Global Cloud Computing market Size, Share & Trends Analysis Report, by Service, by Deployment, by Enterprise Size, by End-Use, By Region Forecasts, 2024 – 2032

Global Cloud Computing market Size, Share & Trends Analysis Report, by Service, by Deployment, by Enterprise Size, by End-Use, By Region Forecasts, 2024 – 2032

Global Cloud Computing market was valued at US $ 513.21 Billion in 2023 and is expected to reach US $ 2146.1 billion by 2032 growing at a CAGR of 17.23% during the forecast period 2024 – 2032.

The industry ecosystem and services focused on the online supply of computer resources, such as storage, processing power, databases, networking, analytics, and software applications, are together referred to as the cloud computing market. This paradigm allows for pay-as-you-go or subscription-based access and utilisation of these resources by individuals and organisations, doing away with the need for substantial physical infrastructure and enabling scalable, flexible, and affordable computing solutions. Cloud computing includes many deployment models (public, private, and hybrid) and service models (Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS).

One major factor driving the market for cloud computing's explosive growth is the use of cloud-based technologies. Cloud solutions provide businesses with unmatched scalability, enabling them to adapt IT resources to fluctuating demands with flexibility. This eliminates the limitations associated with traditional on-premises infrastructure. A primary motivator is cloud computing's cost-effectiveness, which minimises upfront capital inputs through a pay-as-you-go model. For businesses with dispersed teams or those working in several locations, global accessibility guarantees smooth operations. Cloud computing speeds up new product and service time-to-market by enabling quick deployment. The cloud's inherent link to innovation and cutting-edge technologies also plays a significant part. Cloud service providers make large investments in state-of-the-art technology, allowing companies to take use of the Internet of Things, machine learning, artificial intelligence, and data analytics without having to hire a large number of in-house specialists. Cloud services are known for their automatic updates and maintenance, which free up organisations from repetitive activities and provide access to the newest features and security improvements. Cloud-based systems, which store data across geographically separated data centres, support strong disaster recovery and business continuity.

“Infrastructure As A Service segment, by service, to be dominating market from 2023 to 2030.”

The industry leader in Infrastructure as a Service (IaaS), with an approximate market share of 44.7% in 2023. The industry growing at the quickest rate is software as a service (SaaS), with a predicted CAGR of more than 40.1% from 2024 to 2032. IaaS is in the lead due to its affordability, scalability, and flexibility. IaaS gives businesses complete control over their networking, storage, and processing resources, enabling them to create and maintain their virtualized infrastructure.

“Public segment, by deployment, to be dominating market from 2023 to 2030.”

With a projected 65.8% market share in 2023, Public Deployment is the clear leader in the industry. The fastest-growing channel is the internet one, with a predicted CAGR of more than 21.2% from 2024 to 2032. Its pay-as-you-go strategy, scalability, global accessibility, and the quick adoption of cutting-edge developments propel public deployment to the forefront.

“Large Enterprise segment, by enterprise size, to be dominating market from 2023 to 2030.”

With an approximate market share of 72.333% in 2023, Large Enterprise is the clear leader in the industry. Throughout the forecast period (2024–2032), the Small and Medium is expected to develop at the quickest rate, with a predicted CAGR of around 27.5%. Due to their complex IT requirements, global operations, and early embrace of transformational technology, large organisations tend to take the lead. These resource-rich organisations use cloud services to effectively handle large amounts of data, complex applications, and a variety of workloads.

“BFSI segment, by end use, to be dominating market from 2023 to 2030.”

With 38.1% of the market's sales in 2023, the BFSI segment led the way. From 2024 to2032, the IT and telecom sector is predicted to expand at a CAGR of 17.1%. The importance of security, compliance, and scalability has led the Banking, Financial Services, and Insurance (BSFI) industry to become market leaders in cloud computing. Strong security features provided by cloud solutions guarantee the safety of private financial information and adherence to legal obligations.

“North America to be largest region in Cloud Computing market.”

In 2023, North America held a dominant share of roughly 33.2% of the global market. Conversely, APAC is predicted to develop at the quickest rate, with a growth rate of 13.7%. North American businesses prioritise digital transformation and early adoption of cutting-edge technology, driving the region's leadership in the cloud computing market. In spite of this, the region still has to deal with issues including growing data breaches, which will affect almost 422 million people and number 1802 cases in 2022. Even though these occurrences might limit the uptake of cloud computing, American companies work together to grow internationally, seizing chances from higher investments in IT infrastructure and the promotion of Cross Border Privacy Rules (CBPR). In accordance with the CloudFirst policy, government organisations replace traditional infrastructure additions with cloud services and edge computing to improve citizen services.

Cloud Computing Competitive Landscape

The competitive landscape of the Cloud Computing market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Cloud Computing technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Cloud Computing market is highly competitive, with numerous companies vying for market share. Prominent companies in the Cloud Computing Market include:

Amazon Web Services (AWS), Google Cloud Platform (GCP), Microsoft Azure, IBM Cloud, Alibaba Cloud, SALESFORCE, Oracle Cloud Infrastructure (OCI), TENCENT CLOUD, SAP, Rackspace, VMware, Fujitsu, NTT, Cisco Systems, HPE GreenLake, Dell Technologies, WIPRO, INFOSYS, Atos, Capgemini, Cognizant, DXC Technology, Tech Mahindra, Accenture, HCL Technologies and others.

Recent Developments:

Alibaba Cloud unveiled ECS Universal, a cost-effective alternative to its Elastic Compute Service and Object Storage Service that offers stability similar to ECS at up to 40% lower prices, in April 2023. It targets offline data analysis, web applications, and enterprise office applications, and is suitable for a wide range of applications. Customers can also save up to 50% on capacity expenses by reserving storage space in a particular cloud location for a year through the OSS Reserved Capacity (OSS-RC) programme.

AWS opened its Second Infrastructure Region in India in November 2022, providing users with enhanced availability, resilience, safe data storage, and reduced workload latency. By 2030, it is projected that the new AWS Asia Pacific (Hyderabad) area will create more than 48,000 full-time jobs yearly, backed by investments reaching USD 4.4 billion in India.

Oracle unveiled a new Oracle Interconnect at the Microsoft Azure location in Johannesburg, South Africa, in October 2022. African users will be able to easily utilise the Oracle Database Service for Microsoft Azure thanks to this project, which creates direct connectivity between Microsoft Azure in South Africa and Oracle Cloud in Johannesburg.

Google Cloud introduced a number of innovations in October 2022, including creative solutions and advancements for its data cloud, open infrastructure cloud, and Google Workspace. Empowering individuals within organizations—such as data decision-makers, developers, builders, IT teams, and cybersecurity specialists—is the goal in order to promote transformation that is useful, significant, and long-lasting.