Cloud Computing Market
What combination of drivers is leading to accelerated growth in the cloud computing market?
The proliferation of Internet of Things (IoT) usage is projected to significantly spur the expansion of the cloud computing market. IoT refers to a network of interconnected devices that collect and exchange information with other IoT devices and the cloud. Enhanced efficiency, connectivity, and data-driven decision making across various sectors are the main reasons behind IoT adoption, leading to boosted productivity, cost-effectiveness, and revolutionary concepts. IoT and cloud computing are jointly exploited to provide potent and adaptable solutions for gathering, storing, leveraging, and taking action on data produced by IoT units. For example, DataProt, a cybersecurity firm from Ukraine reported in February 2024 that the count of active IoT participating devices will likely exceed 25.4 billion by 2030. Moreover, by 2025, it’s predicted that 152,200 IoT units will be connecting to the internet every minute. Thus, the rising use of IoT is predicted to spur the expansion of the cloud computing market.
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What is the projected compound annual growth rate (CAGR) of the cloud computing market from 2025 to 2034, and what factors influence it?
In recent times, the size of the cloud computing market has significantly expanded. The market value, which will be at $735.45 billion in 2024, is projected to increase to $832.88 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 13.2%. Factors like data security and compliance, digital transformation, containerization and microservices, a growing demand for remote collaboration, and global business expansion have contributed to the historical period growth.
The scale of the cloud computing market is projected to rapidly expand in the coming years. The market value is slated to reach $1481.2 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.5%. This projected growth over the specified period can be credited to the incorporation of artificial intelligence (AI) and machine learning (ML), increased demand for IoT, consistent enhancements in cybersecurity, enhanced cross-cloud interoperability, and the inclusion of quantum computing. Prominent trends expected during this forecast period include the growth of edge computing, the maturing of serverless computing, incorporation of AI and ML, and the evolution of hybrid and multi-cloud.
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What are the emerging trends shaping the future of the cloud computing market?
Leading organizations in the cloud computing industry are leveraging groundbreaking technologies, including hybrid cloud mesh, to boost their returns in this market. Hybrid cloud mesh effectively combines on-site, private, and public cloud infrastructure, enhancing scalability while optimizing the use of resources. The solution targets offering a versatile and efficient framework, enabling companies to balance performance, security, and cost-efficiency across varying cloud ecosystems. An example of this is when IBM Corporation, a technology firm based in the USA, introduced a hybrid cloud mesh with improved security in May 2023. This progressive Software as a Service (SaaS) product provides businesses the capability to regain authority over their hybrid multi-cloud frameworks by offering application-centric connectivity. It also sheds light on how businesses can utilize an automated, intelligent, and fine-tuned network for smooth operations, even while operating over public cloud infrastructure. The IBM hybrid cloud mesh aims to dismantle much of the complexity and properly facilitate multi-cloud strategies by creating a common platform for CloudOps and DevOps, thereby accelerating the time to market for new applications and services.
What are the major segments of the cloud computing market and their role in driving growth?
The cloud computing market covered in this report is segmented –
1) By Type: Public Cloud, Private Cloud, Hybrid Cloud
2) By Service: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS)
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government And Public Sector, IT And ITES, Retail And Consumer Goods, Manufacturing, Media And Entertainment, Healthcare And Life Sciences, Other Verticals
Subsegments:
1) By Public Cloud: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS), Cloud Storage Services
2) By Private Cloud: Managed Private Cloud, On-Premises Private Cloud, Virtual Private Cloud, Private Cloud Solutions For Specific Industries
3) By Hybrid Cloud: Hybrid Cloud Integration Services, Cloud Management Platforms, Hybrid Infrastructure Solutions, Multi-Cloud Strategies
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Which regions are key players in the growth of the cloud computing market?
North America was the largest region in the cloud computing market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the cloud computing market?
Major companies operating in the cloud computing market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., ServiceNow Inc., Workday Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Sage Group plc, Lumen Technologies Inc., IFS AB, Epicor Software Corporation, OVH SAS, DigitalOcean LLC, Upland Software Inc., Navisite LLC, Skytap Inc., Joyent Inc.
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What Is Covered In The Cloud Computing Global Market Report?
• Market Size Forecast: Examine the cloud computing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the cloud computing market for a structured understanding.
• Key Players Overview: Analyze major players in the cloud computing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cloud computing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the cloud computing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cloud computing market.
• Industry Challenges: Identify potential risks and obstacles affecting the cloud computing market.
• Competitive Landscape: Review strategic developments in the cloud computing market, including expansions, agreements, and new product launches.
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