Cloud Computing Market Share, Growth Forecast Global Industry Outlook 2023 - 2032

The global cloud services market was valued at $551.8 billion in 2021, and is projected to reach $2.5 trillion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.

Cloud computing is a rapidly growing industry that provides various services such as computing power, storage, and applications to businesses and individuals through the internet. The cloud computing market is expected to continue growing in the coming years as more businesses and individuals adopt cloud-based technologies.

According to a report by Market Research Future, the global cloud computing market is expected to reach $832.1 billion by 2025, growing at a compound annual growth rate (CAGR) of 18%. The increasing demand for cloud computing services is being driven by factors such as the need for cost-effective and flexible IT solutions, the increasing adoption of mobile devices and social media, and the rise of big data analytics.

The market is dominated by a few major players, including Amazon Web Services, Microsoft Azure, and Google Cloud Platform, but there are also many smaller players and niche providers offering specialized services. The market is divided into several segments, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).

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The adoption of cloud computing is expected to continue growing in various industries such as healthcare, banking, retail, and government, among others. However, concerns over data security, privacy, and regulatory compliance remain a challenge for the industry, and cloud providers will need to continue investing in robust security measures to maintain trust with their customers.

Top Impacting Factors

Increasing acceptance of cloud platform services

Business enterprises may swiftly develop and deploy applications in the current software infrastructure thanks to the cloud platform. By creating lucrative revenue streams with little expenditure, the software enables legacy enterprises to stay ahead of developing start-ups. Cloud platforms also give businesses the ability to swiftly customise and expand their applications, opening up possibilities for business growth and digital transformation. Business companies are heavily utilising cloud platform services to take advantage of these advantages. Businesses also utilise planning, consultancy, and integration services to determine which apps should be installed in the cloud and how to interface the cloud with current infrastructure.

In order to fully utilise the advantages of the platform, businesses are now working with cloud platform service providers. For instance, the national digital enabler STC Group announced a partnership with Oracle in February 2023 to update its database systems and hasten its move to the cloud. A high-performance cloud database platform supplied as a managed infrastructure service in STC's own data centres, Oracle Exadata Cloud Customer was the new home for STC's database systems after it and Oracle signed a contract. Using the Oracle platform, STC is able to maintain control over its data governance, scale up mission-critical OSS and BSS systems, and adhere to local, national, and international requirements. These elements therefore fuel the market for cloud services.

Market Segmentation

Geography:

On the basis of region, the global Cloud Computing Market is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global Cloud Computing Market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.

Impact of COVID-19 on the global Cloud Computing Market:

The Covid-19 pandemic significantly increased the adoption of IT Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, technology deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industries are rapidly improving for business that are actively embracing cloud computing. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly cloud to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the Cloud Computing Market in the post pandemic era.

Impact of the Russia-Ukraine War on the global Cloud Computing Market:

The global supply chains are disrupted by the Russia-Ukraine conflict in the same way as the it did when the COVID-19 pandemic first surfaced. There has been a significant rise in the transportation costs, gas prices, and electricity rates as a result of the Russia Ukraine war. Due to the increased energy costs, companies are forced to raise prices. The supply of commodities is substantially disrupted in regions such as US, Europe, and China. The conflict has accelerated the chip shortage and raw materials such as neon and palladium used in semiconductor manufacturing. Russia and Ukraine are the two major producers and produce more than 50% of the aforementioned raw materials. Due to the war the industries that are completely dependent on Russia and Ukraine are incurring huge losses and are unable to find an alternative supplier soon. The continuation of the conflict is likely to further delay IT hardware production and sales which is anticipated to slow down the accelerated deployment of the cloud based solutions. This is estimated to negatively impact the global market growth.

Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter's Five Force Model and SWOT analysis are used to study the global Cloud Computing market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Cloud Computing would help in identifying future applications in this market.

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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter's five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
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