Cloud Computing Market projected increase to US$ 2134.35 billion by 2030

Cloud Computing Market Snapshot

“The Cloud Computing Market is estimated to increase at a CAGR of 15.78% from $ 489.23 Billion in 2023 to $ 2134.35 billion by 2030.”

Cloud computing now focuses on workload distribution, resource management, and scalability, rather than hardware rack position and contents.

Multi-cloud and hybrid clouds are growing due to their suitability for various applications, including public and on-premises operations, and as a prudent bet-hedging approach. They meet essential business requirements, avoid high switching costs and single-vendor lock-in, and provide a fallback option in case of technological issues.

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Current Trends

Multi-Cloud or Hybrid

Multi-cloud computing is expected to become the norm, with businesses utilizing a mix of public and private clouds to meet their unique needs. Hybrid clouds, on the other hand, are expected to continue growing as businesses shift more workloads to the cloud. The future of cloud storage and security will likely involve hybrid and multi-cloud deployments, balancing agility, flexibility, security, and control.

Edge Computing

Businesses are becoming more vulnerable to internet connectivity disruptions due to their increased reliance on cloud-based services. This has led to a growing interest in edge computing, which processes data locally. Edge computing offers advantages like lower latency, improved security, and increased resilience, and can be less expensive than traditional cloud-based solutions. As businesses continue to face challenges from cloud-based computing, edge computing is expected to play a crucial role in the future of IT.

Internet of Things

The future of cloud computing is closely linked to the Internet of Things, as the increasing number of devices connected to the internet necessitates a dependable, scalable cloud infrastructure for managing and processing the vast amount of data generated.

Enhanced data storage capacities

Cloud technologies are gaining momentum due to increasing data storage capacity, making it easier and cheaper for businesses to store data in the cloud. As businesses recognize the benefits of these tools, the adoption of cloud-based applications and services is increasing, leading to a growing demand for cloud computing in the coming years.

Artificial Intelligence

Cloud computing is gaining popularity as artificial intelligence (AI) advances, enabling businesses and individuals to store and manage data. AI-powered data analytics can detect patterns and trends undetected, and cloud-based AI systems can learn and evolve over time, making them more efficient at data processing. As a result, demand for cloud-based AI services is expected to rise in the coming years.

Serverless Computing

Serverless computing is a new cloud computing trend that offers a scalable and cost-effective solution for hosting applications and services. It eliminates the need for physical servers and allows application code to be executed in response to events, with all infrastructure managed by a cloud provider. This approach simplifies deployments and lowers overall application costs. Despite its infancy, serverless computing shows promise in the cloud computing industry.

Cloud Orchestration and Optimization

Cloud orchestration is the automation and management of cloud computing resources, while cloud optimization ensures efficient use of these resources. When combined, these processes can help organizations meet their changing needs cost-effectively and efficiently, ensuring their cloud infrastructure meets their evolving needs.

Data Privacy and Cloud Mitigation

Data privacy and security concerns are increasing as businesses and individuals adopt cloud-based solutions for storage and processing. The challenge lies in protecting data from unauthorized access and misuse, as well as mitigating the impact of service disruptions like outages or natural disasters.

Growth Drivers

The global cloud computing market is thriving due to the rise of advanced technologies like artificial intelligence and machine learning. The COVID-19 pandemic has accelerated technological advancements in both developed and developing economies. Cloud computing allows enterprises to maintain business functions and efficiently store, access, and manage critical data. The rise of smartphones, laptops, and the internet has increased the need for data storage and processing, enabling businesses to provide customer-centric services.

The global cloud computing market's growth is driven by customer satisfaction, operational and capital expenditure control, data security, compliance requirements, and quick data recovery, along with the increasing need for efficient data storage and recovery.

Market Restraints

The cloud computing market faces challenges due to unstable internet connectivity in developing countries. This can lead to slow data transfers, service disruptions, and decreased application usability, limiting the benefits of scalability and remote access. This impedes cloud service adoption, affecting cloud providers' growth and profitability, and restrains the market in these regions.

Opportunity

The cloud computing market is experiencing significant growth due to the integration of specialized computing solutions. These solutions enable efficient and targeted task processing, reducing costs and workload. Cloud solution providers can offer specialized hardware and accelerators as services, reducing hardware infrastructure investments. As industries prioritize this integration, the market for cloud computing solutions is expected to expand. RCH Solutions, a US-based provider, assists research and development teams with specialized computing solutions.

Challenges

The global cloud computing market faces a significant challenge due to regulatory barriers, which can impact data privacy, security, and compliance across different countries and regions. Providers must adapt their services to meet these standards, which can stifle growth, increase costs, and create uncertainty for both providers and users. Additionally, these regulations may limit cross-border data sharing, limiting the seamless global nature of cloud services.

Cloud Computing Market Segment Analysis

The integration of businesses with the cloud is enhancing digitalization across various industries.

Cloud Computing Market by Deployment

Private cloud computing services offer self-service, elasticity, and scalability to a limited number of users, making them adaptable for enterprises. They provide enhanced data protection and security for third-party service providers through internal hosting and firewalls.

Hybrid deployment, a combination of public and private cloud models, is expected to be the most profitable segment in the forecast period. It improves cost optimization, business model, application modernization, operations, and user experience. The rise of edge computing is expected to boost demand for hybrid clouds globally.

