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New York, March 17, 2023 (GLOBE NEWSWIRE) — The global cloud computing market was valued at around USD 546.1 billion in 2022 and is estimated to be worth approximately USD 2,321 billion in 2032, growing at a CAGR of 16% between 2023 and 2032. Cloud computing is a network or model where programs or applications can run that can be accessed from many devices or servers simultaneously. Emerging technologies like Machine Learning and Artificial Intelligence enable cloud growth by allowing companies to tap into AI capabilities.
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- By Deployment, in 2022, the private deployment segment has generated a revenue share of 47.2% 2022.
- By Service, the Software as a Service (SaaS) segment has dominated the market with the highest revenue share of 56% in 2022.
- By Enterprise Size, the Large enterprise segment has generated a revenue share of 52.6%.
- By End Use, in 2022, the BFSI segment had the highest revenue share at over 26.4%.
- In 2022, North America dominated the market with the highest revenue share of 41.2%.
The market for cloud computing is expected to be in demand. This is because more companies adopt cloud computing to streamline their operations. Cloud computing services will be in high demand due to the projected rise in large companies in emerging and established countries.
The pandemic has caused a big change in the workplace, as companies use smart tech like mobile supercomputing and IoT. Demand for cloud computing went up in Q3 2020 as businesses moved operations online. Cloud computing is able to help enterprises overcome the challenges of business continuity due to the lockdown and other mandates that have affected the market.
Factors affecting the growth of the Cloud Computing market
Several factors can affect the growth of the cloud computing market industry. Some of these factors include:
- Technologies like artificial intelligence and machine learning: Emerging technologies like Artificial Intelligence and Machine Learning enable cloud growth by allowing companies to tap into AI capabilities. The global economy faces significant challenges due to the COVID-19 pandemic.
- Remote work trend: Remote work has led to a rise in the demand for cloud computing services. This allows collaborative teams to access previously centralized data and analysis.
- Software as a Service (SaaS): SaaS offers organizations more flexibility and options. Along with that it also has the ability to access the program remotely via web-based subscriptions. SaaS is a delivery model that focuses on software solutions that can reach many people.
- Seamless data management and real-time visibility: Cloud services are expected to be adopted by the manufacturing sector as they offer benefits like seamless data management and real-time visibility in the cloud computing market
- Data security and privacy: Vendors offer security services like data encryption, access control, cloud integration, monitoring and auditing, business continuity, and communication security.
- COVID-19 effect: Cloud computing is able to help enterprises overcome the challenges of business continuity. Due to the lockdown and other mandates that have affected the market.
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Top Trends in Global Cloud Computing Market
Trends in cloud computing influence technological choices as well as business decisions and investment plans.
- To become more flexible and efficient, businesses are modernizing their infrastructure and apps. Business activities are aided by cloud solutions, which move workloads and cut down on latency.
- Hybrid deployment cloud services are in trend, companies are looking to move their infrastructure to cloud computing and are ready to adopt hybrid models. The hybrid model offers the opportunity to enjoy both cloud and on-premise services for enterprises.
- The rising investments in the development of it and healthcare infrastructure in the nations like India and China and the rising focus towards the digital transformation of the industries is a major factor that is boosting the demand for cloud computing technologies in the Asia pacific.
- The pandemic has caused a big change in the workplace, as companies use smart tech like mobile supercomputing and IoT. Demand for cloud computing went up in Q3 2020 as businesses moved operations online.
- Organizations are being forced to modernize their infrastructure and application landscapes to increase business agility and cost efficiency. Cloud solutions and services can be used to support key business activities, transfer business workloads to the cloud, and reduce latency.
Adapting business operations according to changing market conditions is easier and faster with cloud computing. In other words, it streamlines the computerization of technology. As a result, it has opened up unprecedented possibilities for creating highly engaging customer experiences. As a result of cloud computing, behaviors have changed among individuals and businesses, and multiple lines of business are now able to navigate around tech policies to achieve their goals.
The cloud is essentially guiding organizations’ digital business decision processes, investment strategies, and vendor and technology selections. Some of the most significant aspects that are considerably fueling the expansion of the worldwide cloud computing market include the increasing emphasis on controlling operational expenditure, the increasing need for controlling capital expenditure, and customer satisfaction. The demand for cloud computing services is increasing globally due to several key criteria, including speedy data recovery, meeting compliance requirements, and data security.
North America dominated the market with the highest revenue share of 41.2% in 2022, major factor for the region’s growth is the presence of prominent cloud providers. North America is often regarded as an early adopter and innovator of new technologies like the IoT and additive manufacturing, big-data analytics, connected industries, and AI. Businesses in the U.S. continue to use cutting-edge technology, which bodes well for their growth.
Asia Pacific will be the fastest-growing region over the forecast period. The region’s market growth has been boosted by the rapid rise of India and China. The emergence of regional players such as Alibaba Group has also contributed to the region’s progress.
Industry players will find that strategic mergers, partnerships, and acquisitions are the best ways to quickly access emerging markets. It will also help improve their technological capabilities. Service expansion, product differentiation, upgrades, and product differentiation are all expected to help companies grow in this market.
