Cloud Computing Market Latest Trends and Analysis, Future Growth Study by 2032

The global cloud computing market was valued at USD 483.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.1% from 2023 to 2030.

The term "cloud services" refers to a variety of IT resources and applications, such as platforms, infrastructure, and software, that are hosted by outside providers and made available to businesses and individuals on demand over the internet. The terms can also be used interchangeably because they can also be referred to as cloud computing. Additionally, clients that use cloud services can access software, cloud storage, computing power, IT infrastructure, and other services without having to pay for maintenance or upgrade their software and hardware. Depending on the resources used, cloud service providers charge clients using a variety of billing models.

Cost-effectiveness is the primary driver of the global market for cloud services. Organizations can save their operating costs by more than 35% by implementing cloud services. All of the functional qualities that improve an organisation's ability to conduct business are included in the second factor. The primary barrier to the expansion of the cloud services market, however, is data security, since businesses feel their data is safer in their own data centres than it is on a virtual cloud network.

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In order to improve the market's revenue, it is also necessary to effectively address the other limiting aspects of data administration and location. The developing economies present a market potential for cloud services due to their slow but steady growth. one of the main target markets for cloud services is to become the centre for IT services. Additionally, a significant rise in the number of small and medium-sized businesses will eventually result in a rise in the use of cloud services in these areas.

Segment review
Component, type, deployment model, enterprise size, application, industry sector, and region are the different market segments for cloud services. The market is divided into solution and services based on component. The market is segmented into platforms as a service, software as a service, infrastructure as a service, and others. It is divided into three categories: private cloud, public cloud, and hybrid. The market is divided into large and small & medium-sized businesses according to enterprise size. Asset management, customer relationship management, enterprise resource management, supply chain management, project and portfolio management, corporate intelligence, and others are the applications that make up the market. It is divided into BFSI, IT & telecom, government, media & entertainment, healthcare, manufacturing, oil & gas, metal & mining, petrochemicals, and energy depending on the industry vertical.agriculture, pulp & paper, oil & gas, and other industries. The market is examined in terms of its impact on North America, Europe, Asia-Pacific, and LAMEA.

In terms of deployment method, the public cloud segment had the lion's share of the worldwide cloud services market share in 2021 and is predicted to continue doing so in the years to come. This is primarily attributable to the public deployment option being the most often used deployment strategy because of its accessibility and affordability. However, due to the rising adoption of cloud-based solutions to boost productivity and save operating costs, the hybrid cloud sector is anticipated to experience the greatest growth rate throughout the projected period.

Segmentation:

On the basis of product type, the global Cloud Computing Market is segmented Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS). On the basis of application, the global Cloud Computing Market is segmented into Government, Small and Medium enterprise, and Large enterprise.

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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 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.

Company Profiles:

The key market players in the global Cloud Computing Market are Amazon Web Services, Microsoft Azure, IBM, Aliyun, Google Cloud Platform, Salesforce, Rackspace, SAP, Oracle, Vmware, DELL, and EMC.

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.

Objectives of the Study:
• To provide with an exhaustive analysis on the Cloud Computing Market by Product, By Application, By End User and by Region.
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions- North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
• To record and evaluate competitive landscape mapping- product launches, technological advancements, mergers and expansions

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