Who are the key vendors in the Global Cloud Computing Market?

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. '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'

What is the key driver of Global Cloud Computing Market?

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.

What is the key market trend for Global Cloud Computing Market?

The key trend driving cloud computing market is the increasing shift of businesses toward digital transformation and the enhancement of customer experience. The cloud offers the pay-as-you-go approach, which allows businesses to pay for cloud services based on how often they use them, resulting in lower prices. Due to the sheer benefits of cloud services, such as on-demand availability and low cost, companies are increasingly adopting them. This thus contributes to the growth of cloud computing market growth.

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

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.

Global Cloud Computing Market Size, Share, Growth Analysis, By Deployment Type(Private Cloud, Public Cloud), By Type(Software as a Service, Platform as a Service) - Industry Forecast 2024-2031

Q: What is the global market size of Cloud Computing Market?

Global Cloud Computing Market size was valued at USD 626.4 billion in 2022 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).

Report ID: SQMIG45D2031 | Region: Global | Published Date: April, 2024
Pages: 173 | Tables: 64 | Figures: 75

Global 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.
Cloud spending jumped by 37% up to USD 29 billion in the first quarter of 2020. 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

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.

Global Cloud Computing Market Report Snapshots

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FAQs

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).

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'

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.

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.

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