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Cloud Computing Market Size to Surpass USD 2,432.87 Billion by 2030, exhibiting a CAGR of 20%

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Pune, India, May 16, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global cloud computing market size was valued at USD 569.31 billion in 2022 and is projected to grow from USD 677.95 billion in 2023 to USD 2,432.87 billion by 2030, exhibiting a CAGR of 20% during the forecast period. Growing penetration of internet and smartphones and rising consumption of Big Data are the factors aiding market growth. Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation. Fortune Business Insights, provide this information in its report titled, Cloud Computing Market Forecast, 2023-2030.

Key Industry Development:

July 2021: Google Cloud and SAP SE entered into an expanded strategic partnership to assist customers in migrating critical business systems to the cloud, executing business transformations, and augmenting existing business systems with Google Cloud capabilities in Machine Learning (ML) and artificial intelligence. Moreover, customers can benefit from the global availability of multiple SAP products and services on Google Cloud’s scalable and reliable cloud infrastructure and high-speed network.

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https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/cloud-computing-market-102697

Key Takeaways

  • Rising Investment in Developing Cloud Infrastructure Propelled Market Expansion Amid the Pandemic
  • The growing adoption of IoT, edge computing, real time analytics, and 5G will boost the need for computing technology in industries, thus aiding market proliferation.
  • Enterprises embrace AI-powered solutions to become more strategic, efficient, and insight-driven
  • By Type Analysis: Public Cloud to Dominate Owing to Growing Penetration of Connected Devices
  • Cloud Computing Market Size in North America was USD 401.49 Billion in 2022

Discover the Leading Players Featured in the Report:           

“Companies leading the Cloud Computing Market are Amazon Web Services, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Alibaba Group Holding Limited (China), Microsoft Corporation (U.S.), VMware, Inc. (U.S.), Google LLC (U.S.), Rackspace Technology, Inc. (U.S.), SAP SE (Germany), Salesforce, Inc. (U.S.)”

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2023 to 2030
Forecast Period 2023 to 2030 CAGR 20.0%
2030 Value Projection USD 2,432.87 Billion
Base Year 2022
Cloud Computing Market Size in 2022 USD 569.31 Billion
Historical Data for 2019 to 2021
No. of Pages 140
Segments covered Type, Service, Industry and Geography
Cloud Computing Market Growth Drivers Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation

Browse Complete Report Details:

https://www.fortunebusinessinsights.com/cloud-computing-market-102697

Drivers and Restraints:

Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation

Large companies are increasingly adopting multi-cloud solutions in their business operations to organize their employees across cloud-based platforms. Also, as cloud-based applications, such as Facebook, Gmail, Dropbox, are becoming more flexible, the processing cycle needs to be faster in a real-time scenario. This, in turn, has prompted businesses to migrate to omni-cloud solutions owing to their benefits, including better decision-making, safe data availability, and real-time scalability. Furthermore, omni-cloud offers improved connection services to businesses, allowing data to be reorganized and integrated across numerous platforms. The rising popularity of omni-cloud solutions over multi-cloud solutions will propel the cloud computing market growth in the coming years.

On the other hand, cyber-attacks such as meltdown, cloud malware injection, account or service hijacking, and man-in-the-cloud assaults will hamper market proliferation in the forthcoming years.

Segments:

By Type

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

By Service

  • Infrastructure as a Service (IaaS)
  • Platform as a Service (PaaS)
  • Software as a Service (SaaS)

By Industry

  • BFSI
  • IT and Telecommunications
  • Government
  • Consumer Goods and Retail
  • Healthcare
  • Manufacturing
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Regional Insights:

North America to Hold Major Share Due to Early Adoption of Advanced Technologies

North America is projected to hold the largest cloud computing market share over the forecast timeframe, owing to early adoption of technologies such as robotics, AI, IoT, and cloud. The presence of leading cloud providers, including Microsoft Corporation, IBM Corporation, Oracle Corporation, and others also contributes to market growth.

The Europe market is projected to grow substantially in the forthcoming years owing to investments by private corporations and governments to boost cloud adoption across the countries. For example, in February 2022, SAP SE, a Germany-based software company, launched a sovereign cloud platform for data processing domestically.

