The size of the cloud computing market will reach US$ 1,614.1 billion by

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

Listed below are some sales prospects that reveal the strong growth of the cloud computing market over the last few years:

  • The value of the global cloud computing market is expected to reach 1,614.1 billion US dollars by 2030
  • By deployment, the private segment accounted for a 46% revenue share in 2021
  • By service, the Software as a Service (SaaS) segment made up around 55% of revenue in 2021
  • By end user, BFSI was the leading segment with 25% of the global cloud computing market share in 2021
  • As for the region, North America led the global cloud computing market with 40% of 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 most advanced technologies such as AI, VR/AR, ML, big data analytics, and IoT. The increased emphasis by industries in North America on adopting advanced digital technologies to improve their operations and reduce costs has led to the rapid adoption of cloud computing services. Big tech giants like IBM, Oracle Corporation, Google, Amazon and Apple have significant contributions in the growth of the cloud computing market in North America. The rapid adoption of cloud computing services in the healthcare, BFSI and manufacturing industries in the region has led to a high demand for cloud computing. The increase in government initiatives and the strong presence of ICT in the region have exponentially supported the growth of the cloud computing market. The growing penetration of tech giants in the region is expected to fuel market growth in the near future.

Scope of the Report

report attributes Details
Market size in 2021 $380.25 billion
Revenue forecast for 2029 $1,374.57 billion
largest market North America
fastest growing region Pacific Asia
Covered Companies Adobe Inc., Alibaba Group Holding Limited, Inc., Google LLC, International Business, Machines Corporation, Microsoft Corporation, Oracle Corporation, Inc., SAP SE, Workday, Inc.

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

Hybrid deployment cloud services are trending in the market. Companies are moving to shift their existing infrastructure to cloud computing and are willing to embrace hybrid models. The hybrid model allows companies to reap the benefits of both cloud services and on-premises services. Small and medium-sized businesses are increasingly adopting cloud services due to its benefits, such as low initial infrastructure costs and the availability of cloud computing services on demand. Hybrid models offer increased security, increased compliance, and easy workload management. Additionally, it offers the flexibility to move to the cloud from on-premises or between clouds and also offers scalability. All of these factors are expected to drive cloud computing market demand for the foreseeable future. Furthermore, decreasing costs and increasing return on investments associated with the implementation of cloud infrastructure is an important factor that is expected to foster the growth of the market in the coming years.

What are the key challenges in the global Cloud Computing market?

With the increasing adoption of digital technologies, the threat of cyber attacks has increased rapidly. Cybersecurity and data privacy have become a major challenge for market players and users in the cloud computing services market. Cyber ​​attacks have caused huge financial and non-financial losses to businesses and customers. Therefore, service providers have to spend more to maintain higher security. Additionally, the high initial capital investments associated with deploying cloud computing infrastructure prevent most small and medium-sized businesses from adopting cloud-based services.

Pacific Asia Forecast the strongest growth rate during the forecast year (2022-2030)

Asia Pacific is expected to witness a significant CAGR during the forecast period. Rapid industrialization and supporting government initiatives and investments in the region have contributed significantly to the growth of large, small and medium-sized companies in the sector. The increasing focus towards digital transformation of industries is a major factor that is driving the demand for cloud computing technologies in Asia Pacific. Increasing investments in healthcare and IT infrastructure development in countries such as India and China are expected to drive the growth of the cloud computing market in the region. The rapid growth of the manufacturing, BFSI and healthcare industry in Asia Pacific and the huge investments towards digitizing 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, Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Inc., SAP SE, and Workday, Inc. are the prominent players in the global market . cloud computing market.

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