Global Cloud Computing Market stood at USD289.25 billion in 2020 and is forecast to grow at a CAGR of 18.79% by 2026 due to the rising demand for reduced information technology (IT) costs by using the resources of the cloud computing services. This growth is on the account of the rising adoption of Internet of Things (IoT), edge computing, 5G, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) for the emerging countries across the world in the forecast years. The technology has become the key enabler of excellence and the businesses are gradually becoming mobile as digitalization emerges which is expected to boost the global cloud computing market in the forecast period. With cloud-based storage, teams in different locations can simply share and collaborate on documents effortlessly. There is no need to install additional network infrastructure for connecting to the on-premises equipment and storage with off-premises teams. The cloud computing enables the documents to be analyzed and stored instantly in a way that makes it easy for the user to access and review documents. The extensive use of cloud computing in various sectors, including private organizations, government, retail, healthcare, education, among others, is anticipated to act as a key enabler for the growth of the Global Cloud Computing Market.
Global Cloud Computing Market can be segregated into service, deployment, application type, end-user and region. On the basis of service, the market can be divided into SaaS, IaaS and PaaS. Out of these, SaaS segment held the largest market share of 52.89% in 2020 due to its scalability, lower costs and higher data security by SaaS. In terms of application type, the market can be branched into Government, Small and Medium Sized Enterprises and Large Enterprises where the highest market share is of the government segment which was 43.56% in 2020 due to increased productivity and document control for the large IT departments in government sector with improving security for the storage of the data.
In terms of deployment, the market can be segmented into Public, Private and Hybrid, where the market share of the public segment was 61.34% in 2020 due to its reliability and flexibility for a longer period of time in securing data. But the Hybrid Cloud is the fastest growing segment and is forecast to grow at a CAGR of 24.32% until 2026. The growth of the hybrid cloud is due to its better support for a remote workforce and improved security and risk management along with the accessibility of multiple vendors and platforms by a single user.
Cloud Computing market on the basis of end-user can be diverged into IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare, Manufacturing, Entertainment etc. The IT & Telecom sector had a market share of 33.98% in 2020 and is expected to continue to dominate in the forecast period as well. This growth is due to the lower operational and administrative costs which in turn will generate significant revenue for the market in the forecast period.
Major players leading in Global Cloud Computing Market are Microsoft Corporation, Amazon.com, Inc., Oracle Corporation, International Business Machines Corporation (IBM), Dell Technologies Inc., Alphabet Inc. (Google), Alibaba Group Holding Limited, VMware, Inc., Cisco Systems, Inc., Hewlett Packard Enterprise Company, etc. The top five companies had the highest market share of over 50% in 2020 that is attributed to the hybrid cloud solutions in running and managing the systems’ applications. The companies operating in the market are focusing on higher security data storage, in-house services and expansion of sources to increase their shares in the market. Forward-thinking organizations are matching workloads to the best surroundings based on a range of criteria that matter to them most, whether cost, performance, compliance, skill sets, industry-specific needs, etc. Other competitive strategies include mergers & acquisitions and development of new innovative services.
The largest contributor to the Global Cloud Computing Market is the North America region with a market share of 35.22% in 2020 owing to early implementation of cloud computing solutions. United States (US) was the largest contributing country in the region with 67.48% market share in 2020 owing to its predominance in IT sector, followed by Canada and Mexico. The Asia-Pacific region is the fastest growing with a CAGR of 20.25% in the forecast period due to its increasing digitalization and technological advancements with the launch of new in-house services in the region.
Years Considered for this Report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022–2026
Objective of the Study:
- To analyze the historical growth in the market size of Global Cloud Computing Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Cloud Computing Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast Global Cloud Computing Market based on service, deployment, application type and end-user.
- To identify the dominant region or segment in the Global Cloud Computing Market.
- To identify drivers and challenges for Global Cloud Computing Market.
- To identify and analyze the profile of leading players operating in the Global Cloud Computing Market.
- To identify key sustainable strategies adopted by market players in the Global Cloud Computing Market.
Key Target Audience:
- Cloud computing service providers, vendors and other stakeholders
- Maintenance and deployment companies
- Organizations, forums and alliances related to Cloud Computing
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Global Cloud Computing Market has been segmented into the following categories in addition to the industry trends which have also been listed below:
- Global Cloud Computing Market, By Service:
- Global Cloud Computing Market, By Deployment:
- Global Cloud Computing Market, By Application Type:
o Small and Medium Sized Enterprises
o Large Enterprises
- Global Cloud Computing Market, By End-User:
o IT & Telecom
o Retail & Consumer Goods
o Others (Manufacturing, Automobile, etc.)
- Global Cloud Computing Market, By Region:
o North America
Middle East & Africa
United Arab Emirates
Company Profiles: Detailed analysis of the major companies present in Global Cloud Computing Market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).