Global Cloud Computing Market to Reach USD 424.32 Billion in 2022, Expected to Grow at a CAGR of 15% during Forecast Period Driven by Digital Transformation

In 2022, the global cloud computing market reached USD 424.32 billion and is expected to have a revenue compound annual growth rate (CAGR) of 15% during the forecast period. The market is being driven by the need for digital transformation and the desire for more flexibility and scalability in IT infrastructure. Businesses are moving away from traditional on-premise IT infrastructure to cloud-based solutions, especially in healthcare, banking, financial services, insurance, retail, and manufacturing industries. The COVID-19 pandemic has further accelerated this trend due to the rise of remote work.

The demand for cost reduction and increased agility is another factor driving the growth of the cloud computing market. Cloud computing solutions are more affordable than on-premise IT infrastructure, and businesses can easily scale their IT infrastructure to adapt to market changes. Additionally, rising demand for hybrid and multi-cloud solutions is driving revenue growth. These solutions provide businesses with increased security, scalability, and flexibility to select the best cloud platform based on their unique needs.

However, data security and privacy concerns, connectivity issues, and the difficulty of transitioning to cloud-based solutions could restrain the growth of the market. Additionally, new technologies like edge computing and blockchain are increasing competition in the cloud computing industry.

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Segments Covered in the Report

Cloud computing services can be categorized based on their service outlook and deployment outlook. The three primary service outlooks are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).

Infrastructure as a Service (IaaS) provides virtualized computing resources over the internet, including servers, storage, networking, and operating systems. Businesses can utilize IaaS to quickly scale their IT infrastructure up or down as needed, without investing in physical hardware.

Platform as a Service (PaaS) provides a cloud-based platform for developing, testing, and deploying applications. PaaS allows businesses to develop and deploy applications quickly without worrying about underlying infrastructure and maintenance.

Software as a Service (SaaS) provides on-demand access to software applications over the internet. SaaS applications are hosted and managed by a service provider, eliminating the need for businesses to install and manage the software themselves.

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Strategic development:

On 28 October 2020, Amazon Web Services announced the general availability of AWS Nitro Enclaves, which is a new type of Amazon Elastic Compute Cloud (EC2) instance designed to isolate and process highly sensitive data. This new offering provides customers with a secure environment for processing sensitive data, while still taking advantage of the benefits of the cloud.

On 22 September 2020, Microsoft Corporation announced the launch of Azure Orbital, which is a new service that provides satellite operators with the ability to process and analyze satellite data in the cloud. This new offering enables customers to integrate satellite data with other data sources and use cloud-based analytics and machine learning to gain insights from their data.

On 18 November 2019, Google LLC announced the acquisition of CloudSimple, which is a company that provides a platform for running VMware workloads in the cloud. This acquisition was aimed at expanding Google's offerings in the enterprise cloud market and providing customers with a seamless way to migrate their existing workloads to the cloud.

On 4 December 2020, Alibaba Cloud announced the launch of its new Hybrid Backup Recovery (HBR) service, a cloud-based data backup and recovery solution that provides enterprise customers with a secure and reliable way to protect their data.

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Competitive Landscape:

The global cloud computing market is primarily led by a few large and medium-sized players that hold the majority of the market revenue. These players are implementing various strategies, such as mergers and acquisitions, strategic agreements and contracts, and developing and testing more efficient products, to stay ahead in the competitive market.

Some of the major companies that are contributing significantly to the global cloud computing market are Amazon Web Services, Inc., Microsoft Corporation, Google LLC, Alibaba Cloud, IBM Corporation, Oracle Corporation, Salesforce.com, Inc., VMware, Inc., Red Hat, Inc., and Cisco Systems, Inc. These companies offer a range of cloud computing services and solutions, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), to cater to the diverse requirements of their customers across various industries.

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