Cloud Computing Market Projected to Reach $1,402.7 Billion by 2030

[Redding, California, February 26, 2024] - Meticulous Research®, a renowned global market research company, has unveiled its latest research report titled, 'Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography - Global Forecast to 2030.' This comprehensive report offers invaluable insights into the burgeoning cloud computing landscape, highlighting its potential to achieve a staggering valuation of $1,402.7 billion by 2030, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 16.8% from 2023 to 2030.

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The meteoric rise of the cloud computing market is propelled by a confluence of factors, including the surging adoption of cloud computing services, heightened demand for personalized customer experiences, and the pervasive integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT). Nevertheless, concerns surrounding data security and privacy pose potential hurdles to market growth. Despite these challenges, burgeoning government initiatives and the steadfast adoption of cloud computing solutions across diverse business verticals offer lucrative avenues for market expansion. However, the inherent complexities associated with multi-cloud adoption present notable challenges to market growth. Noteworthy trends such as the ascendancy of cloud gaming and the advent of serverless computing further augment the dynamic landscape of the global cloud computing market.
Market Segmentation

The global cloud computing market is meticulously segmented based on service model, deployment mode, organization size, end-user, and geography, offering a comprehensive analysis of industry dynamics and trends.
Among the service models, Software as a Service (SaaS) emerges as the dominant segment, attributed to its versatility, ease of deployment, and growing demand for AI-driven solutions. Additionally, the segment is poised to register the highest CAGR during the forecast period, fueled by increasing adoption and flexible cost structures.

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In terms of deployment mode, the Public Cloud segment commands a significant market share, buoyed by the burgeoning work-from-home culture and escalating reliance on public cloud services among Small and Medium-sized Enterprises (SMEs). Conversely, the Hybrid Cloud segment is forecasted to witness the highest growth rate, owing to its ability to deliver agility, IT optimization, and innovation in response to evolving business demands.

Large enterprises currently dominate the cloud computing landscape, driven by their robust spending capabilities and access to skilled IT personnel. However, Small and Medium-sized Enterprises (SMEs) are poised to register a higher CAGR during the forecast period, propelled by their increasing adoption of cloud computing models and the imperative to stay competitive in the digital age.

Regional Outlook
North America presently leads the global cloud computing market, boasting a significant market share attributed to the presence of industry behemoths such as Microsoft Corporation, IBM Corporation, and Oracle Corporation. Conversely, Asia-Pacific is poised to witness the fastest growth rate during the forecast period, driven by the rapid expansion of developing economies, burgeoning data centers, and heightened awareness regarding the strategic importance of cloud computing among SMEs.

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Key Players
Leading players in the global cloud computing market landscape include Microsoft Corporation, IBM Corporation, Oracle Corporation, Amazon Web Services, Inc., SAP SE, Google LLC, Salesforce, Inc., Workday, Inc., Alibaba Group Holding Limited, VMware, Inc., DXC Technology, Nutanix, Inc., Cisco Systems, Inc., ZYMR, INC., and SAS Institute, Inc.

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This release was published on openPR.