Cloud Computing Market to expand at a CAGR of 16.04% UNTIL 2032 to value USD 2082.2 billion | 2024-2032

Cloud Computing Market Overview

The market size for cloud computing was estimated at USD 450.9 billion in 2022. cloud computing market is anticipated to increase from USD 534.4 billion in 2023 to USD 2082.2 billion in 2032, with a compound annual growth rate (CAGR) of 16.04% over the five-year projection period (2024–2032). The important market factors boosting market growth are enterprises' concerns about the initial deployment and maintenance costs of storing data on-premises, as well as the increased return on investment with decreasing infrastructure and storage costs.

Big data, analytics, and machine learning are being integrated with the cloud, which is boosting the market CAGR for cloud computing. Big Data, artificial intelligence (AI), machine learning (ML), and other technologies are expected to become more widely used. Because they enable users to track, evaluate, and visualise raw data, these technologies are altering the market landscape. Organisations can enhance their visualisation capabilities and make complex data accessible and usable by implementing these developing technologies in conjunction with cloud solutions. The growing adoption of ML and AL technologies in businesses has reduced concerns about data storage while increasing data utilisation. Additionally, these technologies aid in increasing business productivity, enhancing decision-making, and lowering operating expenses. Al-powered business solutions are being adopted by organisations to help them become more strategic, effective, and insight-driven.

For instance, Microsoft Corporation introduced Azure Health Data Services in March 2022. It's a platform as a service (PaaS) made to handle transactional and analytical workloads. It allows for cloud-based artificial intelligence (AI) and enables PHI alone while combining health data. Big data, artificial intelligence, and machine learning are therefore anticipated to gain in popularity.

For organisations and their employees, cloud computing services and cloud-based apps have improved productivity and agility. The majority of companies worry that the threats to cloud computing systems are exceeding their capacity to create adequate defences. Utilising the cloud as a platform for innovation has a number of benefits in terms of performance, cost, and reactivity.

Al can perform data analysis without the need for manual interaction by automating tedious and repetitive tasks. Al can be used by IT teams to manage and monitor crucial work flows.

Companies, for instance, can employ cloud computing to accelerate innovation at rates never before possible in the realm of Internet of Things product development. Cloud computing has enabled the Internet of Things (loT) industry to create and disseminate ground-breaking innovations that are revolutionising the business. Budgetary constraints have forced many businesses, especially SMEs, onto the cloud.

Segmentation of Cloud Computing Market:

Software as a Service (SaaS), Infrastructure as a Service (laas), and Platform as a Service (PaaS) are the service models used to segment the cloud computing market. The sector was led by the software as a service (Saas) segment in 2022, which accounted for more than 53.95% of total revenue.

Based on the form of deployment, the cloud computing market is segmented into private, public, and hybrid clouds. The market's main contributor, hybrid clouds, are anticipated to grow during the projection period.

Large businesses and small and medium-sized businesses make up the segmentation of the cloud computing market. In 2022, the major enterprises segment will generate more than 51.0% of the total revenue.

The government and public sector, retail and consumer goods, manufacturing, technology and telecommunications, banking, financial services and insurance (BFSI), and retail and public sector are among the vertical segments of the cloud computing market. The BFSI category, which includes banking, financial services, and insurance, contributed more than 24.75 percent of the overall income.

Cloud Computing Market Regional Analysis:

The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. Due to the early adoption of cloud computing solutions, the North American Cloud Computing Market will lead this market. These regions are expected to increase their market positions thanks to the existence of multiple providers there and a higher propensity to adopt new technology. Because of its robust and established IT and telecommunications infrastructure, the Europe Cloud Computing Market holds the second-largest market share. Additionally, the UK's cloud computing market grew the fastest in the European region, while Germany's cloud computing industry had the greatest market share.

From 2023 to 2032, the Asia-Pacific Cloud Computing Market is anticipated to experience the quickest CAGR growth. This is because there is a greater supply of skilled labour available and because SMEs and large businesses have a significant focus on entering and expanding in this region. Additionally, the Indian Cloud Computing Market had the quickest rate of growth in the Asia-Pacific region, while China's Cloud Computing Market had the greatest market share.

Key Companies in the Cloud Computing market include:

• com Inc


• Microsoft Corporation


• Alphabet Inc


• Oracle Corporation


• com Inc.


• VMware Inci


• IBM Corporation Ltd


• Alibaba Group Holding


• Dell EMC Corp.


• Rackspace inc


• Adobe Systems Inc.


• SAS Institute Inc


• TIBCO Software Inc