What is the global market size of Cloud Computing Market?

Cloud Computing Market size was valued at USD 626.4 billion in 2019 and is poised to grow from USD 720.99 billion in 2023 to USD 2220.9 billion by 2031, growing at a CAGR of 15.1% during the forecast period (2024-2031).

Who are the key vendors in the Cloud Computing Market?

The Global Cloud Computing market is characterized by intense competition among key players striving to gain a significant market share. The partnerships and strategic alliances between cloud providers and other technology companies, as well as acquisitions and mergers within the industry, further shape the competitive landscape. These collaborations enable companies to expand their service offerings, access new markets, and strengthen their position in the highly competitive cloud computing market. 'Amazon Web Services (AWS)', 'Microsoft Azure', 'Google Cloud Platform', 'Alibaba Cloud', 'IBM Cloud', 'Oracle Cloud Infrastructure', 'Salesforce', 'SAP Cloud', 'Rackspace', 'Verizon Cloud', 'CenturyLink Cloud', 'Fujitsu Cloud', 'Dimension Data Cloud', 'VMware Cloud', 'NTT Communications Cloud', 'Adobe Cloud', 'Cisco Cloud', 'Dell Cloud', 'HPE Cloud', 'Tencent Cloud'

Which region accounted for the largest share in Cloud Computing Market?

The Asia Pacific region is predicted to lead the cloud computing market with the use of cutting-edge technologies such as IoT, AI, edge computing, and 5G across all sectors. The growth of private sector investments, strong government support and big population are factors that facilitate the rapid spread of new and emerging technologies in this place. The application of AI and machine learning in different sectors in the Asia-Pacific region and in Japan is going to be accepted as a leading country in ICT development that never stops improving and deploying the newest technologies. The trend of cloud technology is to be more and more available to all the enterprises in Japan. As a result, cloud migration will be a major consideration for most of the core applications of the enterprises. cloud computing will be greatly favoured by the implementation of the IaaS and PaaS models, bringing the creation of SaaS models to the background.

Cloud Computing Market Trends

Skyquest Technology's expert advisors have carried out comprehensive research on the cloud computing market to identify the major global and regional market trends and growth opportunities for leading players and new entrants in this market. The analysis is based on in-depth primary and secondary research to understand the major market drivers and restraints shaping the future development and growth of the industry.

Cloud Computing Market Dynamics

Cloud Computing Market Drivers

Merging of AI, Machine Learning, and Big Data with Cloud to enhance market advancement

The AI, Machine Learning, and Big Data's integration with cloud solutions translates into an extra benefit of enhancing the data visualization capabilities of organizations to make disparate data accessible and actionable. In the process of collecting data and training algorithms, large capacity of computing resources and storage capacity are needed which is cheaper and more easily procured as-a-service. Cloud providers are increasingly using AI for multiple tasks, such as handling extensive distributed networks necessary for the provisioning of storage services, optimizing power and cooling systems in data centres, and bolstering cybersecurity solutions that protect data. Businesses are adopting AI-based solutions to obtain the competitive advantage by automating the current practices, making strategic decisions and increasing productivity. AI can eliminate such repetitive and complex tasks, bringing the productivity to the highest level ever, and performing data analysis without any human participation. In this way, IT departments, with the help of AI, can monitor and supervise critical workflows accurately. In addition to the giants like Google, Amazon and Microsoft, the providers of cloud services begin to introduce artificial intelligence (AI) in their services. They strive to provide users with more efficient and cost-effective solutions. For instance, in August 2023, Microsoft announced the Microsoft Studio which is targeted at enterprises to expedite the AI and cloud movement. With this new product, Globant's well-developed knowledge and expertise matching Microsoft's proven computing and AI technologies capabilities are brought together.

Increased Investment in Cloud Services

Companies are in an urgency to expand their businesses and to become the first in the market, they need to have every relevant data and easy to use operations. The cloud computing services have a great importance in the improvement of business functions because without time or location limitation one can access their information from any device. Along with businesses that align themselves with changing customer preferences, the demand for cloud computing services is getting more intense, and at the same, the availability and reliability of these services is improving. The further demand leads to the necessity to have larger, secure, reliable, and cost-effective resources away from the premises.

