The Cloud Computing Market is projected to reach $1,402.7 billion by 2030, at a CAGR of 16.8% from 2023 to 2030. The growth of this market is driven by the increase in adoption of cloud computing services, personalized customer experience, rising demand for AI, and increasing adoption of technologies such as ML and IoT. However, data security & privacy concerns may restrain the market’s growth. The rising government initiatives and consistently rising adoption of cloud computing solutions among businesses are expected to offer significant growth opportunities for the cloud computing market. Furthermore, complexities related to the adoption of the multi-cloud model are expected to pose challenges to the growth of the cloud computing market. The latest trends in the global cloud computing market are cloud gaming and serverless computing.
The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms were imposed across several countries. These negatively affected multiple industries, including the cloud computing industry. Uncertainty regarding the duration of the lockdowns made it difficult for the key market players to anticipate the recovery of the cloud computing market.
Numerous providers of cloud computing were under immense pressure due to the COVID-19 pandemic. However, economies are shifting their focus from responding to the pandemic to economic recovery. Various growth opportunities are expected to emerge for the cloud computing market players due to the consistently rising adoption of cloud computing solutions among businesses. Furthermore, the media & entertainment industry witnessed the massive acceptance of several OTT platforms, such as Netflix, Disney+, and Amazon Prime Video. As this industry is heavily dependent on cloud resources, the cloud computing market is expected to recover to its original track after 2023.
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Increasing adoption of Technologies Such as AI, ML, and IoT to Fuel the Market Growth
AI and ML are now becoming essential to information security. These technologies can swiftly analyze millions of data sets and track the wide variety of cyber threats such as malware menaces and shady behavior. With the emergence of ML and deep learning, cybersecurity systems can analyze patterns and learn from them to contain similar attacks and respond to altering behavior. These help cybersecurity teams become more aggressive in preventing threats and responding to active attacks in real time.
As data security and privacy standards and regulations across the global markets become progressively stringent, businesses need to design, develop, deploy and manage connected products securely. Hence, the demand for IoT-integrated cybersecurity services has increased, helping companies to design, develop and manage secure connected products across device, connectivity and application layers using numerous cybersecurity services and tools.
Collectively, the increasing adoption of technologies such as AI, ML, and IoT in cybersecurity services is improving the demand across various enterprises, which, in turn, drives the growth of the market.
Some of the recent developments in the market are as follows:
Such developments are expected to flourish the growth of the market.
Based on Service Model, in 2022, the Software as a Service Segment Accounted Largest Share of the Market
Based on service model, in 2022, the software as a service segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the rising adoption of cloud computing services, increasing preferences for SaaS delivery models, and growing demand for AI. In addition, the benefits offered by software as a service, such as flexible costs, easy maintenance, and easy deployment, further augment the growth of this segment. Additionally, this segment is projected to register the highest CAGR during the forecast period.
Based on Deployment Mode, the Hybrid Cloud Segment is Projected to Register the Highest CAGR
Based on deployment mode, the hybrid cloud segment is projected to register the highest CAGR during the forecast period. The growing demand for scalability, the rising need for agile and cost-effective computing, and the rising demand for computational power are expected to support this segment's growth.
Based on End User, the Healthcare Segment is Projected to Register the Highest CAGR
Based on end user, the healthcare segment is projected to register the highest CAGR during the forecast period. The growing trend of digitalization of healthcare, the integration of advanced AI/ML algorithms, cloud deployment of healthcare systems, rising expenditure, inefficient facility management, and overburdened systems are creating a surge in demand for healthcare cloud computing infrastructure.
Asia-Pacific: The Fastest-growing Regional Market
In 2022, North America accounted for the largest share of the cloud computing market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, Asia-Pacific is projected to record the fastest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of cloud computing among small & medium-sized organizations create huge opportunities for the cloud computing market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022. The key players operating in the global cloud computing market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.), Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.).
Scope of the Report:
Cloud Computing Market, by Service Model
Cloud Computing Market, by Deployment Mode
Cloud Computing Market, by Organization Size
Cloud Computing Market, by End User
Cloud Computing Market, by Geography
Key questions answered in the report:
The global cloud computing market is projected to reach $1,402.7 billion by 2030, at a CAGR of 16.8% during the forecast period.
