Report : North America Cloud Computing Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Service Model [Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)], Deployment Model (Public Cloud and Private Cloud), Organization Size [Small & Medium-Sized Enterprises (SMEs) and Large Enterprises], and Industry Verticals (BFSI, IT and Telecom, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Healthcare and Life Sciences, and Others)
At 24.1% CAGR, the North America Cloud Computing Market is speculated to be worth US$ 5,87,793.09 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America cloud computing market was valued at US$ 1,60,902.44 million in 2022 and is expected to reach US$ 5,87,793.09 million by 2028, registering an annual growth rate of 24.1% from 2022 to 2028. COVID-19 outbreak fuels demand for cloud-based solutions and cost optimization drives cloud uptake are the critical factors attributed to the market expansion.
The onset of the COVID-19 crisis in 2020 led to a speed-up in the Information & Technology (ICT) and its infrastructure activities across region. Strict government regulations have led many industrial verticals to shift their business models. Thus, to maintain operational efficiency and for the safety of employees, many enterprises across verticals have adopted the work from a home model, surging collaboration-based solutions, such as Software-as-a-Service (SaaS). The regional lockdowns, caused by the COVID-19 outbreak, forced a large share of the population to stay at home, fueling the popularity of video-on-demand (VoD), thereby increasing the need for IaaS. Companies that provide video-on-demand (VoD) services, such as YouTube, Netflix, Amazon, Hulu, Twitch, Disney+, and Apple TV, are expanding their offerings to meet the customers’ needs. Many organizations are increasing their cloud spending budget by more than 50% amid COVID-19. Thus, the COVID-19 crisis is leading to an increased pace of cloud adoption, supporting the market substantially.
On the contrary, risk of unplanned downtime, unexpected costs, security breaches, and data leaks limits cloud adoption of North America cloud computing market.
Based on service model market is segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). The Software as a Service (SaaS) segment held 49.3% market share in 2022, amassing US$ 79275.24 million. It is projected to garner US$ 264267.53 million by 2028 to expand at 22.2% CAGR during 2022–2028.
Based on deployment model, the North America cloud computing market is bifurcated into public cloud and private cloud. The public cloud, segment held 57.6% market share in 2022, amassing US$ 92638.76 million. It is projected to garner US$ 318484.31 million by 2028 to expand at 22.9% CAGR during 2022–2028.
Based on organization size, the North America cloud computing market is segmented into small & medium-sized enterprises (SMEs) and large enterprises. The large enterprise segment held 66.8% market share in 2022, amassing US$ 107497.41 million. It is projected to garner US$ 374662.20 million by 2028 to expand at 23.1% CAGR during 2022–2028.
Based on industry verticals, the North America cloud computing market is segmented into BFSI, IT and Telecom, government and public sector, retail and consumer goods, manufacturing, healthcare and life sciences, and others. The IT & Telecom segment held 27.0% market share in 2022, amassing US$ 43443.71 million. It is projected to garner US$ 155217.06 million by 2028 to expand at 23.6% CAGR during 2022–2028.
Based on country, the North America cloud computing market has been categorized into the US, Canada, and Mexico. Our regional analysis states that US captured 78.3% market share in 2022. It was assessed at US$ 125954.43 million in 2022 and is likely to hit US$ 466707.71 million by 2028, exhibiting a CAGR of 24.4% during the forecast period.
Key players dominating the North America cloud computing market are Amazon Web Services; Microsoft Corporation; SAP SE; IBM Corporation; Salesforce.com, inc.; Google LLC; Oracle Corporation; Alibaba Group Holding Limited ; Adobe; and Workday, Inc.
- In 2022, Best Buy Co., Inc. has chosen Amazon Web Services, Inc. (AWS) as its preferred cloud provider for cloud infrastructure services as well as a key partner for developing cloud engineering expertise. This partnership will enable Best Buy to expand its use of cloud technologies across its retail operations and improve consumer experiences.
- In 2021, IBM has agreed to acquire Bluetab Solutions Group, S.L., in order to expand its data and hybrid cloud consulting services. Bluetab will join IBM's data services consulting division as a key component of the company's hybrid cloud and AI strategy.
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