The Asia Pacific market is projected to showcase positive trends in the forthcoming years due to surging demand for cloud-based solutions in healthcare and manufacturing. There is rising adoption of smart Electric Vehicles (EVs), growing internet penetration, and rising digitalization. For example, in September 2022, Google partnered with NASSCOM to launch new cloud computing course in India.

Competitive Landscape:

Advanced Software Launches by Leading Companies to Boost Market Expansion

Industry leaders participate in several tactical decisions to strengthen their positioning in the global market. For example, in February 2023, Akamai Technologies, Inc. launched the Akamai Connected Cloud platform for content delivery, cloud computing, and security to keep applications close and threats away. Mergers and acquisitions, partnerships, and collaborations are some of the methods adopted by companies to maximize profits, revenue, and expand geographical reach.

Quick Buy – Cloud Computing Market Research Report:

https://www.fortunebusinessinsights.com/checkout-page/102697

FAQ’s

How big is the cloud computing market?

Cloud Computing Market size was USD 569.31 billion in 2022.

How fast is the cloud computing market growing?

The Cloud Computing Market will exhibit a CAGR of 20% during the forecast period, 2023-2030

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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UK: +44 2071 939123

APAC: +91 744 740 1245

Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

PractiTest Pushes Boundaries of Test Management with Milestones Release

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REHOVOT, Israel, May 6, 2024 /PRNewswire/ — PractiTest, a leader in innovative test management solutions, continues to push the boundaries with the release of Milestones, a powerful project management module enabling QA teams to align and stay connected to business goals. PractiTest’s New Milestones Module empowers QA teams to define high-level testing objectives within set timeframes. This results in well-defined roadmaps for sprint planning, major releases, or other pivotal project Milestones. By setting these objectives, QA teams gain a focused understanding of their contribution to broader business objectives and deadlines.

“Milestones have given us increased granularity in our ability to organize our testing,” says Tony, a system engineer at Battelle. “Having traceability was good, but Milestones allow us to plan much more clearly and easily.”
Milestones establish a seamless link between QA initiatives and overarching business strategies, ensuring testing efforts directly contribute to achieving company objectives. By defining clear testing objectives and schedules for each project phase, QA teams can stay on track and ensure efficient use of resources. The Milestones module also improves visibility, providing a high-level overview of the entire testing process and promoting seamless communication and collaboration among cross-functional teams.
PractiTest’s Commitment to Innovation
The release of Milestones reaffirms PractiTest’s dedication to providing cutting-edge solutions that empower QA teams to thrive.
“In today’s competitive environment, ensuring QA aligns with business objectives is imperative,” says Yaniv Iny, CEO of PractiTest. “The Milestones module is a testament to our commitment to empowering QA teams to evolve into strategic partners, fostering quality and delivering tangible outcomes while staying in sync with overarching business objectives.”
About PractiTest
PractiTest is an end-to-end test management platform designed to simplify and untangle complexity for complex and robust environments. PractiTest centralizes all your QA work, processes, teams, and tools into one platform to bridge silos, unify communication, and enable one source of truth across your organization. With PractiTest you can make informed data-driven decisions based on end-to-end visibility provided by customizable reports, real-time dashboards, and dynamic filter views.
For more information about PractiTest visit: https://www.practitest.com/
Media Contact:May [email protected]
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Artificial Intelligence

EZVIZ unveils its groundbreaking H9c Dual-lens Smart Pan-and-tilt Camera series: a new paradigm for automated, all-round outdoor protection

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By combining a pan-and-tilt panoramic lens and a fixed 180-degree wide-angle lens, one H9c Dual smartly secures large areas with performance better than that of two ordinary ones.
HOOFDDORP, Netherlands, May 6, 2024 /PRNewswire/ — EZVIZ, a leading global player in innovative smart home security, proudly introduces the H9c Dual series, its latest dual-lens outdoor pan-and-tilt cameras that redefine smart protection for homes and small businesses. With options in 2K and 3K resolutions, their groundbreaking design combines a sharp bullet camera and a flexible PT camera, addressing complex security needs effectively. The interlinked dual lenses work collaboratively to safeguard wide property areas, detect and track activities, and offer auto-patrol options for hands-free security.

