Cloud Computing Market
By Service Type (Infrastructure as Service[Data storage and management, Recovery and backup, Computation power]Platform as Service[Design and development, Testing and Quality, Execution, and management]Software as Service[Customer and relationship management, Enterprise resource planning, Financial management] ),
By Company Size (Small and medium enterprise(SME), Large enterprise),
By Network (Private, Public),
By End-use industry (IT and telecom, Banking and finance, FMCG/FMCD, Automotive, and industrial, Aerospace and Defense, Healthcare and pharma, Energy, and utility, Media and entertainment, Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global cloud computing market showcased revenue of USD 476.34 billion in 2022 and is projected to witness a compounded annual growth rate (CAGR) of more than 20.91% over the forecast period of 2023-2033.
Russia-Ukraine War Impact
About the Market
Impact of COVID-19
Global Economic Slowdown
How is this report helpful
Cloud computing includes servers, storage and other databases, networking, software, analytical services, and intelligence over the network on the internet (the cloud) that offers faster innovation and flexible resources and economies of scale. Cloud is a model of computing that enables servers, networks, storage, development tools, and even applications through internet usage. Cloud computing is a delivery service through internet usage, services like data, storage, servers, and other applications. It works on internet servers for storing and accessing data instead of relying on local hard drives and private data centers.
As per the analysis over the forecast period, the pre-defined analysis is expected to show a higher growth rate than the cloud computing industry. Cloud computing majorly relies on internet servers for its applications. Cloud computing is a model that enables ubiquitous, convenient, and on-demand network access to a shared pool of configured computing services like servers, networks, and storage that can be rapidly managed with minimal effort or a service provider interaction.
The demand for the cloud computing market is increasing due to its various applications that trigger more North American growth. There are various benefits of cloud computing. Some of the major benefits are faster time to market, which can spin up new instances or retire them in seconds, allow quick deployments, and accelerate developments. It also saves the cost. Whatever the cloud model user choose, they will pay for that only, which avoid the extra cost of overbuilding the data centers. Cloud storage also enables users to make data available anywhere or anytime when there is a need; people can access the data from anywhere in the world as long as they have a stable internet connection.
Impact of the Russia-Ukraine War on the Cloud Computing Market
There is a direct impact of the Russia-Ukraine war on the global cloud computing market. However, the European region will witness the highest impact. Increased trade sanctions across the European region, followed by disruption in global trade routes, are one of the major factors imposed due to war and limiting business opportunities. Economic sanctions on multiple countries due to the war between the two countries surge the prices of the commodity and disturb the trade, supply chain, and trade of the market globally. The war between the two nations has disrupted the chances of economic recovery and slowed down the global cloud computing market. Due to the increase in internet consumption, the cloud computing market would not affect much during the duration of the Russia-Ukraine war cause even though the war was going on, the number of internet users also increased. According to the report, China, America, and India have the highest number of internet users, and many use cloud computing services for better collaboration, advanced security, and data loss prevention.
Cloud Computing: Market Scope
The cloud gaming market is divided into five segments service, company size, network, and end-use industry. Furthermore, these segments are subdivided into respective categories and cross-referenced to North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa for regional analysis. The service type segment is further categorized into infrastructure as a service(IAS), platform as a service(PAS), and software as a service(SAS). The sub-segment is further categorized into data storage and management, recovery and backup, and computation power. The platform as a service is further segregated into design and development, testing and quality, execution, and management. The software as a service sub-segment is further segregated into customer and relationship management, enterprise resource planning, and financial management. The company size segment is segregated into small and medium enterprises (EME) and large enterprises. The network segment of the cloud computing market is bifurcated into public and private .end use industry segment is segregated into IT and telecom, banking and finance, FMCD/FMCD, automotive and industrial, aerospace and defense, healthcare and pharma, energy and utility, media and entertainment and others. Each of these segments is further classified into regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The historical dataset of 2018-2022 is provided in the report, whereas the forecast period of 2023-2033 is offered.
Software as a Service (SAS) will witness the highest growth rate within the offering type segment
In cloud computing in the service segment, software as service (SAS) will witness the highest market growth in the upcoming period. Software as a service provides a way to deliver applications over the Internet as a form of service. SAS application is also known as web-based, on-demand, or hosted software.SAS uses the internet to deliver subscription software that a third-party vendor manages. Some software as a-service examples are Dropbox, sales force, Cisco WebEx, SAP Concurs, etc.SAS allows users to connect to and use cloud-based apps available on the internet. Some common examples are calendaring and office tools.SAS is further divided into three parts that are Customer relationship management, enterprise resource planning, and financial management.
