Cloud Computing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Cloud Computing Market
The global cloud computing market size was valued at USD 587.78 billion in 2023 and is projected to grow from USD 676.29 billion in 2024 to USD 2291.59 billion by 2032, exhibiting a CAGR of 16.5% during the forecast period of 2024-2032.
The pandemic extensively improved the adoption of cloud computing answers throughout industries. With far-off work becoming the norm, businesses increasingly depend on cloud systems to allow collaboration, data storage, and entry to essential programs, affecting cloud computing market growth.
The cloud computing marketplace is usually pushed using numerous vital factors and corporations' growing adoption of cloud-primarily based services to beautify IT infrastructure's scalability, flexibility, and fee effectiveness.
Cloud computing is the backbone for synthetic intelligence (AI) and device learning (ML) programs, providing huge processing electricity and facts storage competencies essential for training and deploying complex AI fashions, impeding rise in cloud computing market share globally. This transformation permits businesses to harness AI for obligations formerly deemed unattainable, all while casting off the want for highly-priced on-site infrastructure. As a result, groups can leverage cloud platforms to release new possibilities in AI and ML, riding innovation, performance, and scalability throughout diverse industries.
Comprehensive Analysis of Cloud Computing Market
The cloud computing market showcases robust segmentation, with the general public cloud phase leading because of the escalating call for stable, scalable, and fee-effective solutions. Hybrid cloud solutions are gaining momentum, imparting integrated blessings of advanced manipulation, scalability, and security. Software as a Service (SaaS) dominates the provider phase, providing ease of deployment and reduced maintenance expenses. Small and medium-sized businesses (SMEs) are experiencing significant growth, benefiting from cloud generation's fee-effective solutions. Meanwhile, large firms leverage cloud generation for operational efficiency and global collaboration. In industries like IT & telecommunications, cloud-powered answers are rapidly gaining traction. At the same time, healthcare emerges as a promising zone for cloud adoption, driven by the deployment of revolutionary healthcare equipment and gadgets.
The North American region led the medical devices market by benefitting a size of USD 308.11 billion in 2023 due to the early attractiveness of high-tech technologies with AI, Blockchain, robotics, the Internet of Things (IoT), and the cloud.
Market leaders in the cloud computing industry play a significant role in shaping the company's growth trajectory and establishing industry benchmarks. Companies such as Amazon Web Services Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Alibaba Group Holding Limited (China), Microsoft Corporation (U.S.), VMware, Inc. (U.S.), Google LLC (U.S.), Rackspace Technology, Inc. (U.S.), SAP SE (Germany), and Salesforce, Inc. (U.S.) contribute to a competitive landscape, driving innovation and advancements in the market.
In February 2023, Akamai Technologies, Inc. Unveiled its Connected Cloud platform designed to provide content transport, security, and cloud computing offerings to safeguard packages and mitigate capability threats.
Segmentation Table
Attribute Details
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 16.5% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Type
Public Cloud
Private Cloud
Hybrid Cloud
By Service
Infrastructure as a Service (IaaS)
Platform as a Service (PaaS)
Software as a Service (SaaS)
By Enterprise Type
SMEs
Large Enterprises
By Industry
BFSI
IT and Telecommunications
Government
Consumer Goods and Retail
Healthcare
Manufacturing
Others
By Region
North America (By Type, Service, Enterprise Type, Industry, and Country)
- U.S. (By Industry)
- Canada (By Industry)
- Mexico (By Industry)
Europe (By Type, Service, Enterprise Type, Industry, and Country)
- U.K. (By Industry)
- Germany (By Industry)
- France (By Industry)
- Italy (By Industry)
- Spain (By Industry)
- Russia (By Industry)
- Benelux (By Industry)
- Nordics (By Industry)
- Rest of Europe
Asia Pacific (By Type, Service, Enterprise Type, Industry, and Country)
- China (By Industry)
- Japan (By Industry)
- India (By Industry)
- South Korea (By Industry)
- ASEAN (By Industry)
- Oceania (By Industry)
- Rest of Asia Pacific
Middle East & Africa (By Type, Service, Enterprise Type, Industry, and Country)
- Turkey (By Industry)
- Israel (By Industry)
- GCC (By Industry)
- North Africa (By Industry)
- South Africa (By Industry)
- Rest of Middle East & Africa
South America (By Type, Service, Enterprise Type, Industry, and Country)
- Brazil (By Industry)
- Argentina (By Industry)
- Rest of South America
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Cloud Computing Key Players Market Share/Ranking, 2023
- 5. Global Cloud Computing Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Type (USD)
- 5.2.1. Public Cloud
- 5.2.2. Private Cloud
- 5.2.3. Hybrid Cloud
- 5.3. By Service (USD)
- 5.3.1. Infrastructure as a Service (IaaS)
- 5.3.2. Platform as a Service (PaaS)
