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 Insights

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).

Cloud computing changes the data processing, storage, and management functions to cloud computer networks which are built over the internet rather than using only local servers or personal computers. The standard shift of the shared space ensures secure storage environment where all devices from the network can access simultaneously. The explosive development of cloud computing is the result of certain reasons mainly the digitization of companies, the spread of internet and mobile devices worldwide of the growing use of big data. While industries are in the process of regeneration, their access and ability to use cloud platforms in supplement of digital business solutions are critical. Furthermore, the coming together of newer technologies similar the Internet of Things (IoT), edge computing, 5G connectivity, real-time analytics with AI and ML leads to the elevation of cloud computing in all the sectors. For instance, In December 2023, Bitdeer and Nvidia announced a cloud computing service combining Bitdeer's AI and ML expertise and Nvidia's capabilities, representing a huge advance in cloud computing services innovation.

The evolution cloud computing market growth is propelled by the rising utilization of cloud-based systems in small and medium-sized enterprises (SMEs). Another key factor is that governments in many developing countries have adopted cloud computing delivery models as a way of enhancing their expertise on technology and increasing productivity in the government. For instance, in June 2023, The Ministry of Economy (MoE) collaborated with Amazon Web Services, Inc., to launch the AWSConnected Community Initiative. This is one of the dedicated SMEs digitization efforts that is aimed at helping the SMEs to thrive and compete internationally. Fujitsu brings into the play a new concept, known as "Fujitsu CaaS" (Computing as a Service), allows clients get cloud access to the latest computing resources. Among the flagship services offered within CaaS, namely "Fujitsu Cloud Service HPC--utilizing Fugaku, the world's fastest supercomputer that provides high-performance computing capabilities.

US Cloud Computing Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Cloud Computing Market Report Snapshots

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FAQs

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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