In 2022, the BFSI segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the rising penetration of mobile devices, growing adoption of public cloud in the BFSI sector, increase in the reliability of enterprises on web-based solutions, and a growing number of fin-tech start-ups demanding cloud-based solutions. However, the healthcare sector is slated to register the higher CAGR during the forecast period.
The growth of this market is driven by the increase in adoption of cloud computing services, personalized customer experience, rising demand for AI, and increasing adoption of technologies such as ML and IoT. Furthermore, the rising government initiatives and consistently rising adoption of cloud computing solutions among businesses are expected to offer significant growth opportunities for the cloud computing market.
The key players operating in the global cloud computing market include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.), Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.)
At present, North America dominates the global cloud computing market. However, Germany, Japan, China, India, South Korea, the Netherlands, and the U.K. are expected to witness strong growth in demand for cloud computing in the coming years.
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1 Market Definition
1.2 Scope of the Study
1.3 Global Cloud Computing Market Ecosystem
1.4 Currency & Limitations
1.4.1 Currency
1.4.2 Limitations
1.5 Key Stakeholders
2. Research Methodology
2.1 Research Approach
2.2 Data Collection & Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Assessment
2.3.1 Market Size Estimation
2.3.1.1 Bottom-up Approach
2.3.1.2 Top-down Approach
2.3.1.3 Growth Forecast
2.3.2 Market Share Analysis
2.4 Assumptions for the Study
3. Executive Summary
3.1 Market Analysis, by Service Model
3.2 Market Analysis, by Deployment Mode
3.3 Market Analysis, by Organization Size
3.4 Market Analysis, by End User
3.5 Market Analysis, by Geography
3.6 Competitive Analysis
4. Impact of COVID-19 on the Cloud Computing Market
5. Market Insights
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1. Increasing Adoption of Technologies Such as ML and IoT
5.2.1.2. Increase in Adoption of Cloud computing Services
5.2.1.3. Rising Demand For AI
5.2.2 Restraints
5.2.2.1. Data Security & Privacy Concerns
5.2.3 Opportunities
5.2.3.1. Rising Government Initiatives for Cloud Adoption
5.2.3.2. Consistently Rising Adoption of Cloud Computing Solutions Among Businesses
5.2.4 Challenges
5.2.4.1. High Complexity Due to the Adoption of the Multi-Cloud Model
5.2.5 Trends
5.2.5.1. Technology Trend
5.2.5.2. Market Trend
5.3 Case Studies
5.3.1 Case Study - 1
5.3.2 Case Study - 2
5.3.3 Case Study - 3
6. Cloud Computing Market, by Service Model
6.1 Introduction
6.2 Infrastructure as a Service
6.3 Platform as a Service
6.4 Software as a Service
7. Cloud Computing Market, by Deployment Mode
7.1 Introduction
7.2 Public Cloud
7.3 Private Cloud
7.4 Hybrid Cloud
8. Cloud Computing Market, by Organization Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small & Medium Enterprises
