Cloud Market Research Report, Market Size and Forecast 2029

Market Overview
The Cloud Market is expected to grow at a CAGR of 21.4% during the forecasting period (2022-2029).

Cloud computing offers various services through the internet. The resources include tools and applications like data storage, servers, networking, databases, and software. As cloud services become increasingly precise, with enterprises catering to customers' desires to meet their particular industry's requirements, the cloud market is expected to grow rapidly during the forecast period. Cloud computing can be both private and public. Public cloud services offer services over the Internet for a fee. On the other hand, private cloud services only provide services to a certain number of people. The services are a system of networks that supply hosted services.

One of the original motivating factors is cost reduction. Even if initial investment in cloud migration creates a negative return on investment, the indirect cost saving for the IT department, such as when a business saves not carrying out software updates, manages to fail hardware or maintenance compliance. Scalability is another crucial driving factor for enterprises. Cloud computing allows customers to quickly scale a company's computing and storage needs to meet business demands. With a pay-as-you-go model, enterprises can better control their costs, scaling up or down to meet seasonal demand.

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Market Dynamics
Rising security threats
As the cloud is an online service, it faces considerable security threats, which sometimes hinder market growth as many large enterprises trust their on-premise IT infrastructure without cloud computing. According to the Annual State of the Cloud Survey, approximately 29% of companies face security as a substantial challenge, and about 25% globally governance and control. Cloud services are mainly subject to common vulnerabilities, particularly PaaS systems, such as lax default application configuration and holes in secure socket layers protocols.

Cyber-attacks are rapidly growing with the growing volume of data and increasing organizational initiatives toward digital transformation. The cyber-attacks, like Spectre, Meltdown, cloud malware injection attacks, account & service hijacking, and man-in-the-cloud attacks, generate a high degree of threats to enterprise data. The threats result in loss of business and shutdowns. As the service provider fully controls the data stored in the cloud, there is a risk that data may be subject to unauthorized resale and may undergo vendor lock-in and blackmail.

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Market Segmentation:
By Type
• SaaS
• IaaS
• Business Process As A Service (BPaaS)
• Cloud Management and Security Services
By Organization Size
• Large Enterprises
• Small and Medium-Sized Enterprises (SME)
By End-User
• Banking & Financial Sector
• Telecommunications & IT
• Public Sector & Government
• Consumer Goods & Retail
By Revenue Source
• Subscriptions & Licenses
• Consulting / Professional Services
• Managed Services
By Distribution Channel
• Direct Sales
• Distributors

Competitive Analysis
The global cloud market is fragmented, with top players accounting for significant shares. The cloud market grows with over 360 vendors and about 550 platform providers across 22 segments. The recent surge in demand for the platforms due to COVID-19 has resulted in the emergence of new start-ups to capture innovative cloud services market share. The players in the global cloud market include Cisco Systems Inc, Microsoft, Oracle, International Business Machines Corporation, Google, SAP SE, Salesforce.com, Inc., Quickbase, Inc., ThoughtSpot, Inc., QlikTech International AB, Zoho Corporation Pvt. Ltd., ServiceNow, Workday, Inc., Adobe, among others.

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