significant role in boosting the cloud computing market growth during the forecast period. The rise in Video-on-Demand (VoD) is enhancing the need for efficient Infrastructure as a Service (IaaS) thereby expanding the industry growth significantly.

In addition, the benefits offered by cloud computing such as the pay-as-you model, which allows enterprises to pay as per their usage of cloud service is an economical option for organizations. SMEs and startups across various sectors are showing an inclination towards the adoption of cloud services owing to their benefits such as low cost and on-demand availability. These factors are likely to play a crucial role in driving the demand for cloud computing solutions.

“Efficiency Workload Management Driving Demand for Hybrid & Omni-Cloud Computing Services”

Growing usage of the Omni and hybrid cloud is expected to pose significant opportunities for industry leaders. Benefits offered such as efficiency in workload management, integration within DevOps teams, and rising security concerns are likely to drive the demand for hybrid cloud computing services during the forecast period.

The analysis reveals that SMEs are adopting the hybrid cloud computing services owing to their benefits such as on-demand availability and no cost involved in initial infrastructure setup. The hybrid cloud computing services are largely adopted in BFSI, healthcare, and government.

  • Established players are taking various initiatives to expand their presence. For instance, in 2021, IBM acquired Bluetab Solutions Group to enlarge its data and hybrid cloud computing services and make its presence more robust in Europe and Latin America.

What Drawbacks are Hurting the Popularity Cloud Computing Services?

“Data Privacy and Security Concerns Lowering Adoption of Cloud Computing Solutions”

Reasons hampering the adoption of cloud computing are growing concerns related to data loss, concern related to privacy issues, and unexpected emergencies. Even though cloud services are effective in cutting costs they are increasing security concerns. Cybercrimes such as account hijacking, cloud malware attacks, and meltdown are further impeding market growth.

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Which Tactics are Set to Benefit New Cloud Computing Companies?

“Investments in Research and Development Efforts”

Apart from database management, storage optimization, efficiency, performance, security, and privacy are some of the major roles of cloud computing. New companies should focus on offering innovative cloud-based solutions. Integration of advanced technologies such as AI, ML, and big data are some of the key cloud computing market trends. Investments in R&D are expected to offer lucrative opportunities for new companies.

  • Crave Industry is a Brazilian start-up that offers comprehensive cloud computing solutions for Industry 4.0.
  • OptDyn is a United States-based start-up that offers Subutai PeerOS, a container-based p2p cloud, and Internet of Things software and firmware.
  • Black Turtle is an Indian start-up that provide various services such as cloud optimization and cost reduction, hybrid cloud migration, general data migration to the cloud, and API development for mobile applications to run on the cloud.

Country-wise Analysis

According to Fact.MR a market research and competitive intelligence provider, the United States is estimated to hold 44.5% of the North American market share in 2024. The strong presence of end-use industries is making the United States a profitable market for cloud computing solution providers.

What’s Driving Demand for Advanced Cloud Computing Solutions in the United States?

“Americans Companies Early Adopters of Innovative Technologies”

Attribute United States
Market Value (2024E) US$ 66.9 Billion
Growth Rate (2024 to 2034) 14.7% CAGR
Projected Value (2034F) US$ 262.8 Billion

The United States market is increasing at high pace due to the early acceptance of cutting-edge technologies such as virtual reality, machine learning, artificial intelligence, and Internet of Things. As organizations in the country are investing heavily to enhance their IT infrastructure, it is expected to boost the adoption of cloud-based services.

What’s Pushing Demand for Cloud Computing Services in Germany?

“Competitive Environment Fostering Innovations in Cloud Computing”

Germany is a profitable market for cloud computing service providers due to the presence of various end-use organizations. Key market players are focusing on establishing a strong market presence in Germany by catering diverse consumer needs.

What is the Sales Outlook for Cloud Computing in China?

