Cloud Computing Market
Cloud Computing Market Analysis by Deployment (Public, Private, Hybrid Cloud Computing), by Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), by Enterprise Size, by End Use & Regional Forecast 2022-2032
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 Growth Outlook
The global cloud computing market size is estimated to secure a market value of US$ 482 Billion in 2022. The market is expected to procure US$ 1,949 Billion by 2032 while expanding at a CAGR of 15% during the forecast period from 2022 to 2032.
The growing adoption of technologies, such as; machine learning, big data, and Artificial Intelligence are key factors leading to the global expansion of the cloud computing market. Further, the increasing need to achieve flexibility and scalability, mitigating the risks, and reducing infrastructure complexities are other salient causes driving the growth of the cloud computing market.
Market Value in 2022
USD 482 Billion
Estimated Market Value in 2032
USD 1,949 Billion
Projected CAGE from 2022 to 2032
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Revenue Analysis of Global Cloud Computing Market 2017 to 2021 vs. Future Outlook 2022 to 2032
According to Fact.MR- a market research and competitive intelligence provider- demand for cloud computing solutions experienced and impressive uptick of 12% from 2015 to 2021, attributed to increasing virtualization of multiple end use industries. Growing demand to simplify workflows has prompted this shift to the virtual space.
During the COVID-19 pandemic, prospects for cloud computing have inclined massively, as a shift toward remote working models by corporations and enterprises alike has necessitated deployment of SaaS based, IaaS based and PaaS based solutions. This trend of remote working is likely to remain perpetual even in forthcoming years.
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. From 2022 to 2032, cloud based computing is expected to flourish at a CAGR of 15%.
Which benefits of Cloud Computing are boosting Market Growth?
Pandemic to bolster the demand for Cloud Computing and Cloud Infrastructure Services
The outbreak of COVID-19 resulted in the adoption of work from home culture. The number of users on the Microsoft Team platform increased to 44 million because of the high demand for collaboration solutions. Other SaaS-based solutions such as; Slack, Zoom, Ding Walk, Google Hangouts, and WeChat have also been gaining considerable traction.
Furthermore, the increasing demand for platforms such as; Apple TV, Netflix. Hulu, Amazon Prime is anticipated to play a significant role in growing the market during the forecast period. The rise in Video-on-Demand (VoD) enhanced the need for an efficient Infrastructure as a Service (IaaS) thereby expanding the industry significantly.
In addition, the benefits offered by the cloud, like 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 are showing an inclination towards the adoption of cloud services owing to their benefits like low cost and on-demand availability. These factors are likely to play a crucial role in driving the demand for cloud computing, thereby bolstering the market size.
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How is Growing Adoption of Hybrid Cloud Computing Services posing a Significant Opportunity to the Market?
Efficiency in management of Workload Management to enhance demand for Hybrid Cloud Computing Services
The growing usage of the hybrid cloud is likely to pose a significant opportunity for market expansion. Benefits offered such as efficiency in workload management, integration within DevOps teams, and increased security are likely to drive the demand for hybrid cloud computing services.
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 market and make its presence more robust in Europe and Latin America.
How does the Growing Adoption of Information Technology drive the Market in APAC?
Growing Initiatives to Adopt Cloud Computing Technology among Developing Countries to Boost the Market in Region
As per the analysis of Fact MR, the APAC market is anticipated to be the fastest-growing region during the forecast period, growing at an 18% CAGR. The presence of emerging economies such as; India and China are likely to play a salient role in developing the regional market.
For instance, the rapid expansion of Alibaba Group and initiatives such as Make in India have played a notable role in bolstering the market size in the APAC. In addition, cloud computing service providers such as; Amazon, Microsoft Corporation, and Google LLP are taking initiatives to strengthen their presence in countries like Thailand and Indonesia.
How does the Presence of Established Players help in Driving the Cloud Computing Market in North America?
Presence of Players such as Microsoft, Amazon, Oracle, among others to grow the market in North America
The market in North America is expected to dominate the global market. The estimation reveals that the region secured about 40% of the global revenue share in 2022.
The globally renowned players such as; Microsoft, Oracle, and Amazon are early adopters of cloud computing technology such as; big data analytics, IoT, additive manufacturing, AI, VR, AR, and ML which has expanded the market significantly in the region.
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What is the Contribution of Large Enterprises and SMEs in Driving the Global Cloud Computing Market?
The Large Enterprises Segment Secured the Highest Market Share in 2022
According to Fact. MR, the large enterprise segment is forecast to account for the largest market share in 2022, accumulating 55%. Benefits such as improved collaboration, lower operating costs, and better flexibility are driving the demand for cloud computing among large enterprises.
On the other hand, the SMEs segment is likely to expand at the fastest-growing segment in the forecast period. The expansion of the segment can be attributed to the rapid economic development of emerging countries such as; India and China.
How is the BFSI Industry Widening Adoption of Cloud Computing?
Increasing usage of Information Technology in Banking Sector to Boost the Cloud Computing Market
Fact. MR reveals that the BFSI segment is expected to procure about 25% of the global revenue share in 2022. Benefits of cloud computing technology such as; developing client connections, reducing expenses, and encouraging innovation are projected to augment the market size in the coming time.
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, payment gateways, among others are projected to play a salient role in deploying cloud technology in the BFSI sector.
The players of 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 most practices to intensify their market presence. Some of the recent developments among the 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 announced its partnership with ZEISS Group to offer better care to patients and enhance manufacturing quality through data solutions. As per the partnership, ZEISS Group adopted Microsoft Azure as its cloud platform to provide digital experiences to its German counterpart.
- 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 in understanding the customers’ preferences.
Key Market Segments Covered in the Market
By End Use
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Retail & Consumer Goods
- Media & Entertainment
- Other End Uses
- 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
- FAQs -
As of 2022, Fact.MR forecasts demand for cloud computing solutions to be valued at US$ 482 Bn
From 2015-2021, sales of cloud computing solutions expanded at a 12% CAGR
The global cloud computing market is estimated to secure a market value of USD 1,949 Bn by 2032
Fact.MR anticipates cloud computing demand to surge at a CAGR of 15% from 2022 to 2032
Google LLC, SAP SE, Workday, Inc., Microsoft Corporation, Salesforce.com Inc., and Alibaba Group Holding Limited are some of the players in the market
Fact. MR reveals that North America will account for a market share of about 40% in 2022
In the Asia Pacific, cloud computing demand is forecast to flourish at a CAGR of 18%
The BFSI segment accounted for the largest revenue share of about 25% in 2021.