What Is The Current and Historic Market Size Analysis Of The Cloud Computing Market?
The cloud computing market has seen considerable growth due to a variety of factors.
• In the past few years, the market size of cloud computing has expanded exponentially. The prediction is that it will increase from a value of $735.45 billion in 2024 to a worth of $832.88 billion in 2025, illustrating a compound annual growth rate (CAGR) of 13.2%.
The historical growth can be credited to aspects such as data security and compliance, digital transformation, containerization and microservices, the rising need for remote collaboration, and business globalization.
What Is The Forecast For The Cloud Computing Market Size?
The cloud computing market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions for the cloud computing market size indicate a fast-paced expansion in the coming years. The market is set to propel to a worth of $1481.2 billion by 2029, with a compound annual growth rate (CAGR) of 15.5%.
This projected rise within the prediction period can be credited to the incorporation of artificial intelligence (AI) and machine learning (ML), the increasing need for the Internet of Things (IoT), consistent progress in cybersecurity, cross-cloud interoperability, and the amalgamation of quantum computing. Noteworthy trends forecasted for this period encompass the surge in edge computing, the progression of serverless computing, the incorporation of AI and machine learning, and the evolution of hybrid and multi-cloud systems.
What Are The Essential Drivers Behind The Growth Of The Cloud Computing Market?
The cloud computing market is anticipated to experience significant growth due to the increasing integration of the internet of things (IoT). IoT refers to a network of linked devices which collect and exchange data among themselves and the cloud. IoT's popularity comes from its potential to promote efficiency, data-driven decision-making, and connectivity across diverse sectors, leading to cost savings, enhanced productivity, and ground-breaking solutions. IoT and cloud computing collaboratively provide strong and scalable solutions for gathering, storing, analyzing, and utilizing data generated by IoT devices. For example, DataProt, a cybersecurity product company based in Ukraine, projected in February 2024 that the count of active IoT devices is predicted to surpass 25.4 billion in 2030. Moreover, it's forecasted that by 2025, about 152,200 IoT devices will connect to the internet every minute. As a result, the rising integration of the internet of things (IoT) is anticipated to accelerate the expansion of the cloud computing market.
How Is The Global Cloud Computing Market Divided Into Key Segments?
The cloud computing market covered in this report is segmented –
1) By Type: Public Cloud, Private Cloud, Hybrid Cloud
2) By Service: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS)
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government And Public Sector, IT And ITES, Retail And Consumer Goods, Manufacturing, Media And Entertainment, Healthcare And Life Sciences, Other Verticals
Subsegments:
1) By Public Cloud: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS), Cloud Storage Services
2) By Private Cloud: Managed Private Cloud, On-Premises Private Cloud, Virtual Private Cloud, Private Cloud Solutions For Specific Industries
3) By Hybrid Cloud: Hybrid Cloud Integration Services, Cloud Management Platforms, Hybrid Infrastructure Solutions, Multi-Cloud Strategies
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How Are Emerging Trends Reshaping The Dynamics Of The Cloud Computing Market?
Major corporations engaged in the cloud computing market are advancing inventive technologies such as hybrid cloud mesh to augment their market profitability. Hybrid cloud mesh is a groundbreaking concept that incorporates private, public, and on-site clouds, enhancing resource optimization and scalability. The objective is to construct a versatile and effective infrastructure enabling organizations to juggle performance, security, and cost-efficiency throughout various cloud settings. For example, in May 2023, IBM Corporation, a company based in the USA, introduced a hybrid cloud mesh with amplified security. This pioneering SaaS product empowers corporations to regain administration over their intricate multi-cloud infrastructure, offering app-centric connectivity. Additionally, it provides comprehensive details about how corporations can utilize an automated, intelligent, and optimized network for uninterrupted operations, even when they run on a public cloud infrastructure. IBM's hybrid cloud mesh is designed to simplify much of the complexity and efficiently implement multi-cloud strategies, creating a common platform for CloudOps and DevOps to jointly achieve business goals. This reduces the time taken to market new applications and services.
Who Are the Key Players In The Cloud Computing Market?
Major companies operating in the cloud computing market are:
• Amazon.com Inc.
• Alphabet Inc.
• Microsoft Corporation
• Alibaba Group Holding Limited
• Tencent Holdings Limited
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• SAP SE
• Salesforce Inc.
• NEC Corporation
• Adobe Inc.
• VMware Inc.
• Intuit Inc.
• ServiceNow Inc.
• Workday Inc.
• Infor Inc.
• OpenText Corporation
• Citrix Systems Inc.
• Rackspace Technology Inc.
• Sage Group plc
• Lumen Technologies Inc.
• IFS AB
• Epicor Software Corporation
• OVH SAS
• DigitalOcean LLC
• Upland Software Inc.
• Navisite LLC
• Skytap Inc.
• Joyent Inc.
What Are The Regional Insights Into The Cloud Computing Market?
North America was the largest region in the cloud computing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