9. Cloud Computing Market, by End User
9.1 Introduction
9.2 BFSI
9.3 Healthcare
9.4 IT and Telecom
9.5 Government & Public Sector
9.6 Retail
9.7 Manufacturing
9.8 Energy & Utilities
9.9 Media & Entertainment
9.10 Other End Users
10. Cloud Computing Market, by Geography
10.1 North America
10.1.1 U.S.
10.1.2 Canada
10.2 Europe
10.2.1 Germany
10.2.2 U.K.
10.2.3 France
10.2.4 Italy
10.2.5 Spain
10.2.6 Rest of Europe
10.3 Asia-Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 South Korea
10.3.5 Singapore
10.3.6 Rest of Asia-Pacific
10.4 Latin America
10.5 Middle East & Africa
11. Cloud Computing Market: Competitive Landscape
11.1 Introduction
11.2 Key Growth Strategies
11.2.1 Market Differentiators
11.2.2 Synergy Analysis: Major Deals & Strategic Alliance
11.3 Competitive Dashboard
11.3.1. Industry Leader
11.3.2. Market Differentiators
11.3.3. Vanguards
11.3.4. Contemporary Stalwarts
11.4 Vendor Market Positioning
11.5 Market Share Analysis
12. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
12.1 Microsoft Corporation (U.S.)
12.2 IBM Corporation (U.S.)
12.3 Oracle Corporation (U.S.)
12.4 Amazon Web Services, Inc. (U.S.)
12.5 SAP SE (Germany)
12.6 Google LLC (U.S.)
12.7 Salesforce, Inc. (U.S.)
12.8 Workday, Inc. (U.S.)
12.9 Alibaba Group Holding Limited (China)
12.10 VMware, Inc. (U.S.)
12.11 DXC Technology (U.S.)
12.12 Nutanix, Inc. (U.S.)
12.13. Cisco Systems, Inc. (U.S.)
12.14 ZYMR, INC. (U.S.)
12.15 SAS Institute, Inc. (U.S.)
13. Appendix
13.1 Questionnaire
13.2 Available Customization
List of Tables
Table 1 Global Cloud Computing Market Size, by Country/Region, 2021–2030 (USD Million)
Table 2 Global Cloud Computing Market Size, by Service Model, 2021–2030 (USD Million)
Table 3 Global Infrastructure as a Service Market Size, by Country/Region, 2021–2030 (USD Million)
Table 4 Global Platform as a Service Market Size, by Country/Region, 2021–2030 (USD Million)
Table 5 Global Software as a Service Market Size, by Country/Region, 2021–2030 (USD Million)
Table 6 Global Cloud Computing Market Size, by Deployment Mode, 2021–2030 (USD Million)
Table 7 Global Hybrid Cloud Market Size, by Country/Region, 2021–2030 (USD Million)
Table 8 Global Public Cloud Market Size, by Country/Region, 2021–2030 (USD Million)
Table 9 Global Private Cloud Computing Market Size, by Country/Region, 2021–2030 (USD Million)
Table 10 Global Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 11 Global Cloud Computing Market Size for Large Enterprise, by Country/Region, 2021–2030 (USD Million)
Table 12 Global Cloud Computing Market Size for Small & Medium Enterprises, by Country/Region, 2021–2030 (USD Million)
Table 13 Global Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 14 Global Cloud Computing Market Size for BFSI, by Country/Region, 2021–2030 (USD Million)
Table 15 Global Cloud Computing Market Size for Healthcare, by Country/Region, 2021–2030 (USD Million)
Table 16 Global Cloud Computing Market Size for IT & Telecom, by Country/Region, 2021–2030 (USD Million)
Table 17 Global Cloud Computing Market Size for Government & Public Sector, by Country/Region, 2021–2030 (USD Million)
Table 18 Global Cloud Computing Market Size for Retail, by Country/Region, 2021–2030 (USD Million)
Table 19 Global Cloud Computing Market Size for Manufacturing, by Country/Region, 2021–2030 (USD Million)
Table 20 Global Cloud Computing Market Size for Media & Entertainment, by Country/Region, 2021–2030 (USD Million)
Table 21 Global Cloud Computing Market Size for Energy & Utilities, by Country/Region, 2021–2030 (USD Million)
Table 22 Global Cloud Computing Market Size for Other End User, by Country/Region, 2021–2030 (USD Million)
Table 23 Global Cloud Computing Market Size, by Country/Region, 2021–2030 (USD Million)
Table 24 North America: Cloud Computing Market Size, by Country, 2021–2030 (USD Million)
Table 25 North America: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 26 North America.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 27 North America: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 28 North America: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 29 U.S.: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 30 U.S..: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 31 U.S.: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 32 U.S.: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 33 Canada: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 34 Canada.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 35 Canada: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 36 Canada: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 37 Europe: Cloud Computing Market Size, by Country/Region, 2021–2030 (USD Million)
Table 38 Europe: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 39 Europe.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 40 Europe: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 41 Europe: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 42 U.K.: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 43 U.K..: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 44 U.K.: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 45 U.K.: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 46 Germany: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 47 Germany.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 48 Germany: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 49 Germany: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 50 France: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 51 France.