Meticulous Research® Unveils Exclusive Report: Cloud Computing Market Set to Reach $1,402.7 Billion by 2030

[Redding, California, March 18, 2024] - Meticulous Research®, a leading provider of cutting-edge market intelligence, has published an exclusive report titled "Cloud Computing Market: Global Forecast to 2030," projecting the global cloud computing market to surge to a remarkable $1,402.7 billion by 2030, with a compelling compound annual growth rate (CAGR) of 16.8% from 2023 to 2030.

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Redefining Digital Infrastructure:
Cloud computing revolutionizes the way businesses operate, offering a comprehensive suite of services delivered over the internet, encompassing data storage, servers, databases, networking, and software. Its ascent to prominence stems from its myriad benefits including cost efficiency, enhanced productivity, agility, scalability, and fortified security measures.

Driving Forces behind Market Growth:
The burgeoning adoption of cloud computing services across diverse sectors including BFSI, retail, and healthcare, coupled with the relentless pursuit of personalized customer experiences, underscores the meteoric rise of the cloud computing market. Additionally, the escalating demand for cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and Internet of Things (IoT) further propels market expansion. Nonetheless, data security and privacy concerns loom as potential impediments to market growth.

Navigating Through Challenges and Opportunities:
While the complexity of multi-cloud adoption presents a formidable challenge, initiatives by governments worldwide and the relentless pursuit of cloud computing solutions by businesses herald significant growth opportunities for the market. Moreover, emerging trends such as cloud gaming and serverless computing are poised to reshape the cloud computing landscape.

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Navigating Through the Pandemic:
The COVID-19 pandemic cast a shadow over global economies, disrupting industries including cloud computing. However, as economies pivot towards recovery, the cloud computing market stands poised to rebound, driven by the continued adoption of cloud solutions across businesses. Efforts by businesses and governments alike are instrumental in steering the market back on course.

Segmentation and Key Insights:
The global cloud computing market is segmented based on service model, deployment mode, organization size, end-user, and geography. Noteworthy findings include:
• Service Model: The Software as a Service (SaaS) segment reigns supreme, fueled by surging adoption, preferences for SaaS delivery models, and burgeoning demand for AI-driven solutions.

• Deployment Mode: Public cloud emerges as the dominant segment owing to its cost efficiency, agility, and flexibility. However, the hybrid cloud segment is poised for exponential growth, driven by escalating demand for agile and scalable computing.

• Organization Size: While large enterprises currently lead the market, small and medium-sized enterprises (SMEs) are poised for accelerated growth, driven by their quest for operational efficiency and scalability.

• Geography: North America commands the largest market share, buoyed by the presence of industry giants and robust government funding. However, Asia-Pacific emerges as the fastest-growing region, propelled by infrastructural growth and burgeoning awareness about cloud computing.

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Key Players at the Helm of Innovation:
Industry stalwarts including 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. spearhead innovation in the global cloud computing market.

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This release was published on openPR.