- 5.3.3. Software as a Service (SaaS)
- 5.4. By Enterprise Type (USD)
- 5.4.1. SMEs
- 5.4.2. Large Enterprises
- 5.5. By Industry (USD)
- 5.5.1. BFSI
- 5.5.2. IT and Telecommunications
- 5.5.3. Government
- 5.5.4. Consumer Goods and Retail
- 5.5.5. Healthcare
- 5.5.6. Manufacturing
- 5.5.7. Others
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Middle East & Africa
- 5.6.5. South America
- 6. North America Cloud Computing Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Type (USD)
- 6.2.1. Public Cloud
- 6.2.2. Private Cloud
- 6.2.3. Hybrid Cloud
- 6.3. By Service (USD)
- 6.3.1. Infrastructure as a Service (IaaS)
- 6.3.2. Platform as a Service (PaaS)
- 6.3.3. Software as a Service (SaaS)
- 6.4. By Enterprise Type (USD)
- 6.4.1. SMEs
- 6.4.2. Large Enterprises
- 6.5. By Industry (USD)
- 6.5.1. BFSI
- 6.5.2. IT and Telecommunications
- 6.5.3. Government
- 6.5.4. Consumer Goods and Retail
- 6.5.5. Healthcare
- 6.5.6. Manufacturing
- 6.5.7. Others
- 6.6. By Country (USD)
- 6.6.1. United States
- 6.6.1.1. By Industry
- 6.6.2. Canada
- 6.6.2.1. By Industry
- 6.6.3. Mexico
- 6.6.3.1. By Industry
- 7. Europe Cloud Computing Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Type (USD)
- 7.2.1. Public Cloud
- 7.2.2. Private Cloud
- 7.2.3. Hybrid Cloud
- 7.3. By Service (USD)
- 7.3.1. Infrastructure as a Service (IaaS)
- 7.3.2. Platform as a Service (PaaS)
- 7.3.3. Software as a Service (SaaS)
- 7.4. By Enterprise Type (USD)
- 7.4.1. SMEs
- 7.4.2. Large Enterprises
- 7.5. By Industry (USD)
- 7.5.1. BFSI
- 7.5.2. IT and Telecommunications
- 7.5.3. Government
- 7.5.4. Consumer Goods and Retail
- 7.5.5. Healthcare
- 7.5.6. Manufacturing
- 7.5.7. Others
- 7.6. By Country (USD)
- 7.6.1. United Kingdom
- 7.6.1.1. By Industry
- 7.6.2. Germany
- 7.6.2.1. By Industry
- 7.6.3. France
- 7.6.3.1. By Industry
- 7.6.4. Italy
- 7.6.4.1. By Industry
- 7.6.5. Spain
- 7.6.5.1. By Industry
- 7.6.6. Russia
- 7.6.6.1. By Industry
- 7.6.7. Benelux
- 7.6.7.1. By Industry
- 7.6.8. Nordics
- 7.6.8.1. By Industry
- 7.6.9. Rest of Europe
- 8. Asia Pacific Cloud Computing Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Type (USD)
- 8.2.1. Public Cloud
- 8.2.2. Private Cloud
- 8.2.3. Hybrid Cloud
- 8.3. By Service (USD)
- 8.3.1. Infrastructure as a Service (IaaS)
- 8.3.2. Platform as a Service (PaaS)
- 8.3.3. Software as a Service (SaaS)
- 8.4. By Enterprise Type (USD)
- 8.4.1. SMEs
- 8.4.2. Large Enterprises
- 8.5. By Industry (USD)
- 8.5.1. BFSI
- 8.5.2. IT and Telecommunications
- 8.5.3. Government
- 8.5.4. Consumer Goods and Retail
- 8.5.5. Healthcare
- 8.5.6. Manufacturing
- 8.5.7. Others
- 8.6. By Country (USD)
- 8.6.1. China
- 8.6.1.1. By Industry
- 8.6.2. India
- 8.6.2.1. By Industry
- 8.6.3. Japan
- 8.6.3.1. By Industry
- 8.6.4. South Korea
- 8.6.4.1. By Industry
- 8.6.5. ASEAN
- 8.6.5.1. By Industry
- 8.6.6. Oceania
- 8.6.6.1. By Industry
- 8.6.7. Rest of Asia Pacific
- 9. Middle East & Africa Cloud Computing Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Type (USD)
- 9.2.1. Public Cloud
- 9.2.2. Private Cloud
- 9.2.3. Hybrid Cloud
- 9.3. By Service (USD)
- 9.3.1. Infrastructure as a Service (IaaS)
- 9.3.2. Platform as a Service (PaaS)
- 9.3.3. Software as a Service (SaaS)
- 9.4. By Enterprise Type (USD)
- 9.4.1. SMEs
- 9.4.2. Large Enterprises
- 9.5. By Industry (USD)
- 9.5.1. BFSI
- 9.5.2. IT and Telecommunications
- 9.5.3. Government
- 9.5.4. Consumer Goods and Retail
- 9.5.5. Healthcare
- 9.5.6. Manufacturing
- 9.5.7. Others
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.1.1. By Industry
- 9.6.2. Israel
- 9.6.2.1. By Industry
- 9.6.3. GCC
- 9.6.3.1. By Industry
- 9.6.4. North Africa
- 9.6.4.1. By Industry
- 9.6.5. South Africa
- 9.6.5.1. By Industry
- 9.6.6. Rest of MEA
- 10. South America Cloud Computing Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Type (USD)
- 10.2.1. Public Cloud
- 10.2.2. Private Cloud
- 10.2.3. Hybrid Cloud
- 10.3. By Service (USD)
- 10.3.1. Infrastructure as a Service (IaaS)
- 10.3.2. Platform as a Service (PaaS)
- 10.3.3. Software as a Service (SaaS)
- 10.4. By Enterprise Type (USD)
- 10.4.1. SMEs
- 10.4.2. Large Enterprises
- 10.5. By Industry (USD)
- 10.5.1. BFSI
- 10.5.2. IT and Telecommunications
- 10.5.3. Government
- 10.5.4. Consumer Goods and Retail
- 10.5.5. Healthcare
- 10.5.6. Manufacturing
- 10.5.7. Others
- 10.6. By Country (USD)
- 10.6.1. Brazil
- 10.6.1.1. By Industry
- 10.6.2. Argentina
- 10.6.2.1. By Industry
- 10.6.3. Rest of South America
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Amazon Web Services Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Oracle Corporation
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. IBM Corporation
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Alibaba Group Holding Limited
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Microsoft Corporation
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. VMware, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Google LLC
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Rackspace Technology, Inc.
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. SAP SE
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Salesforce, Inc.
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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