Cloud Computing Market Trend, Share, Growth, Size and Forecast 2030

Cloud Computing Industry Prospective:

The global Cloud Computing market size was worth around USD 455 billion in 2022 and is predicted to grow to around USD 1391.8 billion by 2030 with a compound annual growth rate (CAGR) of roughly 15.0% between 2023 and 2030.         

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Cloud Computing Market: Overview

The term "cloud computing" refers to the storage and access of data and computer services via the internet. It does not save any information on the computer. It refers to the on-demand availability of computer services such as servers, data storage, networking, and databases. The primary goal of cloud computing is to provide numerous users with access to data centers. Users can also gain access to data stored on a distant server.

The market is predicted to grow due to reasons such as cloud computing's functional capacity to boost business performance in major companies, hybrid models and Omni-cloud systems, and pay-as-you-go models. Furthermore, as organizations strive to better their digital activities, cloud services have grown in popularity in emerging countries. Furthermore, because of the on-demand availability of cloud services, huge organizations are quickly embracing them.

Key Insights

• As per the analysis shared by our research analyst, the global Cloud Computing market is estimated to grow annually at a CAGR of around 15.0% over the forecast period (2023-2030).
• In terms of revenue, the global Cloud Computing market size was valued at around USD 455 billion in 2022 and is projected to reach USD 1391.8 billion, by 2030.
• The growing partnership and collaboration are expected to drive the Cloud Computing market growth over the projected period.
• Based on the service, the Software as A Service (SaaS) is expected to dominate the cloud computing industry during the forecast period.
• Based on the deployment, the private deployment is expected to hold a substantial revenue share over the forecast period.
• Based on the enterprise size, the large enterprise segment is expected to grow at a significant rate over the forecast period.
• Based on the industry vertical, the BFSI segment is expected to capture a significant market share over the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Cloud Computing Market: Growth Drivers

Adoption of IoT, AI, and ML technologies drives market growth

Information security is increasingly dependent on AI and ML. These systems are capable of monitoring a vast array of cyberthreats, including malware threats and suspicious activity, and they can quickly evaluate millions of data sets. As deep learning and machine learning become more common, cybersecurity systems can recognize patterns, learn from them, and adapt to changing threats and user behavior. To stop threats and react quickly to ongoing assaults, they enable cybersecurity teams to become more proactive.

Businesses must design, develop, implement, and manage connected goods securely as data security and privacy requirements and laws across global marketplaces become more demanding. As a result, there is a greater need for IoT-integrated cybersecurity services, which support businesses in designing, developing, and managing safe connected products at the device, connection, and application levels by utilizing a variety of cybersecurity tools and services. Thus, the growing use of AI, ML, and IoT in cybersecurity services is strengthening demand across a range of businesses, which in turn propels the market's expansion.

Cloud Computing Market: Restraints

Growing threats of cyberattacks hamper market growth

The rising adoption of digital technology has resulted in a huge increase in the threat of cyberattacks. Cloud computing service users and industry players have serious concerns about cybersecurity and data privacy. Cyberattacks have caused significant financial and non-financial harm for both businesses and customers. Because of this, the service providers are required to pay for the upkeep of increased security. Furthermore, the substantial upfront capital expenditures associated with cloud-based services hinder many small and medium-sized enterprises from adopting them.

Cloud Computing Market: Opportunities

Growing product launch offers a lucrative opportunity for market expansion

The growing product launch by the market participants is expected to offer a lucrative opportunity for the Cloud Computing industry during the forecast period. For instance, in April 2023, at the 2023 NAB Show, Akamai Technologies—the cloud provider that drives and safeguards life online—unveiled new cloud computing features for video streaming.

The features are intended to assist OTT providers in providing viewers with more individualized and high-quality video experiences. They can also enhance content monetization efforts and assist operators in realizing reduced, more predictable operating expenses. Akamai also unveiled improvements to its Common Media Client Data (CMCD) compatibility and featured the newest participants in its Qualified Computing Partner program.

Cloud Computing Market: Challenges

Cost unpredictability poses a major challenge to market growth

The pay-as-you-go cloud subscription plans and resource scaling to meet varying workload needs can make it difficult to estimate and forecast total expenditures. Additionally, cloud charges are typically interconnected, with one cloud service using one or more other cloud services; these services are all included in the monthly bill that is sent out periodically. This can result in additional unforeseen cloud expenses. Thus, posing a major challenge for the cloud computing industry growth.