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 52 France: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 53 France: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 54 Italy: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 55 Italy.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 56 Italy: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 57 Italy: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 58 Spain: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 59 Spain.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 60 Spain: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 61 Spain: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 62 Rest of Europe: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 63 Rest of Europe.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 64 Rest of Europe: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 65 Rest of Europe: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 66 Asia-Pacific: Cloud Computing Market Size, by Country/Region, 2021–2030 (USD Million)
Table 67 Asia-Pacific: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 68 Asia-Pacific.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 69 Asia-Pacific: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 70 Asia-Pacific: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 71 Japan: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 72 Japan.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 73 Japan: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 74 Japan: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 75 China: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 76 China.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 77 China: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 78 China: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 79 India: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 80 India.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 81 India: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 82 India: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 83 Singapore: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 84 Singapore.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 85 Singapore: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 86 Singapore: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 87 South Korea: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 88 South Korea.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 89 South Korea: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 90 South Korea: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 91 Rest of Asia Pacific: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 92 Rest of Asia Pacific.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 93 Rest of Asia Pacific: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 94 Rest of Asia Pacific: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 95 Latin America: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 96 Latin America.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 97 Latin America: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 98 Latin America: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
Table 99 Middle East & Africa: Cloud Computing Market Size, by Service Model 2021–2030 (USD Million)
Table 100 Middle East & Africa.: Cloud Computing Market Size, by Deployment Mode 2021–2030 (USD Million)
Table 101 Middle East & Africa: Cloud Computing Market Size, by Organization Size, 2021–2030 (USD Million)
Table 102 Middle East & Africa: Cloud Computing Market Size, by End User, 2021–2030 (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 6 Market Sizing & Growth Forecast Approach
Figure 7 Key Insights
Figure 8 The Software as a Service Segment to Dominate the Global Cloud Computing Market, by Service Model (2021–2030)
Figure 9 The Public Cloud Segment to Dominate the Global Cloud Computing Market, by Deployment Mode (2021–2030)
Figure 10 The Large Enterprises Segment to Dominate the Global Cloud Computing Market, by Organization Size (2021–2030)
Figure 11 The BFSI Segment to Dominate the Global Cloud Computing Market, by End User (2021–2030)
Figure 12 Cloud Computing Market, by Region
Figure 13 Market Dynamics
Figure 14 Global Cloud Computing Market Size, by Service Model, 2023 VS. 2030 (USD Million)
Figure 15 Global Cloud Computing Market Size, by Organization Size, 2023 VS. 2030 (USD Million)
Figure 16 Global Cloud Computing Market Size, by Deployment Mode, 2023 VS. 2030 (USD Million)
Figure 17 Global Cloud Computing Market Size, by End User, 2023 VS. 2030 (USD Million)
Figure 18 Global Cloud Computing Market Size, by Geography, 2023 VS. 2030 (USD Million)
Figure 19 North America Cloud Computing Market: Snapshot
Figure 20 Europe Cloud Computing Market: Snapshot
Figure 21 Asia-Pacific Cloud Computing Market: Snapshot
Figure 22 Key Growth Strategies Adopted by Key Players (2020–2022)
Figure 23 Mergers & Acquisitions
Figure 24 Global Cloud Computing Market Share Analysis, by Key Players, 2022
Figure 25 IBM Corporation: Financial Overview (2019–2021)
Figure 26 Oracle Corporation: Financial Overview (2019–2021)
Figure 27 Microsoft Corporation: Financial Overview (2019–2021)
Figure 28 Amazon Web Services, Inc.: Financial Overview (2019–2021)
Figure 29 SAP SE.: Financial Overview (2019–2021)
Figure 30 Cisco Systems, Inc.: Financial Overview (2019–2021)
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Apr-2023
Published Date: Oct-2022
Published Date: Feb-2022
Published Date: Jul-2019
Published Date: Jun-2019