Cloud Computing Market Restraints

Insufficient Technical Knowledge Hinders the Market Growth

Organizations necessitate personnel equipped with technical acumen to effectively deploy, manage, analyse, and safeguard cloud solutions. there exists a significant deficit in technical proficiency among IT professionals, particularly in cloud computing. This shortage of expertise is impeding companies from capitalizing on the advantages offered by the cloud and emerging technologies, resulting in a potential loss of market share and revenue. The challenges in sourcing suitable candidates include swift hiring procedures, elevated salaries for seasoned cloud professionals, and the difficulty in finding individuals who harmonize with the organizational culture.

Cloud Computing Market Report Snapshots

REPORT OVERVIEW BUY NOW

REQUEST FOR SAMPLE

Want to customize this report?

REQUEST FREE CUSTOMIZATION

FAQs

Cloud Computing Market size was valued at USD 720.99 Billion in 2023 and is poised to grow from USD 829.86 Billion in 2024 to USD 2556.26 Billion by 2032, growing at a CAGR of 15.1% during the forecast period (2025-2032).

'Amazon Web Services (AWS) (US) ', 'Microsoft Azure (US) ', 'Hewlett Packard Enterprise Development LP (US) ', 'Tencent Cloud (China) ', 'Google Cloud Platform (US) ', 'Alibaba Cloud (China) ', 'IBM Cloud (US) ', 'Oracle Cloud Infrastructure US () ', 'Salesforce (US) ', 'SAP Cloud (Germany) ', 'Rackspace (US) ', 'Verizon Cloud (US) ', 'CenturyLink Cloud (US) ', 'Fujitsu Cloud (Japan) ', 'VMware Cloud (US) ', 'NTT Communications Cloud (Japan) ', 'Adobe Cloud (US) ', 'Cisco Cloud (US) ', 'Dell Cloud (US) ', 'HPE Cloud (US)'

The AI, Machine Learning, and Big Data's integration with cloud solutions translates into an extra benefit of enhancing the data visualization capabilities of organizations to make disparate data accessible and actionable. In the process of collecting data and training algorithms, large capacity of computing resources and storage capacity are needed which is cheaper and more easily procured as-a-service. Cloud providers are increasingly using AI for multiple tasks, such as handling extensive distributed networks necessary for the provisioning of storage services, optimizing power and cooling systems in data centres, and bolstering cybersecurity solutions that protect data. Businesses are adopting AI-based solutions to obtain the competitive advantage by automating the current practices, making strategic decisions and increasing productivity. AI can eliminate such repetitive and complex tasks, bringing the productivity to the highest level ever, and performing data analysis without any human participation. In this way, IT departments, with the help of AI, can monitor and supervise critical workflows accurately. In addition to the giants like Google, Amazon and Microsoft, the providers of cloud services begin to introduce artificial intelligence (AI) in their services. They strive to provide users with more efficient and cost-effective solutions. For instance, in August 2023, Microsoft announced the Microsoft Studio which is targeted at enterprises to expedite the AI and cloud movement. With this new product, Globant's well-developed knowledge and expertise matching Microsoft's proven computing and AI technologies capabilities are brought together.

Increasing adoption of Omni-Cloud solutions: Major corporations are integrating multi-cloud solutions into their operations to oversee their workforce across various cloud-based platforms. Additionally, with the increasing robustness and flexibility of cloud-driven applications like Gmail, Facebook, and Dropbox, the demand for swift handling cycles in real-time scenarios is growing. Nevertheless, the integration of disparate cloud infrastructures often lacks efficiency due to fragmented coordination. Consequently, enterprises are transitioning to omni-cloud solutions to capitalize on numerous benefits, including streamlined data utilization, enhanced decision-making capabilities, real-time scalability, and improved data availability.

North America is largest market by region, because it was the first to adopt advanced technologies. As a result of big cloud vendors’ major presence in the area, the adoption of cloud services will also increase in the region. The cloud service vendors are mainly in the North America, investing in technological expertise, making strategic partnerships and increasing their cloud infrastructure. For instance, in September 2023, Oracle announced a partnership with TELMEX-Triara and so having the first two cloud regions in Mexico, which makes Oracle the first hyperscale to achieve the milestone. Organization that will find Oracle’s Cloud Infrastructure (OCI) useful will be those that offer better performance, more secure measures, integrating data analytics capabilities and having distributed cloud proficiency.