[194 Pages Report] The Cloud Computing Market size was estimated at USD 524.76 billion in 2023 and expected to reach USD 604.16 billion in 2024, at a CAGR 15.22% to reach USD 1,414.98 billion by 2030.
Cloud computing refers to computing services, including servers, storage, databases, networking, software, analytics, and artificial intelligence, over the Internet. Cloud computing enables organizations to access and utilize IT resources efficiently and effectively. Cloud computing transforms the way businesses operate by offering flexibility, cost savings, enhanced collaboration, and improved security. The increase in digitalization across various end-use sectors and the inclination of businesses toward cloud-based solutions due to their cost-effectiveness and scalability are accelerating the use of cloud computing solutions. Implementing advanced technologies and automation across industrial verticals propels the demand for cloud computing services. However, interoperability issues between different platforms and a lack of technical expertise in managing complex cloud environments may impede their adoption by organizations worldwide. In addition, expanding cloud infrastructure through increased investment from private and government entities is anticipated to encourage the deployment of cloud computing solutions across businesses globally.
Service Model: Growing digitalization inclining businesses toward cloud-based solutions
Infrastructure as a Service (IaaS) allows enterprises to rent infrastructure components such as storage, networking, and servers on-demand and is suitable for organizations with fluctuating workloads. Platform as a Service (PaaS) offers a higher level of abstraction by providing a platform for developers to deploy and manage cloud applications. It includes pre-configured runtime environments and tools that support multiple programming languages. PaaS is ideal for rapid application development in organizations with limited IT staff expertise in managing infrastructure tasks. Software as a Service (SaaS) delivers functional applications to end-users through web browsers or dedicated client applications. The SaaS model eliminates the need for customers to manage software installation or upgrades on their local devices. SaaS is subscription-based pricing where users pay per seat or based on usage metrics, and its primary benefits are cost reduction, ease of use, and seamless updates for end users. IaaS is ideal for businesses requiring customizable infrastructure with scalable resources, while PaaS enables rapid application development without the burden of managing underlying systems, and SaaS provides ready-made software solutions that require minimal user intervention to update or maintain software applications.
Solution: Collaboration & productivity suites have emerged as an essential tools for improving team communication and efficiency
Collaboration & productivity suites are essential for businesses to enhance teamwork, communication, and task management. These tools enable organizations to streamline their operations and improve overall efficiency. Customer relationship management solutions help businesses manage customer data, interactions, sales pipelines, and marketing campaigns more effectively. Human capital management software helps organizations manage employee performance, talent acquisition, benefits administration, learning management systems (LMS), and payroll processing, among others. Supply chain management systems help businesses manage inventory, procurement, manufacturing, logistics, and forecasting.
Infrastructure: Infrastructure services address specific needs of organizations including data preservation and data protection
Archiving refers to the process of securing and storing data for long-term retention and compliance purposes. In cloud computing, archiving services deliver cost-effective storage solutions that ensure data preservation without sacrificing accessibility and security. Computing services are fundamental in cloud environments as they provide the processing power needed to run applications and manage workloads effectively. Disaster recovery and backup services help organizations protect their data and applications against unforeseen events such as system failures, natural disasters, or cyber-attacks. Cloud-based disaster recovery solutions ensure business continuity by providing reliable offsite backups and quick restoration capabilities. Primary storage solutions are critical for storing active data frequently accessed by applications and users. In cloud environments, primary storage services offer high-performance and scalable options that cater to diverse needs, such as block storage, file storage, and object storage.
Workload: Extensive popularity of hypervisor & edge computing, storage, backup & disaster recovery across end-user industries
Cloud computing solutions have drastically transformed application development and testing by offering improved scalability and cost-effectiveness. The demand for cloud-based business analytics tools has soared due to the exponential growth of big data. Collaboration and content management services have experienced a surge in the adoption of new and enhanced features that facilitate efficient remote work. Businesses are increasingly shifting to cloud-based enterprise resource planning (ERP) systems such as SAP S/4HANA, Oracle ERP Cloud, and Microsoft Dynamics 365, offering streamlined business processes and cost-effectiveness. Integration and orchestration services play a crucial role in connecting cloud services with on-premises systems, ensuring seamless operations and data flow. Additionally, storage, backup, and disaster recovery providers offer scalable solutions that seamlessly integrate with existing IT infrastructure. The cloud computing landscape has revolutionized application development and testing by providing scalability, cost-effectiveness, and enhanced business analytics capabilities. The adoption of collaboration tools, cloud-based ERP systems, integration services, and scalable storage solutions has become increasingly prevalent, driving businesses toward greater efficiency and success.
Deployment: Integration of private cloud for enabling users to control data privacy and security
A hybrid cloud integrates on-premise infrastructure (private) with off-premise resources (public) and enables organizations to process sensitive data in-house while leveraging the extensive resources of the public cloud for non-sensitive operations. The hybrid cloud model provides flexibility, scalability, and cost-effectiveness while maintaining control over critical data. A private cloud is a dedicated infrastructure owned and managed by an organization or hosted by a third party. A private cloud allows complete control over data privacy and security while enabling the customization of resources based on unique requirements. Private clouds are suitable for organizations with strict compliance requirements or those handling highly sensitive information. Public clouds are maintained by third-party providers that offer computing resources such as storage or applications on a pay-as-you-go basis and are ideal for non-sensitive workloads requiring resource allocation flexibility. Hybrid cloud emerges as a preferred choice for organizations seeking cost-efficiency, flexibility, and security compared to private and public cloud.