Cloud Computing Market: Segmentation

The global Cloud Computing industry is segmented based on the service, deployment, enterprise size, industry vertical and region.

Based on the service, the global Cloud Computing market is bifurcated into Software As A Service (SaaS), Infrastructure As A Service (IaaS) and Platform As A Service (PaaS). The Software As A Service (SaaS) is expected to dominate the cloud computing industry during the forecast period due to elements like simple implementation, flexible pricing, and easy maintenance. Remote working is driving up demand for SaaS services since it makes previously centralized data accessible to collaborative teams.

Based on the deployment, the global Cloud Computing industry is categorized into Private, Public and Hybrid. The private deployment is expected to hold a substantial revenue share over the forecast period. Private clouds are accessible to small businesses and provide computing power over a personal network or the internet. It offers self-service, flexibility, scalability, further customization, and controls all housed on an on-premise computer system for organizations. Furthermore, by using internal hosting and firewalls to guarantee the highest degree of data protection, private clouds offer privacy and security to outside providers.

Based on the enterprise size, the global Cloud Computing market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises segment is expected to grow at a significant rate over the forecast period. Remote working has increased demand for cloud computing services since it gives collaborative teams access to data that was previously centralized. Demand-influencing factors include reduced operational expenses, improved flexibility, improved cooperation, and a quicker time to market. Large enterprises may automate repetitive operations using cloud computing to get things done faster. It is anticipated that large businesses will use this technology more frequently to automate procedures, which will fuel the segment's expansion. The expansion of major organizations in both developed and emerging nations will lead to a surge in demand for cloud computing services.

Based on the industry vertical, the global Cloud Computing industry is divided into Retail & Consumer Goods, BFSI, Manufacturing, IT & Telecom, Energy & Utilities, Media & Entertainment, Healthcare, Government & Public Sector and Others. The BFSI segment is expected to capture a significant market share over the forecast period. Money lenders have embraced the digital revolution as a result of an increase in online banking activity; cloud computing is a key component of their approach. Businesses in the BFSI industry have benefited from cloud computing through more flexibility, reduced costs, increased innovation, and improved customer interactions. A major contributing reason to the market's expansion is the usage of cloud computing services for managing and storing consumer data. Services like digital wallets, payment gateways, unified customer experiences, and cash transfer capabilities are just a few examples. Thereby, driving the cloud computing market.

Cloud Computing Market: Report Scope

Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the Cloud Computing industry over the projected timeframe. Its dominance is a result of a mature IT ecosystem, widespread industry use of cloud computing, and the presence of large cloud service providers like Microsoft Azure, Google Cloud, and Amazon Web Services (AWS). Cloud adoption is a top priority for businesses in the area because it increases agility, lowers infrastructure costs, and fosters innovation.

Additionally, the leadership in cloud computing in North America is a result of the proactive dedication of North American firms to digital transformation and data-driven decision-making. Besides, the Asia Pacific is expected to grow at the fastest rate over the projected period. The regional growth of the cloud computing market is attributed to the growing demand from end-use industry and the growing government initiative for digitalization.

Cloud Computing Market: Competitive Analysis

The global Cloud Computing market is dominated by players like:

• Salesforce Inc.
• Microsoft
• IBM
• Oracle
• Amazon Web Services Inc.
• Edgio
• Akamai Technologies
• AWS
• Intel Corporation
• Fujitsu
• Google
• Cloudflare Inc.
• Lumen Technologies
• Deutsche Telekom AG
• Fastly Inc
• AT&T
• Citrix Systems Inc.
• RACKSPACE TECHNOLOGY
• NTT Communications Corporation

The global Cloud Computing market is segmented as follows:

By Service

• Software As A Service (SaaS)
• Infrastructure As A Service (IaaS)
• Platform As A Service (PaaS)

By Deployment

• Private
• Public
• Hybrid

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

By Industry Vertical

• Retail & Consumer Goods
• BFSI
• Manufacturing
• IT & Telecom
• Energy & Utilities
• Media & Entertainment
• Healthcare
• Government & Public Sector
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa