The global cloud computing platform market size is expected to grow from USD 545.8 billion in 2022 to USD 1240.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. Cloud computing is an on-demand delivery of a virtual environment that includes a pool of resources, such as computing, storage, applications, database, and network, through pay-as-you-go pricing service models, which enable enterprises to host their workloads.
As per the service model, IaaS to grow at the highest CAGR during the forecast period
As per the service model, Infrastructure as a service (IaaS) is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 22.5% in the cloud computing platform market. Cloud Computing Service Models are further categorized into IaaS, PaaS, and SaaS. IaaS, or Infrastructure as a service, is a type of cloud computing that offers basic computation, network, and storage capabilities to customers on demand, via the internet, and on a pay-as-you-go basis. It describes a set of services, including hosting, provisioning, hardware, and the fundamental ones required to run a cloud. With this, an enterprise can use this service to outsource servers, storage, hardware, servers, and networking components, as well as other equipment needed to support operations. Further, PaaS, or platform as a service, is an all-inclusive environment for cloud development and deployment that has the tools necessary to provide anything from basic cloud-based apps to complex business systems. It consists of application infrastructures (middleware) services, such as application platforms, development tools, integration, business process management, Business Analytics/BI, and database management services. SaaS refers to a cloud-based method of providing software to users. Users subscribe to an application rather than purchasing it once and installing it. Users can log into and use a SaaS application from any compatible device over the internet. The actual application runs in cloud servers instead of each user installing the software on their device. For large organizations, updating software was a time-consuming process.
As per platform as a service, analytics and reporting segments to grow at the highest CAGR during the forecast period
As per PaaS, Analytics and reporting are anticipated to develop at the highest CAGR of 23.4% during the forecast period, while the data management segment is expected to hold a larger market share based on platform-as-a-service. Analytics and reporting are data management solutions implemented in organizations to collect historical and present data while using statistics and software to analyze raw information and deliver insights for making better future decisions. BI is the process of collecting, storing, and analyzing data from business operations. It provides comprehensive business metrics in near-real-time to support better decision-making.
As per software as a service, the supply chain management segment is expected to grow at the highest CAGR during the forecast period
As per SaaS, supply chain management is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 17.6% in the cloud computing platform market. Applications, such as logistics, inventory, and production planning, are covered under the SCM segment. Improving supply chain operations for different capital-intensive industries requires explicit consideration, as the multidisciplinary nature of different sectors makes SCM practices more complex. Cloud-based SCM applications help to reduce all these challenges and improve the business processes associated with managing supply chain activities.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the cloud computing platform market.
- By Company: Tier I: 32%, Tier II: 49%, and Tier III: 19%
- By Designation: C-Level Executives: 33%, D-Level Executives: 22%, and Managers: 45%
- By Region: APAC: 35%, Europe: 20%, North America: 40%, Rest of World: 5%
The report includes the study of key players offering cloud computing platform. It profiles major vendors in the cloud computing platform market. Some of the major cloud computing platform market vendors are AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMWare (US), Rackspace (US), DXC (US), Tencent (China), NEC (Japan), DigitalOcean (US), Joyent (US), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), and IFS (Sweden).
The market study covers the cloud computing platform market across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as components, deployment type, marketing function, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cloud computing platform market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.