Organization Size: Emerging use of cloud computing by small & medium enterprises worldwide to ensure secure storage of data
Large enterprises generally require robust infrastructure, extensive customization options, high availability, and stringent security measures to manage vast data. These organizations have international operations with multiple interconnected data centers, which require advanced large-scale cloud computing. SMEs typically have limited budgets compared to larger corporations but require reliable cloud computing services that ensure cost-effective scalability without sacrificing performance or security. Additionally, SMEs are more focused on cost-effectiveness and ease of implementation as they have limited IT resources and budgets. Moreover, large enterprises aim to optimize resources while maintaining security protocols through hybrid deployments; meanwhile, SMEs seek to benefit from various provider strengths while mitigating risks associated with single-provider reliance.
Industry: Shift of the healthcare and BFSI industry to cloud computing due to its high scalability
Cloud computing solutions are gaining traction in the BFSI and government sectors owing to their ability to improve operational efficiencies, reduce costs, and enhance security. The consumer goods & retail, and manufacturing industries require robust cloud-based solutions for supply chain management, inventory tracking, demand forecasting, and customer engagement. Educational institutions are increasingly adopting cloud computing for e-learning platforms, content management systems (CMS), student information systems (SIS), and research purposes. Energy companies rely on cloud-based solutions for managing complex infrastructure networks spanning across power generation facilities to end-user distribution points. Healthcare organizations require cloud solutions that adhere to strict regulatory standards, such as the Health Insurance Portability and Accountability Act (HIPAA) in the U.S. or the General Data Protection Regulation (GDPR) in Europe. The media industry relies heavily on cloud-based platforms for content creation, distribution, and management due to their scalability and cost-effectiveness compared to traditional systems.
Regional Insights
The adoption of cloud computing solutions is increasing in the Americas, primarily due to the presence of major providers driving innovation and expanding their infrastructure capacity to cater to rising demands from industries such as finance, healthcare, retail, and government entities. Furthermore, regulatory compliance requirements encourage businesses to adopt private or hybrid cloud solutions in the Americas region. The APAC region is witnessing significant adoption of cloud computing solutions owing to the rapid digital transformation, increasing internet penetration, and a growing number of SMEs leveraging technology-based services. Local governments’ initiatives to promote digital infrastructure development serve as a catalyst for market growth in this region. The inclination of industries and business organizations toward Industry 4.0 in EMEA has stimulated strong demand for advanced IT resources and data storage capacities that can be delivered through cloud services. The presence of major IT companies provides the potential for organizations in the EMEA region to adopt cloud computing solutions seamlessly. Additionally, the growing emphasis of countries worldwide on economic diversification strategies has increased investments in data center construction projects, amplifying the potential for cloud computing expansion.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Cloud Computing Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Cloud Computing Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Cloud Computing Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Adobe Inc., Alibaba Group Holding Limited, Amazon Web Services, Inc., AT&T Inc., Atos SE, Box, Inc., Broadcom Inc., Cisco Systems, Inc., Citrix Systems, Inc., Cockroach Labs, Inc., Dassault Syst?mes SE, Dell Inc., DigitalOcean Holdings, Inc., DreamHost, LLC, Dropbox, Inc., Fujitsu Limited, Google LLC by Alphabet Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., Intel Corporation, International Business Machines Corporation, Lenovo Group Limited, Microsoft Corporation, NEC Corporation, NetApp, Inc., NTT Communications Corporation, Nutanix, Inc., NVIDIA Corporation, Oracle Corporation, Rackspace Technology, Inc., Rubrik International, Inc., Salesforce Inc., SAP SE, ServiceNow, Inc., SoftBank Group, Tencent Holdings Ltd., Workday, Inc., and Zoho Corporation Pvt. Ltd..
Market Segmentation & Coverage
This research report categorizes the Cloud Computing Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Service Model
- Infrastructure as a Service
- Platform as a Service
- Software as a Service
- Solution
- Collaboration & Productivity Suites
- Customer Relationship Management
- Human Capital Management
- Supply Chain Management
- Infrastructure
- Archiving
- Computing
- Disaster Recovery & Backup
- Primary Storage
- Workload
- Application Development & Testing
- Business Analytics
- Collaboration & Content Management
- Database Management
- Enterprise Resource Management
- Hypervisor & Edge computing
- Integration & Orchestration
- Storage, Backup & Disaster Recovery
- Deployment
- Hybrid Cloud
- Private cloud
- Public cloud
- Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
- Industry
- Aerospace & Defense
- Automotive & Transportation
- Banking, Financial Services & Insurance
- Building, Construction & Real Estate
- Consumer Goods & Retail
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- Information Technology
- Manufacturing
- Media & Entertainment
- Telecommunication
- Travel & Hospitality
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Georgia
- Illinois
- Massachusetts
- New Jersey
- New York
- North Carolina
- Ohio
- Pennsylvania
- Texas
- Washington
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Cloud Computing Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Cloud Computing Market?
- What are the technology trends and regulatory frameworks in the Cloud Computing Market?
- What is the market share of the leading vendors in the Cloud Computing Market?
- Which modes and strategic moves are suitable for entering the Cloud Computing Market?
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