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).
The Research report on Cloud Computing Market presents a complete judgment of the market through strategic insights on future trends, growth factors, supplier landscape, demand landscape, Y-o-Y growth rate, CAGR, pricing analysis. It also provides and a lot of business matrices including Porters Five Forces Analysis, PESTLE Analysis, Value Chain Analysis, 4 Ps' Analysis, Market Attractiveness Analysis, BPS Analysis, Ecosystem Analysis.
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Segmental Analysis
- ServiceSoftware As A Service ( Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management, Collaboration And Productivity Suites, Supply Chain Management, Other Saas Service Models), Platform As A Service ( Application Development And Platform, Application Testing And Quality, Analytics And Reporting, Integration And Orchestration, Data Management), Infrastructure As A Service (Primary Storage, Disaster Recovery And Backup, Archiving, Compute), Others
- Deployment ModePrivate Cloud, Public Cloud, and Hybrid Cloud
- Enterprise SizeLarge Enterprises, and Small & Medium Enterprise
- End-useIT &ITES ( Devops, Big Data And Analytics, IT Security And Compliance, Others), Telecommunications ( Network Function Virtualization, Software Defined Networking, Edge Computing, Others), Retail & Consumer Goods ( e-Commerce and Online Marketplaces, Customer Relationship Management, Point of Sale Systems Others), Manufacturing ( Supply Chain Management, Product Lifecycle Management, Others), Energy & Utilities (Smart Grid Management Energy, Monitoring and Management, Renewable Energy and Forecasting, Other Energy and Utility Services), Healthcare (Electronic Health Records, Remote Patient Monitoring, Genomic Sequencing and Bioinformatics, Others), Media & Entertainment (Content Storage and Distribution, Media Streaming, Content Production and Post Production, Others), Government & Public Sector (Government Infrastructure Migration, Digital Government and e-Government Services, Open Data and Transparency, Other Government and Public Sector Services), Others
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. The further demand leads to the necessity to have larger, secure, reliable, and cost-effective resources away from the premises.
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By Regions and Countries
o North America
o Europe
o Asia-Pacific
o South America
o Middle East & Africa
Following are the players analyzed in the report
- Amazon Web Services (AWS) (US)
- Microsoft Azure (US)
- Hewlett Packard Enterprise Development LP (US)
- Tencent Cloud (China)
- Google Cloud Platform (US)
- Alibaba Cloud (China)
- IBM Cloud (US)
- Oracle Cloud Infrastructure US ()
- Salesforce (US)
- SAP Cloud (Germany)
- Rackspace (US)
- Verizon Cloud (US)
- CenturyLink Cloud (US)
- Fujitsu Cloud (Japan)
- VMware Cloud (US)
- NTT Communications Cloud (Japan)
- Adobe Cloud (US)
- Cisco Cloud (US)
- Dell Cloud (US)
- HPE Cloud (US)
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The research provides answers to the following key questions:
• What is the estimated growth rate of the market for the forecast period 2024-2031? What will be the market size during the estimated period?
• What are the key driving forces responsible for shaping the fate of the Cloud Computing Market during the forecast period?
• Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Cloud Computing Market?
• What are the prominent market trends influencing the development of the Cloud Computing Market across different regions?
• What are the major threats and challenges likely to act as a barrier in the growth of the Cloud Computing Market?
• What are the major opportunities the market leaders can rely on to gain success and profitability?