USD 445 billion
Report ID: SQMIG45D2031 | Region: Global | Published Date: November, 2022 | Pages: 173 | Tables: 102 | Figures: 76
Global Cloud Computing Market was valued at USD 445 billion in 2021 and it is expected to reach at USD 1281 billion by 2028, with CAGR of 16.3% over the forecast period (2022-2028).
Cloud computing is the delivery of hosted services over the internet, including software, servers, storage, analytics, intelligence, and networking. Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS) are three types of cloud computing services (PaaS). The expanding usage of cloud-based services and the growing number of small and medium businesses around the world are the important drivers of market growth. Enterprises all over the world are embracing cloud-based platforms as a cost-effective way to store and manage data. Commercial data demands a lot of storage space. With the growing volume of data generated, many businesses have moved their data to cloud storage, using services like Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
Growing need to regulate and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), as well as the increasing volume of data generated in websites and mobile apps, are a few drivers of emerging technologies. Emerging technologies like big data, artificial intelligence (AI), and machine learning (ML) are gaining traction, resulting in the global cloud computing market growth. The cloud computing market is also driven by major factors such as data security, Faster Disaster Recovery (DR), and meeting compliance standards.
Global Market Size
USD 445 billion
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Global cloud computing market is segmented on the basis of deployment type, service model, industry vertical, and region. Based on the deployment type, the market is segmented into private cloud, public cloud, and hybrid cloud. Based on the service model, the market is segmented into infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Based on industry vertical, the market is segmented into government, military & defense, telecom & it, healthcare, retail, and others. Based on region, it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Deployment Type
In 2021, hybrid cloud segment held a significant share of more than 25% share in the global cloud computing market. The segmental growth is attributed to the certain advantages offered by hybrid cloud when compared with other deployment type. Using a hybrid cloud allows businesses to scale computer resources while also reducing the need to invest large sums of money to handle short-term spikes in demand, as well as freeing up local resources for more sensitive data or applications.
Analysis by Service Model
In 2021, the Software as a Service (SaaS) segment held a significant share of more than 25% share in the global market. The segmental growth is attributed to the ease of deployment of Software as a Service (SaaS) usage, cost-effectiveness, and low maintenance costs. Whereas, infrastructure as a service (IaaS) is expected to grow at the fastest rate. The rising need for storage and security of business data solutions is attributed to the growing popularity of the platform.
Analysis by Industry Vertical
In 2021, the government segment held a significant share of more than 18% share in the global market. The segmental growth is attributed to the increased demand from the BFSI sector. The BFSI sector has witnessed an upsurge in online banking activities, which has encouraged money lenders to more emphasis on digital transformation, with cloud computing playing a key role in this approach.
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Based on the geography, the global cloud computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region is projected to hold the most substantial share of more than 25% in the global market. This is attributed to the presence of the key players operating in the market. Companies in the United States are the early adopters of next-generation technologies such as big data analytics, Internet of Things, AI, AR, ML, and VR, as well as the latest communications technologies such as 4G, 5G, and LTE. Businesses in the United States are continuing to embrace cutting-edge technology, which promises well for future growth of the market.
On the other hand, the Asia-Pacific region is projected to grow at a significant rate during the forecast period. A few factors pushing cloud computing usage in this region include the increased availability of skilled labor and the intense focus offered by SMEs and major organizations to enter and grow in this region. Cloud computing has become the basis of how firms work nowadays, as they strive for increased company agility and consumer satisfaction. Organizations are attempting to improve application performance while also providing a positive user experience, which is contributing to regional growth.
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Fuelling the market growth by integration of Big Data, AI, and ML with Cloud.
Visualization capabilities are improving and complex data are made accessible and usable by adopting these developing technologies in conjunction with cloud solutions . One of the major problems of data storage is reduced significantly and data usage has scaled in Business technologies all around the globe due to widespread adoption of AI and ML. These integration of technology will aid in increasing business productivity, improving decision-making processes, and lowering operating expenses.
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Cloud Computing Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, with the emergence of work-from-home (WFH) culture, cloud computing market size will gain significant traction. Large enterprises and small and medium-sized businesses are increasingly deploying cloud systems for a variety of use cases, including software development and testing, big data analytics, and customer-facing web applications. Other potential factors driving market growth include data backup, virtual desktops, email, and disaster recovery..
|Market size value in 2021||USD 445 billion|
|Market size value in 2028||USD 1281 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Cloud Computing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Cloud Computing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Cloud Computing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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