“The H9c Dual challenges traditional outdoor cameras with unrivaled vision, unmatched automation, and high versatility for basically any scenario,” said Candice Tu, the lead product manager, “EZVIZ leads the way in the development and application of advanced dual-lens technology. This underlines our dedication to bringing cutting-edge technology within reach for practical, everyday situations.”
At the core of the H9c Dual is its groundbreaking dual-lens technology, highlighted by EZVIZ’s distinctive co-action function. The two lenses can work independently at two static viewing angles or act together as a team. When the fixed lens detects motions, the pan-and-tilt lens automatically rotates to track the same activity. This co-action function can also be manually controlled through the EZVIZ App.
The series addresses unnoticed blind spots by offering a 180-degree comprehensive view in a single frame, supplemented by the bottom PT lens for intricate close-ups. Both lenses, with high resolutions of 2K/3K, use built-in AI chips to detect people and vehicles in customizable zones, ensuring users are informed of crucial activities. Users can set up to four patrol spots for the PT lens to complete automatic rotations on a schedule.
Equipped with powerful LEDs, the H9c Dual provides color night vision up to 40 meters and warns potential trespassers with a loud siren and dazzling flashlight upon detection. Offering superior protection compared to a traditional two-camera system, the H9c is a breeze to set up thanks to its adaptable mounting design. Users can manage and control their H9c through the user-friendly EZVIZ App, and enjoy seamless integration with prevailing voice assistants and the larger EZVIZ ecosystem.
Learn more at www.ezviz.com.
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Artificial Intelligence

Red light therapy for repairing spinal cord injury passes milestone

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BIRMINGHAM, England, May 6, 2024 /PRNewswire/ — Patients with spinal cord injury (SCI) could benefit from future treatment to repair nerve connections using red and near-infrared light.

The method, invented by University of Birmingham scientists and patented by University of Birmingham Enterprise, delivers light directly to the site of the injury. 
Their latest research, published in Bioengineering and Translational Medicine, determined an optimal ‘dose’ for this novel approach, and showed it can deliver therapeutic improvements including significant restoration of sensation and movement, and regeneration of damaged nerve cells. 
Researchers led by Professor Zubair Ahmed used cell models of SCI to determine the frequency and duration of light required to achieve maximum restoration of function and stimulate nerve cell regrowth. 
They found delivery at a wavelength of 660nm for one minute a day increased cell viability (the number of live cells) by 45% over five days’ treatment. 
Professor Ahmed said: “The effect of 660nm light was both neuroprotective, meaning it improved survival of nerve cells, and neuroregenerative, meaning it stimulated nerve cell growth.” 
The researchers also investigated the effect of light therapy in preclinical models of SCI, using an implantable device and transcutaneous delivery with the light source placed against the skin. They showed comparable results for both methods, with a one-minute dose of 660nm light, delivered daily for seven days resulting in reduced tissue scarring, increased levels of proteins associated with nerve cell regeneration, improvements in the connections between cells and significant functional recovery. 
This is the first time transcutaneous and direct light delivery have been compared in SCI. Professor Ahmed said: “To make light therapy viable for treating SCI in humans an implantable device will be required, to provide line of sight to damaged tissue and the opportunity for greater accuracy and standardise dosing without impedance due to the thickness of the skin and other tissues surrounding the spinal cord.”
The researchers are planning to develop an implantable device for use in humans with traumatic SCI. They have already received further funding and are seeking commercial partners or investors to develop a prototype device to take into first-in-man clinical trials.
Full release here. 
University of Birmingham Enterprise helps researchers turn ideas into products and services that meet real-world needs. Follow us on LinkedIn and X.
Photo: https://mma.prnewswire.com/media/2404909/University_of_Birmingham_Enterprise.jpg
Media enquiries: Ruth Ashton
Commercial enquiries: Veemal Bhowruth

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