Cloud Computing Market Size to Hit US$ 1,614.1 Billion by 2030

Cloud Computing Market Size to Hit US$ 1,614.1 Billion by 2030

Precedence Research

According to Precedence Research, the global cloud computing market size is projected to hit around US$ 1,614.10 billion by 2030 and witness strong growth at a CAGR of 17.43% from 2022 to 2030.

LONDON, May 13, 2022 (GLOBE NEWSWIRE) — The global cloud computing market size was estimated at US$ 380.25 billion in 2021. The global cloud computing market is expected to witness significant growth in the near future.

Some sales insight revealing the strong growth of cloud computing market during the past few years are listed below:

  • The global cloud computing market value is expected to reach US$1,614.1 billion by 2030

  • By deployment, the private segment accounted for a revenue share of 46% in 2021

  • By service, the Software as a Service (SaaS) segment constituted around 55% of the revenue in 2021

  • By end user, the BFSI was the leading segment with 25% of the global cloud computing market share in 2021

  • Region wise, North America led the global cloud computing market with 40% of the revenue in 2021

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Approximately 40% of the Global Bicycle Market Captured by North America

North America is one of the early adopters of the latest and advanced technologies like AI, VR/AR, ML, big data analytics, and IoT. The increased emphasis of the industries in North America on the adoption of the advanced digital technologies to enhance their operations and decrease costs has led to the rapid adoption of the cloud computing services. The big tech giants such as IBM, Oracle Corporation, Google, Amazon, and Apple have made significant contributions to the growth of the cloud computing market in North America. The rapid adoption of the cloud computing services in the healthcare, BFSI, and manufacturing industries in the region has led to the huge demand for the cloud computing. The increased government initiatives and the presence of strong ICT in the region have exponentially supported the growth of the cloud computing market. The growing penetration of the tech giants in the region is expected to foster the market growth in the forthcoming future.

Scope of the report

Report Attributes

details

Market size in 2021

USD 380.25 trillion

Revenue Forecast by 2029

USD 1374.57 trillion

Largest Market

NorthAmerica

Fastest Growing Region

Asia Pacific

Companies Covered

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.

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What are the key trends in the Global Cloud Computing Market?

The hybrid deployment cloud services are trending in the market. The companies are moving forward to shift their existing infrastructure towards cloud computing and are willing to adopt the hybrid models. The hybrid model allows the enterprises to reap the benefits of both the cloud services and the on-premise services. The small and medium enterprises are increasingly adopting the cloud services owing to its benefits like low initial infrastructure costs and availability of cloud computing services on-demand. The hybrid models offer increased security, higher compliance, and easy workload management. Furthermore, it offers flexibility of switching to cloud from on premise or between clouds has also offers scalability. All of these factors are expected to boost the demand for the cloud computing market in the foreseeable future. Furthermore, the declining costs and increasing return on investments associated with the implementation of the cloud infrastructure is a major factor that is expected to foster the growth of the market in the forthcoming years.

What are the key challenges in the Global Cloud Computing Market?

With the rising adoption of the digital technologies, the threat of cyberattacks has increased rapidly. The cybersecurity and data privacy has emerged as a major challenge for the market players and the users of the cloud computing services market. The cyberattacks have caused huge financial and non-financial losses to the enterprises and the customers. Therefore, the service providers have to spend more on maintaining higher security. Furthermore, the high initial capital investments associated with the implementation of the cloud computing infrastructure refrains most of the small and medium enterprises from adopting the cloud based services.

Asia Pacific Forecast the Strongest Growth Rate during the Forecast Year (2022-2030)

Asia Pacific is expected to witness significant CAGR during the forecast period. The rapid industrialization and supportive government initiatives and investments in the region has contributed significantly to the growth of the large and small and medium sector enterprises. The rising focus towards digital transformation of the industries is a major factor that is boosting the demand for the cloud computing technologies in Asia Pacific. The rising investments in the development of IT and healthcare infrastructure in the nations like India and China is expected to fuel the growth of the cloud computing market in the region. The rapidly growing manufacturing, BFSI, and healthcare industry in Asia Pacific and huge investments towards the digitization of operations in these industries will have a significant impact on the growth of the cloud computing market in Asia Pacific.

Top Cloud Computing Providers in 2021

Adobe Inc., Alibaba Group Holding Limited, Amazon.com Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, and Workday, Inc. are the prominent players in the global cloud computing market.

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