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Cloud Computing Market size was valued at USD 423.79 billion in 2021 and is poised to grow from USD 483.98 billion in 2022 to USD 1319.55 billion by 2030, growing at a CAGR of 14.1% in the forecast period (2023-2030).

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'

Increased RoI with lower storage and infrastructure costs is the major driver for market growth. Enterprises are concerned about the expenses of data hosting on-premises, both in terms of implementation and maintenance. Electricity prices, employee expenses, and downtime issues are a few other concerns for companies. The current competitive environment and global economic conditions have hastened the use of cost-effective business model restructuring measures. This has significantly encouraged the use of cloud-based services, in turn, contributing to the growth of the 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.

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.

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Global Cloud Computing Market

Product ID: SQMIG45D2031