Cloud Computing Industry Overview
The global cloud computing market size was valued at USD 368.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.7% from 2022 to 2030. The introduction of emerging technologies such as Artificial Intelligence (AI) and machine learning enables cloud growth by empowering companies to tap into AI capabilities. The COVID-19 pandemic has appeared as a significant challenge for the global economy. Cloud computing can support enterprises to survive the business continuity challenges presented due to the lockdown, work from home, social distancing, and other mandates affecting the market. However, as businesses, managers, and employees continue to opt for remote working due to the pandemic, remote working has emerged as the latest trend and is expected to continue in the long term.
The pandemic is expected to induce one of the most significant workplace transformations. It is transforming the way businesses leverage smart technologies such as mobile supercomputing, IoT, big data, and artificial intelligence to accelerate Industry 4.0, the fourth industrial revolution. The cloud-computing market accelerated the demand in Q3 2020 as organizations continued to migrate their workloads from traditional channels to digital formats. Numerous enterprises across various verticals have adopted the work from home model to maintain employee well-being and operational efficiency, increasing the demand for Software-as-a-Service (SaaS)- based solutions.
Gather more insights about the market drivers, restraints, and growth of the Global Cloud Computing Market
Cloud computing offers more efficient and faster ways to adapt and run business operations according to changing market environments. It streamlines the consumerization of technology. It has unleashed unprecedented possibilities to create highly engaging customer experiences. Cloud has driven a behavioral change among people and businesses and enabled multiple lines of businesses to navigate around the tech policies to get things done. Cloud trends are essentially guiding organizations’ investment strategies, digital business decision processes, and vendor and technology selection.
Rapid digitization is compelling organizations to modernize their application and infrastructure landscape to drive cost efficiency and business agility. By adopting cloud solutions and services, organizations can support their key business activities effectively, move business workloads to a cloud platform, and avoid the latency of the network.
Data security and privacy are the primary concerns of organizations, wherein storage, use, and transmission of information must be digitally protected. Surveys suggest that about 60% of the business-sensitive information on hard drives is held insecurely. Data encryption, authorization management, access control, cloud integration, communication security, monitoring &auditing, and business continuity services are some of the important security services offered by the vendors. For instance, vendors such as Google LLP, Microsoft Corporation, and Amazon.com Inc. provide 99.9% uptime, which relieves organizations from the burden of creating and maintaining recovery facilities and backup infrastructure.
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Everything As A Service Market - The global everything as a service market size was estimated worth USD 191.83 billion in 2021 and is expected to witness a CAGR of 22.3% from 2022 to 2030.
Public Cloud Market - The global public cloud market size was valued at USD 211.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2020 to 2027.
Cloud Computing Market Segmentation
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, 2017 - 2030)
- Infrastructure as a service (IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)
Cloud Computing Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
- Public
- Private
- Hybrid
Cloud Computing Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
- Large Enterprises
- Small & Medium Enterprises
Cloud Computing End-use Outlook (Revenue, USD Billion, 2017 - 2030)
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Healthcare
- Media & Entertainment
- Government & Public Sector
- Others
Cloud Computing Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights:
October 2020: Microsoft Corporation partnered with ZEISS Group to provide better care for patients and enhance manufacturing quality through data solutions. Under this partnership, ZEISS Group planned to adopt Microsoft Azure as its cloud platform to provide its German manufacturers with digital experiences, rapidly address dynamic market conditions, and increase overall productivity and efficiency.
January 2020: IBM Corporation announced the launch of Advertising Accelerator with Watson, a predictive solution that uses AI and leverages Watson to develop campaigns that can potentially help marketers and advertisers in understanding the preferences of their audiences and subsequently provide actionable insights.
Key Companies profiled:
Some prominent players in the global Cloud Computing market include
- Adobe Inc.
- Alibaba Group Holding Limited
- Amazon. Inc.
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce, Inc.
- SAP SE
- Workday, Inc.
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