The global cloud computing market size is expected to reach USD 1,251.09 billion by 2028, registering a CAGR of 19.1% over the forecast period, according to a new study conducted by Grand View Research, Inc. This growth can be attributed to several factors, including digital transformation across various industries, a surge in internet penetration, and big data consumption in various verticals. Increasing adoption of 5G, Internet of Things (IoT), and Artificial Intelligence (AI) is expected to further support the growth of the market for cloud computing.
Key Insights & Findings:
- The IaaS segment is expected to register the highest CAGR over the forecast period owing to the increased adoption of multi-cloud due to benefits, such as scalability and fast data accessibility
- Small & Medium Enterprises (SMEs) is anticipated to emerge as the fastest-growing segment from 2021 to 2028 due to high demand for cloud computing in SMEs owing to reduced costs of IT hardware and software, improved processing capacity and elasticity of storage, and greater mobility of access to data and service
- The hybrid deployment segment is anticipated to register the second-fastest CAGR from 2021 to 2028 owing to the growth of cloud and industrialized services and decrease in traditional Data Center Outsourcing (DCO)
- Moreover, along with the flexibility to move workloads between private and public deployment depending on the computing needs, a hybrid deployment is expected to provide enterprises more data deployment options in the long run
- The manufacturing end-use segment is expected to register the highest growth rate over the forecast period. Owing to various functionalities, cloud computing aids manufacturers in utilizing multiple types of production systems, ranging from High-Performance Computing (HPC) and 3D printing to IoT and industrial robots
- Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the increasing focus of SMEs and large enterprises to enhance their digital initiatives
- The growth in the IT services industry in markets, such as India, China, and other South Asian regions, is also expected to propel the regional market growth over the forecast period
Read 130 page market research report, “Cloud Computing Market Size, Share & Trends Analysis Report By Service (SaaS, IaaS), By Enterprise Size (Large Enterprises, SMEs), By End Use (BFSI, Manufacturing), By Deployment, And Segment Forecasts, 2021 – 2028“, by Grand View Research
The outbreak of the COVID-19 pandemic is likely to affect businesses drastically, stifling innovation, suppressing profitability, and drying up cash flow and financial reserves. IT and software development industries have also been facing challenges due to this unforeseen outbreak. However, the impact on the software industry, including cloud computing, has been relatively low. With the growing adoption of the work-from-home model, due to the second wave of the pandemic, the customers spending in Infrastructure-as-a-Service (IaaS) and Desktop-as-a-Service (DaaS) segments increased significantly.
In addition, with the growing number of remote workers due to this pandemic, more business is being conducted through email and collaboration tools, which is expected to drive market growth. Organizations are adopting cloud computing services as they provide insights into partnering tactics, go-to-market approaches, investments, alliance & acquisition strategies, and best operational practices. Moreover, these services help measure, correlate, and analyze business activities and ensure that company operations are in line with the customer demands.
Key vendors focus on introducing new cloud solutions, services, and workloads and upgrading of capabilities of their current offerings to strengthen their foothold in the market. Furthermore, vendors also engage in mergers and acquisitions to strengthen their market position and enhance their cloud capabilities. For instance, in July 2019, Google LLC acquired Elastifile, an enterprise cloud storage provider, to expand its cloud-based file storage capabilities for enterprise-grade applications. This acquisition helped extend the former company’s current file storage offerings, third-party partner offerings, and Cloud Filestore.
Grand View Research has segmented the global cloud computing market based on service, deployment, enterprise size, end use, and region:
- Cloud Computing Service Outlook (Revenue, USD Billion, 2018 – 2028)
- Infrastructure as a service (IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)
- Cloud Computing Deployment Outlook (Revenue, USD Billion, 2018 – 2028)
- Cloud Computing Enterprise Size Outlook (Revenue, USD Billion, 2018 – 2028)
- Large Enterprises
- Small & Medium Enterprises
- Cloud Computing End Use Outlook (Revenue, USD Billion, 2018 – 2028)
- IT & Telecom
- Retail & Consumer Goods
- Energy & Utilities
- Media & Entertainment
- Government & Public Sector
- Cloud Computing Regional Outlook (Revenue, USD Billion, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- North America
List of Key Players of Cloud Computing Market
- Adobe Inc.
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- Workday, Inc.
Check out more studies related to advanced computing technologies, conducted by Grand View Research:
- Multi-access Edge Computing Market – The global multi-access edge computing market size is anticipated to reach USD 23.36 billion by 2028.The growing adoption of IoT devices across several industries is expected to drive market growth.
- Healthcare Cloud Computing Market – The global healthcare cloud computing market size is expected to reach USD 27.8 billion by 2026. The rising demand for cloud-based information systems is expected to boost the market.
- Big Data Market – The global big data market size is expected to reach USD 123.2 billion by 2025. The big data market is rapidly becoming an emerging area of focus across numerous end-use industries.
Browse through Grand View Research’s coverage of the Global Next Generation Technologies Industry.
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