Cloud Computing Market by Service

In 2022, Software as a Service (SaaS) was the dominant segment, with over 70% of businesses migrating most applications to the cloud. The rise in remote working has significantly increased demand for SaaS platforms, with this trend expected to continue throughout the forecast period.

The global growth of Software as a Service (SaaS) products is expected to equal that of on premise models due to the increasing number of cloud-based businesses and demand for SaaS delivery models. SaaS offers flexibility, options, and web-based subscriptions, making it the fastest-growing segment during the forecast period. These factors are driving the growth of the SaaS segment.

Competitive Landscape of the Cloud Computing Market Analysis

• Adobe Inc.
• Alibaba Group Holding Limited
• com Inc.
• Google LLC
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• com Inc.
• SAP SE
• Workday, Inc

New Developments in Cloud Computing Market

May 23, 2023, Adobe Unveils Future of Creative Cloud with Generative AI as a Creative Co-Pilot in Photoshop

Adobe unveiled Generative Fill in Photoshop, bringing Adobe Firefly generative AI capabilities directly into design workflows. The new Firefly-powered Generative Fill is the world’s first co-pilot in creative and design workflows, giving users a magical new way to work by easily adding, extending or removing content from images non-destructively in seconds using simple text prompts. This beta release of Photoshop is Adobe’s first Creative Cloud application to deeply integrate Firefly with an exciting roadmap ahead that will transform workflows across Creative Cloud, Document Cloud, Experience Cloud and Adobe Express.

May 18, 2023, Alibaba approves cloud computing unit spin-off, prepares for grocery and logistics arms to go public

Alibaba plans to spin-off of its cloud computing business and said Thursday that its logistics and grocery units will explore initial public offerings as the Chinese e-commerce company kickstarts a restructuring of its operations in hopes of spurring growth.

The company in March announced plans to reshape itself into six business divisions with plans to allow all but its core e-commerce business to raise external capital and go public.

Regional Analysis

Largest Market-> North America

Fastest Growing Market-> Asia Pacific

The North America is a leading technology powerhouse, with companies like IBM, Microsoft, and Oracle leading the way in digital transformation. They are early adopters of technologies like IoT, AI, machine learning, and VR, and are also pioneers in telecommunications technologies like 4G, 5G, and LTE. Google, the most successful cloud provider, has demonstrated the viability of large web-based applications delivered via the cloud. Microsoft, a key player in North America, is actively working on offering its services on a cloud-based platform.

North America businesses are collaborating to expand operations and maintain a global presence. Opportunities for growth are expected as organizations invest in IT infrastructure and cloud services, and the country promotes Cross Border Privacy Rules (CBPR). This is expected to accelerate the growth of the cloud computing industry in North America, replacing infrastructure in overburdened data centers with cloud services and edge computing.

The Asia Pacific market is predicted to experience the highest CAGR in the forecast period due to the growth of emerging economies like China and India, and tech giants like Alibaba. Government initiatives like Make in India are also expected to boost manufacturing and IT industries, increasing demand for cloud computing services.

The Asia Pacific is predicted to experience rapid growth due to the surge in demand for cloud-based solutions in manufacturing and healthcare, rising demand for smart electric vehicles, increased internet penetration, and enhanced digitalization.

Segments Covered in the Cloud Computing Market Report

Cloud Computing Market Analysis by Deployment

• Private
• Hybrid
• Public

Cloud Computing Market Analysis by Service

• Software as a Service (SaaS)
  • Customer Relationship Management (CRM)
  • Enterprise Resource Management (ERM)
  • Human Capital Management (HCM)
  • Content Management
  • Collaboration and Productive Suites
  • Supply Chain Management (SCM)
  • Others (Business Intelligence (BI) and Analytics, PPM and operations and manufacturing applications)
• Infrastructure as a Service (IaaS)
  • Primary Storage
  • Disaster Recovery and Backup
  • Archiving
  • Compute
• Platform as a Service (PaaS)
  • Application Development and Platforms
  • Application Testing and Quality
  • Analytics and Reporting
  • Integration and Orchestration
  • Data Management

Cloud Computing Market Analysis by By End User

• IT and Telecom
• BFSI
• Manufacturing
• Healthcare
• Retail and Consumer Goods
• Media and Entertainment
• Energy and Utilities
• Government and Public Sector
• Others

The above information has been provided for the following regions and countries:

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Italy
• Russia

Asia Pacific

• China
• India
• Japan
• South Korea

Latin America

• Brazil
• Mexico

MEA

• UAE
• Saudi Arabia
• South Africa

Frequently Asked Questions

What is the expected growth rate of the Cloud Computing market over the next 7 years?

Cloud Computing Market is estimated to increase at a CAGR of 15.78% from $ 489.23 Billion in 2023 to $ 2134.35 billion by 2030.

Who are the major players in the Cloud Computing market and what is their market share?

Adobe Inc., Alibaba Group Holding Limited, Amazon.com Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc., SAP SE, Workday, Inc, are prominent players operating and dominating in the market.

What is the demand projection for Cloud Computing by 2030?

Demand for Cloud Computing is projected to reach a market value of US$ 2134.35 billion by 2030-end.

What is the sales growth projection for Cloud Computing?

Revenue from sales of Cloud Computing is projected to increase at a CAGR of 15.78% through 2030.