The Large enterprise segment will capture the highest market share between 2023-2033
Large enterprises will witness the highest market growth in the company size segment of cloud computing in the upcoming forecast period. Large enterprises and businesses enable cloud-based platforms to build, test and deploy applications, store data and recover data for backup. Types of cloud-based platform include public cloud and third-party providers that delivers computing resources and services over the Internet to multiple businesses in large enterprises. Enterprise cloud is a computing model where businesses can access virtualized IT resources from both public and private cloud services from the cloud service providers as per the need of the businesses or pay-per-use basis . The majority of large businesses are currently using cloud computing for the storage of data.
The Public network segment will capture the highest market share in the coming years
The public network will witness the highest growth in the upcoming forecast period in the network type segment. A public cloud network is an IT model where on-demand computing services and infrastructure is managed by a third-party provider that is shared with multiple organizations using the public internet. Currently, there are three main public cloud providers: AWS, Microsoft, and Google.Microsoft Azure is an example of a public cloud-based service that shares the same hardware, storage, and network devices with other organizations. Anyone can access the services and manage their account using a web browser. At the same time, the private cloud network is a computing service offered over the internet by the internal users in the internal network only to the selected users instead of the general public.
The IT and Telecom segment will capture the highest growth rate in the world
In the end-use industry type of cloud computing, IT and telecom will capture the highest market growth rate in the upcoming forecast period. Cloud computing helps IT and telecom businesses to scale up and down the resources such as networks, servers, storage, and data anytime as per their use. Cloud computing allows businesses to maintain data on remote servers and storage rather than in-house servers. Cloud computing has several other benefits in the IT and telecom industry, such as the ability to scale up easily with the current demand and reduce the cost of managing the resources of the server. Other benefits of cloud computing in the IT industry are its easy-to-set-up and use immediately feature. It can be accessed remotely through a laptop, computer, or mobile via an internet connection. Also, it's easy to share features at one time. It can be easily shared and accessible with multiple staff members of the organization who are working remotely or work from a home environment. Amazon web series (AWS) is the IT industry's largest cloud service provider globally.
North America to witness the highest growth rate during the forecast period
North-America region is promising a dynamic rise in disposable income, which is expected to trigger growing market consumption of cloud gaming-based games and products. Developed countries like USA, UK, Germany, and Singapore are exploding with the surge in demand for cloud computing. The North American region is also witnessing the rising integration of various cloud computing-related products. This attributes to the rise in the adoption of high-end technology-based devices and the growing demands of consumers for low-price and efficient technology. Countries like India and China are also moving towards the cloud computing market to meet the high-end demands of the users. Data transmission and processing are vital for the sustainable development of telecom and other IT industries for high network performance and high subscriber quality of experience. Cost saving, security, flexibility, mobility, insights, increased collaboration, and disaster recovery are several other benefits of cloud computing that are increasing its market scope in the North-American region and several other regions.
Impact of COVID-19 on the cloud computing market
COVID-19 had a significant impact on the market of cloud computing. COVID-19 was an unprecedented global public health emergency that affected almost every industry. During the phase of COVID-19, there was an increase in the global cloud computing market. A huge amount of traffic was created during the pandemic phase as there was a global lockdown people were locked in their homes, which increased internet usage and consumption of internet-based platforms like cloud computing.
Cloud Computing: Market Dynamics
The market dynamics section of the report covers a depth analysis of drivers, restraints, and opportunities impacting the cloud gaming market. The report also encompasses major market strategies practiced by the industry, followed by patent analysis, product analysis, competitive benchmarking of companies, various analyses of the artificial intelligence industry, pricing analysis, and geographic competitiveness to provide a detailed understanding. The major players are operating. These companies cumulatively hold most of the artificial intelligence market share and actively undergoes strategic development, such as new product launch, mergers, collaborations, business expansion, acquisitions, and long-term contracts to ensure market penetration. These companies also largely focus on research and development to gain competitiveness in the market. A detailed analysis of these companies is offered in the report.
Driver: Growing interest in technology
The increasing market Demand for cloud computing is due to its technological advancement, adoption of cloud-based solutions and computation powers, heavy investments in the start-up economy fuelling R&D within the market, and increasing demand for cloud computing by the end–users to streamline operations. Many companies across the world are currently investing in the cloud computing market. There are various factors that are driving the cloud market, such as cuts in the cost of production, flexibility, mobility, security, and insights. Cloud computing has reduced the cost of production by cutting the cost as least hardware resources are required for the cloud computing process. Second, the high usage of the internet these days is increasing the market of cloud computing . Internet consumption is increasing day by day in the era promoting the culture of cloud computing.
Restrain: In the cloud computing market.
There are various restraints in the cloud computing market. Some factors that are the restraints in the market and limiting its operations are the data security and privacy issues that many organizations currently face. The high amount of online data stored in the cloud can be hacked or misused somewhere, and the slower performance can be a major hindrance in this industry. Data security and privacy concerns include infrastructure mobility, network endpoints and databases, cloud, and various other web applications. Cloud has its major dependency on the network. Without the internet network, data transmission cannot be possible through the servers. There is still a lack of skilled people and experts in this market, which is the reason behind its complex city. Password security, reliability, and availability are the other challenges faced by the cloud computing industry.