“Presence of Strong Industry Leaders Influencing Sales Growth of Cloud Computing Services”

Attribute China
Market Value (2024E) US$ 68.9 Billion
Growth Rate (2024 to 2034) 14.2% CAGR
Projected Value (2034F) US$ 260.2 Billion

China is a big market for cloud computing solution providers. The ongoing industrial activities are contributing to the growing adoption of cloud computing solutions. Presence of key market players such as Microsoft, Google and regional players such as Alibaba Group is making China a major market in East Asia region.

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Category-wise Analysis

As several industries are moving towards digital transformation, the demand for advanced technologies such as cloud computing is set to grow. Large enterprises are emerging as prime adopters of advanced technologies in the race for digitalization.

Which Organization Type Accounts for Higher Deployment of Cloud Computing Technologies?

“Large Enterprises Leading Users of Cloud Computing Services”

Attribute Large Enterprises
Segment Value (2024E) US$ 352 Billion
Growth Rate (2024 to 2034) 13.6% CAGR
Projected Value (2034F) US$ 1256.9 Billion

Benefits such as improved collaboration, lower operating costs, and better flexibility are driving the demand for cloud computing among large enterprises. The ongoing industrial activities in the emerging economies such as China, India, and Brazil are further fuelling adoption of cloud computing solutions.

How is the BFSI Industry Widening Adoption of Cloud Computing?

“Rising Utilization of Information Technology in Banking Sector”

Attribute BFSI
Segment Value (2024E) US$ 114.6 Billion
Growth Rate (2024 to 2034) 12.6% CAGR
Projected Value (2034F) US$ 474.3 Billion

BFSI is the prime consumer of cloud computing services due the benefits it offers such as developing client connections, reducing expenses, and encouraging innovation. Moreover, the outbreak of COVID-19 has encouraged the BFSI sector to digitize its infrastructure, which has brought notable profits to the industry. The online transfer of funds, digital wallets, and payment gateways, among others are projected to play a vital role in deploying cloud technology in the BFSI sector.

Competitive Landscape

Key players in the global cloud computing market are taking several initiatives to expand their global reach and spearhead the market. Acquisitions, partnerships, and collaborations are some of the tactics adopted by them to intensify their market presence.

Some of the recent developments by key players are :

  • In February 2022, IBM announced its plan to team up with SAP to offer technology and expertise to clients to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
  • In October 2020, Microsoft Corporation and ZEISS Group partnered together to offer better care to patients and enhance manufacturing quality through data solutions.
  • In January 2020, IBM Corporation disclosed the launch of Advertising Accelerator with Watson. It is a predictive solution that uses AI and benefits Watson by providing campaigns that could help marketers and advertisers understand the customers’ preferences.

Key Segments of Cloud Computing Market Research

  • By End Use :

    • IT & Telecom
    • Government & Public Sector
    • Energy & Utilities
    • Retail & Consumer Goods
    • Manufacturing
    • BFSI
    • Healthcare
    • Media & Entertainment
    • Others
  • By Deployment :

    • Public Cloud Computing
    • Private Cloud Computing
    • Hybrid Cloud Computing
  • Based on Service :

    • Infrastructure as a Service (IaaS)
    • Platform as a Service (PaaS)
    • Software as a Service (SaaS)
  • By Enterprise Size :

    • Large Enterprises
    • Small & Medium Enterprises
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

What is the size of the market for cloud computing in 2024?

The global cloud computing market is evaluated at US$ 628.6 billion in 2024.

What are the projected sales of cloud computing technologies for 2034?

The market for cloud computing is forecasted to reach US$ 2,371.6 billion by 2034.

What is future of cloud computing?

Sales of cloud computing solutions are estimated to rise at a CAGR of 14.2% from 2024 to 2034.

How is demand for cloud computing rising in South Korea?

The South Korea market is set to register a CAGR of 15% through 2034.

What is pushing demand for cloud computing?

Growing demand for cloud-based services from all sizes of organizations is driving market growth.

Who are the market leaders in cloud computing?

Some of the leading companies are Google LLC, IBM Corporation, and Microsoft Corporation.

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