Cloud Computing Market Forecast 2024-2033: Trends and Competitive Landscape

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Cloud Computing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1,276.15 billion In 2028 At A CAGR Of 14.8% : The cloud computing market size has grown rapidly in recent years. It will grow from $631.39 billion in 2023 to $735.45 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to data security and compliance, digital transformation, containerization and microservices, increasing need for remote collaboration and the globalization of businesses.

The cloud computing market size is expected to see rapid growth in the next few years. It will grow to $1,276.15 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to integration of artificial intelligence (AI) and machine learning (ML), demand for IoT, continued advancements in cybersecurity, cross-cloud interoperability, and quantum computing integration. Major trends in the forecast period include edge computing growth, serverless computing maturity, AI and machine learning integration, and hybrid and multi-cloud evolution.

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Cloud Computing Market Major Segments
The cloud computing market covered in this report is segmented -

1) By Type: Public Cloud, Private Cloud, Hybrid Cloud
2) By Service: Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS)
3) By Vertical: Banking, Financial Services And Insurance (BFSI), Energy And Utilities, Government And Public Sector, IT And ITES, Retail And Consumer Goods, Manufacturing, Media And Entertainment, Healthcare And Life Sciences, Other Verticals

Key Driver - The Symbiotic Rise Of IoT And Cloud Computing In Shaping The Future

The growing adoption of the internet of things (IoT) is expected to propel the growth of the cloud computing market going forward. The internet of things (IoT) denotes a network comprising interconnected devices that gather and share data with other IoT devices and the cloud. The adoption of the internet of things (IoT) is driven by its ability to enhance efficiency, connectivity, and data-driven decision-making across various industries, leading to improved productivity, cost savings, and innovative solutions. IoT and cloud computing are used together to create powerful and scalable solutions for collecting, storing, analyzing, and acting upon data generated by IoT devices. For instance, in February 2024, according to reports by DataProt, a Ukraine-based cybersecurity product company, it's estimated that the number of active IoT devices will surpass 25.4 billion in 2030. Further, by 2025, there will be 152,200 IoT devices connecting to the internet per minute. Therefore, the growing adoption of the internet of things (IoT) is expected to propel the growth of the cloud computing market.

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Prominent Trend - Revolutionizing Multi-Cloud Connectivity And Optimization

Major companies operating in the cloud computing market are developing innovative technologies, such as hybrid cloud mesh, to increase their profitability in this market. Hybrid cloud mesh seamlessly integrates on-premises, private, and public clouds, optimizing resource utilization and enhancing scalability. The technology aims to provide a flexible and efficient infrastructure, allowing organizations to balance performance, security, and cost-effectiveness across diverse cloud environments. For instance, in May 2023, IBM Corporation, a US-based technology company, launched a hybrid cloud mesh with enhanced security. This innovative SaaS offering empowers enterprises to regain control over their hybrid multi-cloud infrastructure by providing application-centric connectivity. It also provides detailed insights into how enterprises can leverage an automated, intelligent, and optimized network for seamless operations yet run over public cloud infrastructure. IBM hybrid cloud mesh aims to solve much of the complexity and properly enable multi-cloud strategies, creating a common platform for CloudOps and DevOps to work together to deliver on the overall business objectives, reducing the time to market for new applications and services.

Cloud Computing Market Players
Major companies operating in the cloud computing market are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., ServiceNow Inc., Workday Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Sage Group plc, Lumen Technologies Inc., IFS AB, Epicor Software Corporation, OVH SAS, DigitalOcean LLC, Upland Software Inc., Navisite LLC, Skytap Inc., Joyent Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the cloud computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cloud Computing Market Report Structure
3. Cloud Computing Market Trends And Strategies
4. Cloud Computing Market - Macro Economic Scenario
5. Cloud Computing Market Size And Growth
…..
27. Cloud Computing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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