Opportunity: Proliferating demand in emerging economies
The cloud computing market shows promising opportunities in the North American region and developing countries of other regions. This is largely observed due to increasing disposable income. Consumers are more inclined towards low cost and scalability, its computational mean and reducing workload and also help to reduce capital expenses and internet usage. It also increases the business opportunities to explore new business verticals using growing technology, and innovations in the IT sector are attracting consumers towards technological advances. There is a rise in Internet usage and dependency on networks solution based on Internet servers. Many people are currently spending on internet-based cloud computing due to its cost efficiency, high-quality data transmission servers, and stable cloud storage.
Cloud Computing Market: Recent Developments
- In March 2023, Adobe launched the generative Sensei GenAI to transform the customer experience.
- In March of 2023, NEC to demonstrate innovative AI and biometrics solutions at PTE2023.
- In March of 2023, IBM and Cleveland Clinic unveiled the first quantum computer dedicated to the healthcare and research sector.
Cloud Computing Market: Synopsis
The study of the cloud computing market offers revenue and growth data sets of segments provided at the global, regional, and country levels. The report offers the historical data set for 2018-2022 and the forecast period of 2023-2033. For analysis, Quadrant Market Insights (QMI) has segregated the cloud computing market into four major segments as follows:
By Service Type
- Infrastructure as service(IAS)
- Data storage and management
- Recovery and backup
- Computation power
- Platform as service(PAS)
- Design and development
- Testing and Quality
- Execution and management
- Software as service(SAS)
- Customer and relationship management (CRM)
- Enterprise and resource planning (ERM)
- Financial Management
By Company Size
- Small and Medium Enterprise(SME)
- Large Enterprise
By End-Use Industry
- IT and telecom
- Banking and Finance
- Automotive and Industrial
- Aerospace and defense
- Healthcare and pharma
- Energy and utility
- Media and entertainment
The regional analysis of the cloud computing market is as follows:
- Rest of Europe
- Rest of Asia-Pacific
Middle East & Africa
- South Africa
- Saudi Arabia
Key players operating in the cloud computing industry are:
- Salesforce.com Inc.
- Oracle Corp.
- SAP SE
Cloud Computing Market: Who Should Purchase, and How It Will Help Readers
- The report is best suited for top-level decision-makers, individuals who are supposed to take a leadership role or require market research to start a business, independent researchers, research institutes, and anyone who wishes to gain detailed strategic insights into the cloud computing market.
- This report provides a qualitative and quantitative analysis of the market segments, current trends, estimations, and dynamics of the cloud computing market analysis from 2018 to 2033 to identify the prevailing market opportunities.
- Market research and information related to key drivers, restraints, and opportunities are offered.
- Porter's five forces and PESTLE analysis highlight the potency of buyers and suppliers to enable stakeholders' market profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the cloud computing segmentation assists in determining the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional and global cloud computing industry trends, key players, market segments, application areas, and market growth strategies.
- The report offers insights from primary interviews and CXOs of major industry players. It also offers a comprehensive contact and event repository to ensure future collaborations among industry stakeholders.
Cloud Computing Market: Frequently Asked Questions (FAQ)
Q: How big is the cloud computing market?
A: The cloud computing market showcased a revenue of USD 476.34 billion in 2022 and is projected to witness a compounded annual growth rate (CAGR) of more than 20% over the forecast period of 2023-2033.
Q: Does the report have several cloud computing numbers bifurcated by segments and regions?
A: The report offers a total number of cloud computing market, further bifurcated into segments and regions. Please refer to the TOC page for more information.
Q: What are the major trends in the cloud computing market?
A:Inclination of major information technologies companies towards remote operations, followed by the rise in demand to perform complex task on online platforms to support the demand of cloud computing market.
Q: How can I get the sample Report on the cloud computing market?
A: The cloud computing market report sample can be obtained on demand from the website. Also, 24*7 chat support and direct call services are provided to procure the sample report
Q: Is it possible to purchase a specific or customized report as per my needs
A: Yes, it is possible to purchase a specific part of the report or edit the scope of the report at your convenience. Feel free to drop us the mail/talk to our customer support or schedule a conversation to procure a customized report.
- Service Type
- Company Size
- End Use Industry
- North America
- Latin America
- Middle East & Africa
- Rise in demand to perform complex operations online to support business requirement
- Increasing demand in emerging economies
- Cybersecurity threats
Amazon, Adobe, Oracle Corporation, Google, VMWare, IBM, SAP SE, Microsoft, Salesforce.com Inc, and NEC