Cloud Computing Market by Type (Public Cloud, Private Cloud, and Hybrid Cloud), Service (Infrastructure as a Service, Platform as a Service, and Software as a Service), Enterprise Size (Large Enterprises and Small & Medium-sized Enterprises (SMEs)) Industry Vertical (BFSI, IT & Telecommunications, Government, Consumer Goods & Retail, Healthcare, Manufacturing, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026508 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Sep 2022 | Type: Global

The cloud computing market crossed US$ 434.66 billion mark in 2022 and is expected to hit US$ 1,549.72 billion by 2030, recording a CAGR of 17.2% during the forecast period.

 

Cloud computing market has been significantly growing with the high adoption of Software-as-a-Service.

SaaS service has become of the fastest-growing segments and is expected to maintain its dominance during the forecast period. As it is centrally located on a remote cloud network, provides flexibility & affordability, and works on a subscription basis, demand for this service continue to grow among several organizations. The demand for SaaS service is anticipated to remain consistent as companies are adopting this service for enhancing business functions. The infrastructure-as-a-service segment is expected to pace up with the rising demands of on-premises infrastructure which enable users to remotely manage their cloud infrastructure. Further, platform-as-a-service segment is expected to gain traction during the forecasted year.

Within the report, the market is segmented into type, service, enterprise size, industry vertical, and geography. By type, the market is segmented into public cloud, private cloud, and hybrid cloud. On the basis of Service, the market is classified into infrastructure-as-a-service, platform-as-a-service, and software-as-a-service. By enterprise size, the market is divided into large enterprises and small & medium-sized enterprises. Based on industry vertical, the market is segmented into BFSI, IT & telecommunications, government, consumer goods & retail, healthcare, manufacturing, and others.  Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

 

 

 

Increased scalability, flexibility, and option for storage of large amount of data propels the growth of cloud computing market.

Cloud computing provides scalability of the architecture by providing an option to add on more storage or users with a click of a button. In addition, cloud data storage services have been tremendously reduced the technical challenges of storing large amounts of data in the recent years. Moreover, Dropbox, which provide world's largest file storage & syncing services, became reliable on Amazon's S3 data storage service in order to store hundreds of millions of gigabytes of data. This enhances features and offerings in terms of scalability, flexibility, and storage of data, demand for cloud computing continue to rise in the market.

Massive adoption of AI and ML among enterprises is one of the major factors accelerating the market growth.

Cloud computing plays a vital role in terms of creative algorithms and language modeling. The machine learning and AI platforms mainly requires high processing power along with data bandwidth. Moreover, AI helps cloud services manage data by gaining reliable insights into user behavior, likes & dislikes, and other trends. In addition, cloud tech makes AI more cost-effective and accessible, increases the accuracy with machines to further understand human languages. With considering the introduction of transformational technologies, new generation cloud computing infrastructure has started experiencing the influence of AI technology. Examples of cloud machine platform include AWS Machine Learning, Google Cloud Machine Learning, and Azure Machine Learning which are enabling to build machine learning models that work with any type or size of data.

 

Recent strategic developments in cloud computing market

The cloud computing market has undergone several significant developments, and a few of these have been mentioned below:

  • In March 2021, Amazon Web Services, Inc launched its second full region in Japan in order to help customers across the country to run applications on multiple availability zones and therefore achieve lower discontinuation.
  • In May 2021, Barco, which is a Belgian technology company has chosen Salesforce in order to enhance its existing customers, partner, and employee experiences, and aimed at preparing its operations for future growth.
  • In October 2020, Microsoft Corporation partnered with ZEISS Group, which is a German manufacturer, to provide improved care for patients and further enhance manufacturing quality through data solutions.

 

The cloud computing market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Microsoft, Amazon Web Services, Inc, Salesforce, Oracle, SAP, Google, Workday, Adobe, IBM, and others. are among the prominent players operating in the market.

 

Target audience for the report:

  • Managed service providers
  • Cloud providers
  • Cloud platform providers
  • Cloud enablers and cloud resellers
  • Technology-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Cloud computing component suppliers
  • End users of cloud computing
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Type:
    • Public Cloud
    • Private Cloud
    • Hybrid Cloud

 

  • Service:
    • Infrastructure as a Service
    • Platform as a Service
    • Software as a Service
  • Enterprises Size:
    • Large Enterprises
    • Small & Medium-sized Enterprises (SMEs)
  • Industry Vertical:
    • BFSI
    • IT and Telecommunications
    • Government
    • Consumer Goods and Retail
    • Healthcare
    • Manufacturing
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Microsoft
    • Amazon Web Services, Inc
    • Salesforce
    • Oracle
    • SAP

Companies profiled
- Microsoft
- Amazon Web Services, Inc
- Salesforce
- Oracle
- SAP

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