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Scope of the Report
|Market Value (2022)||USD 546.1 Billion|
|Market Size (2032)||USD 2,321 Billion|
|CAGR (from 2023 to 2032)||16% from 2023 to 2032|
|North Revenue Share||41.2%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Affordable operational expenditure is driving the cloud computing market. Some of the most significant aspects that are considerably fueling the expansion of the worldwide cloud computing market include the increasing emphasis on controlling operational expenditure, the increasing need for controlling capital expenditure, and customer satisfaction. The demand for cloud computing services is increasing globally due to several key criteria, including speedy data recovery, meeting compliance requirements, and data security.
Organizations are concerned about data security and privacy. Information storage, use, and transmission must all be protected digitally. According to surveys, 61% of business-sensitive data on hard drives is insecure. Cloud computing allows various third parties to outsource skills which can cause a theft to their security and data concerns. This includes network infrastructure, mobility, endpoints, databases, virtualization, and web application. Therefore, according to companies’ concerns, privacy and security remain top restraints in adopting cloud computing.
Cloud computing is a faster and more efficient way to adapt to market changes and manage business operations. It simplifies technology consumption. It opens up new avenues for creating high-quality interactions with customers. This has paved the way to create several opportunities for key players in Healthcare, Finance, and Consumer IT.
Cloud has influenced behavior change in people and businesses. It has also enabled many lines of business to work around the tech policies and get things done. With cloud computing, costs associated with maintaining, establishing, and acquiring technological services are reduced.
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Report Segmentation of the Cloud Computing Market
The cloud computing market based on deployment is segmented into hybrid, private, and public sectors. the private deployment segment was at the top of this market over a private network or the internet; private clouds provide computer services. They are not accessible to the general public but rather to a small number of individuals. Private clouds offer third-party providers greater privacy and security by using internal hosting and firewalls that ensure high-level data protection.
Hybrid deployment, which includes both public and private models, will see a significant growth rate during the forecast period. The hybrid model is the most popular implementation model across industries. Many firms are increasingly focusing their efforts on hybrid cloud models and smart ways to improve business operations, resource utilization, cost optimization, user experience, application modernization, and maximizing the benefits
Software as a Service (SaaS), accounted for a 56% revenue share. SaaS’s flexibility, ease of maintenance, and deployment are the reasons for high demand. SaaS products will see strong growth over the next years, as their Total Cost of Owning (TCO), will be the same as that of on-premise deployment models. Over the forecast period, SaaS segment growth will be accelerated by increasing demand for SaaS delivery models and the increasing number of cloud-based businesses.
SaaS offers organizations more flexibility, options, and the ability to access the program remotely via web-based subscriptions. SaaS is a delivery model that focuses on software solutions that can reach many people.
Enterprise Size Insight
Based on enterprise size market is segmented into small & medium enterprises and large enterprises. largest market share was held by large enterprises. Demand is driven by lower operating costs, better collaboration, greater flexibility, and faster time to market. Cloud computing allows companies to delegate repetitive work to technology that can complete them quicker.
Over the forecast period, the fastest-growing segment will be the Small and Medium Enterprises segment (SMEs). This is due to the increasing number of SMEs in emerging countries like India and China. The market will continue to grow due to a rise in demand for cloud computing services by SMEs to improve workflow and lower operational costs.
End Use Insight
Based on the end-use market is segmented into IT & Telecom, Banking and Finance, Retail & Consumer Goods, Energy & Utilities, Manufacturing, Government & Public Sector, Media & Entertainment, Healthcare, and Other End-users. The BFSI segment had the highest revenue share at over 26.4%. Online banking has increased in the BFSI sector, which has led moneylenders and banks to embrace digital transformation. Cloud computing plays a crucial role in this process. Cloud services are being used to store and manage consumer data. BFSI will continue to see a significant role in the development of cloud services. This includes digital wallets, online funds transfers, payment gateways, and a unified customer experience.
Cloud services are being used to store and manage consumer data. BFSI will continue to see a significant role in the development of cloud services. This includes digital wallets, online funds transfers, payment gateways, and a unified customer experience.
The manufacturing sector also uses computing services to plan enterprise resources, manage the supply chain management, and store information related to enterprise manufacturing. Cloud computing services are a great way to share, analyze, and access large amounts of information in the manufacturing sector.
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- Infrastructure as a Service(laas)
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
By Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
- IT & Telecom
- Retail & Consumer Goods
- Energy & Utilities
- Government & Public Sector
- Media & Entertainment
- Other End-uses
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Recent Development of the Cloud Computing Market
- In November 2019, a partnership was formed between Sprint Corporation and Ooma. “Omni,” a cloud-based enterprise mobile solution, was created and launched as a result of the partnership’s conclusion. The objective is to provide enterprise-level landline phone technology to both large and small businesses.
- In February 2021, A specialized business group was formed by Accenture and VMware to assist businesses in implementing a cloud-first strategy. This release will make it possible to develop apps faster, move to the cloud, and use the cloud as the foundation for new businesses and innovation.
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