Cloud Computing Market Worth $1,402.7 Billion by 2030

 

                              

Cloud Computing Market Worth $1,402.7 Billion by 2030


 


Meticulous Research®—a leading global market research company, published a research report titled, ‘Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography - Global Forecast to 2030.’

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According to this latest publication from Meticulous Research®, the global cloud computing market is projected to reach $1,402.7 billion by 2030, at a CAGR of 16.8% from 2023 to 2030.

The growth of this market is driven by the increasing adoption of cloud computing services, personalized customer experience, rising demand for AI, and increasing adoption of technologies such as ML and IoT. However, data security & privacy concerns may restrain the market’s growth. The rising government initiatives and consistently rising adoption of cloud computing solutions among businesses are expected to offer significant growth opportunities for the cloud computing market. Furthermore, the complexity related to the adoption of the multi-cloud model is expected to pose challenges to the growth of the cloud computing market. The latest global cloud computing market trends are the rise in cloud gaming and serverless computing.

The global cloud computing market is segmented by service model (infrastructure as a service, platform as a service, and software as a service), deployment mode (public cloud, private cloud, and hybrid cloud), organization size (large enterprises, small & medium enterprises), end user (BFSI, healthcare, IT and telecom, government & public sector, retail, manufacturing, energy & utilities, media & entertainment, and other end users). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on service model, the global cloud computing market is segmented into infrastructure as a service, platform as a service, and software as a service. In 2022, the software as a service segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the rising adoption of cloud computing services, increasing preferences for SaaS delivery models, and growing demand for AI. In addition, the benefits offered by software as a service, such as flexible costs, easy maintenance, and easy deployment, further augment the growth of this segment. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on deployment mode, the global cloud computing market is segmented into public cloud, private cloud, and hybrid cloud. In 2022, the public cloud segment accounted for the largest share of the global cloud computing market. The rising work-from-home culture and growing reliance on public cloud services among SMEs for effective management are expected to drive the growth of this segment. However, the hybrid cloud segment is projected to register the highest CAGR during the forecast period. Hybrid cloud solutions help businesses by providing agility, IT optimization, and scope for innovation with changing business demands.

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Based on organization size the global cloud computing market is segmented into large enterprises and small & medium enterprises. In 2022, the large enterprise segment accounted for the larger share of the global cloud computing market. The large market share of this segment is attributed to the high spending capabilities of large enterprises resulting in the increased adoption of cloud computing models and the availability of skilled IT personnel for the management of cloud platforms. Furthermore, large enterprises focus on desired cloud computing channels to retain customers, boost sales, and validate necessary steps to overcome market interruptions. However, the small & medium enterprises segment is slated to register the higher CAGR during the forecast period.

Based on end user, the global cloud computing market is segmented into BFSI, healthcare, IT and telecom, government & public sector, retail, manufacturing, energy & utilities, media & entertainment, and other end users. In 2022, the BFSI segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the rising penetration of mobile devices, growing adoption of public cloud in the BFSI sector, increase in the reliability of enterprises on web-based solutions, and a growing number of fin-tech start-ups demanding cloud-based solutions. However, the healthcare sector is slated to register the higher CAGR during the forecast period.

Based on geography, the global cloud computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America accounted for the largest share of the global cloud computing market. North America’s major market share is attributed to the presence of prominent cloud computing companies such as Microsoft Corporation (U.S.), IBM Corporation (U.S.), and Oracle Corporation (U.S.). In addition, the high adoption rate of cloud computing solutions to enhance IT infrastructure and leverage the benefits of new technologies, such as AI, contributes to the growth of this regional market.

However, Asia-Pacific is projected to record the fastest growth rate during the forecast period. The high market growth in Asia-Pacific is driven by the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of cloud computing among small & medium-sized organizations.

Key Players:

The key players operating in the global cloud computing market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.), Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.).

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Key questions answered in the report:

·  Which are the high-growth market segments in terms of service model, deployment mode, organization size, and end user?

·  What is the historical market size for cloud computing across the globe?

·  What are the market forecasts and estimates for 2023–2030?

·  What are the major drivers, restraints, opportunities, challenges, and trends in the global cloud computing market?

·  Who are the major players in the global cloud computing market, and what are their market shares?

·  How is the competitive landscape?

·  What are the recent developments in the global cloud computing market?

·  What are the different strategies adopted by the major players in the market?

·  What are the geographic trends and high-growth countries?

·  Who are the local emerging players in the global cloud computing market, and how do they compete with other players?

 

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Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

 

 

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