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Increase In Digital Transformation Driving Growth Of The Market Due To Rising Demand For Operational Efficiency: A Significant Driver Propelling The Cloud Industry Market In 2025
Cloud Industry
What Is the Cloud Industry Market Size and Projected Growth Rate?
The market size of the cloud industry has witnessed a massive expansion in the recent past. It is envisioned to surge from $705.91 billion in 2024 to reach $848.46 billion in the coming year of 2025, yielding a compound annual growth rate (CAGR) of 20.2%. Factors like digital transformation, the popularity growth of SaaS, an upsurge in internet connectivity, the need for data storage, and e-commerce growth can be credited for the historic growth period.
The market size for the cloud industry is anticipated to experience significant expansion in the forthcoming years. It is predicted to reach $1,754.85 billion in 2029, reflecting a compound annual growth rate (CAGR) of 19.9%. Factors contributing to this anticipated growth during the forecast period include the development of AI and ML, the adoption of edge computing, the proliferation of hybrid cloud, escalating cybersecurity issues, and the necessity for regulatory compliance. Noteworthy trends during this prediction period comprise strategies encompassing multi-cloud, the integration of quantum computing, cloud-native applications, progress in virtualization, and cloud solutions tailored to specific industries.
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What Are the Major Segments in the Cloud Industry Market?
The cloud industry market covered in this report is segmented -
1) By Type: Public Cloud, Private Cloud, Hybrid Cloud, Multi-Cloud
2) By Enterprise Size: Small And Medium-Enterprises, Large Enterprises
3) By Application: BFSI (Banking, Financial Services, And Insurance), Healthcare, Retail And E-Commerce, Information Technology (IT) And Telecom, Government And Defense, Manufacturing, Media And Entertainment, Education
Subsegments:
1) By Public Cloud: Infrastructure As a Service (IaaS), Platform As a Service (PaaS), Software As a Service (SaaS), Function As a Service (FaaS)
2) By Private Cloud: On-Premise Private Cloud, Hosted Private Cloud
3) By Hybrid Cloud: Cloud Bursting, Disaster Recovery And Backup, DevOps Integration
4) By Multi-Cloud: Multi-Cloud Storage, Multi-Cloud Security, Multi-Cloud Networking, Multi-Cloud Application Management
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What Are The Driving Cloud Industry Market Evolution?
The surge in digital transformation adoption is projected to spur the expansion of the cloud industry market in the future. Digital transformation, which involves the comprehensive integration of digital technologies into all aspects of a business or organization, radically alters its operation and the way it offers value to clients. Businesses are increasingly adopting digital transformation to boost their operational efficiency, which enables these organizations to gather, interpret, and utilize insights for more intelligent, data-driven decision-making. The cloud industry plays a pivotal role in promoting digital transformation by offering scalable, flexible, and cost-efficient solutions. These solutions allow businesses to innovate, streamline processes, and improve customer interactions in a constantly evolving digital environment. For example, according to a gov.UK report in February 2024, preliminary estimates for 2022 indicate that the digital sector added $171.77 billion (£158.3 billion) to the UK economy, accounting for 7.2% of the country's total gross value added (GVA). This represents a minor increase from 7.1% in 2021, at constant prices. Thus, the escalating adoption of digital transformation is fueling the advancement of the cloud industry market.
Which Firms Dominate The Cloud Industry Market Segments?
Major companies operating in the cloud industry market are Amazon Web Services Inc., Google LLC, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Tencent Cloud Computing (Beijing) Co. Ltd., Microsoft Corporation, International Business Machines Corporation (IBM), Oracle Corporation, SAP SE, Hewlett Packard Enterprise Company, Salesforce Inc., Equinix Inc., NetApp Inc., Workday Inc., VMware Inc., ServiceNow Inc., Nutanix Inc., Snowflake Inc., DigitalOcean Inc., OpenSta
What Trends Are Expected to Dominate the Cloud Industry Market in the Next 5 Years?
Leading corporations in the cloud industry are concentrating on creating innovative products like cloud computing solutions to augment scalability, enhance data security, and fine-tune operational efficiency. A cloud computing solution is a service or an advanced technology that permits businesses and individuals to utilize computing elements such as servers, storage facilities, databases, networking, software, and analytics via the internet. These services negate the requirement for on-site infrastructure, providing flexibility, scalability, and economical efficiency. To exemplify, in August 2024, Vultr, a cloud computing platform based in the U.S, unveiled their Vultr industry cloud. This is a tailored cloud computing solution designed to cater to specific industry needs spanning areas like retail, manufacturing, healthcare, media, telecommunications, and finance. It uses Vultr's infrastructure, inclusive of Cloud GPU powered by NVIDIA, to boost AI and digital transformation ventures.
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Which Is The Largest Region In The Cloud Industry Market?
North America was the largest region in the cloud industry market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud industry market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cloud Industry Market?
2. What is the CAGR expected in the Cloud Industry Market?
3. What Are the Key Innovations Transforming the Cloud Industry Industry?
4. Which Region Is Leading the Cloud Industry Market?
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