Global Cloud Computing Market By Service (Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS)), By Deployment (Hybrid, Private, and Public), By Enterprise Size(Small & Medium Enterprises and Large Enterprises), By End-use (IT & Telecom, BFSI, Retail & Consumer Goods,and others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Cloud Computing Market Overview:

The global cloud computing market was valued at USD 368,970 million in 2021. It is expected to grow at a CAGR of 16% between 2023 to 2032.

Emerging technologies like Artificial Intelligence and Machine Learning enable cloud growth by allowing companies to tap into AI capabilities. The global economy faces significant challenges due to the COVID-19 pandemic.

Cloud computing is able to help enterprises overcome the challenges of business continuity due to the lockdown, work at home, social distancing, and other mandates that have affected the market. Despite this, employees, managers, and businesses continue to choose remote work due to the pandemic. This trend is likely to continue in the long term.

Global Cloud Computing Market Scope:

Service analysis

In 2021, Software as a Service (SaaS), accounted for a 55.1% revenue share. SaaS’s flexibility, ease of maintenance, and deployment are the reasons for high demand. According to industry estimates, 74.01% of enterprises have moved most of their applications to the SaaS platform. Remote work has led to a rise in the demand for SaaS services, which allow collaborative teams to access previously centralized data and analysis.

SaaS products will see strong growth over the next years, as their Total Cost of Owning (TCO), will be the same as that of on-premise deployment models. Over the forecast period, SaaS segment growth will be accelerated by increasing demand for SaaS delivery models and the increasing number of cloud-based businesses.

SaaS offers organizations more flexibility, options, and the ability to access the program remotely via web-based subscriptions. SaaS is a delivery model that focuses on software solutions that can reach many people.

Deployment analysis

With a share of more than 47.2% in the market for cloud computing, the private deployment segment was at the top of this market over a private network or the internet, private clouds provide computer services. They are not accessible to the general public, but rather to a small number of individuals.

It offers many advantages to enterprises such as self-service and scalability. Further customizations and controls are also available on-premise. Private clouds offer third-party providers greater privacy and security by using internal hosting and firewalls that ensure high-level data protection.

Hybrid deployment, which includes both public and private models, will see a significant growth rate during the forecast period. The hybrid model is the most popular implementation model across industries.

Many firms are increasingly focusing their efforts on hybrid cloud models and smart ways to improve business operations, resource utilization, cost optimization, user experience, application modernization, and maximize the benefits. The most important force expected to accelerate the adoption of the hybrid cloud model in enterprises around the globe is edge computing.

Enterprise Size analysis

In 2021, the largest market share was held by large enterprises at 52.6%. Demand is driven by lower operating costs, better collaboration, greater flexibility, and faster time to market. Cloud computing allows companies to delegate repetitive work to technology that can complete them quicker.

Cloud computing is expected to grow in popularity as more companies use it to streamline their operations. The projected growth in the number of large enterprises in both established and emerging countries will drive demand for cloud computing services.

Over the forecast period, the fastest-growing segment will be the Small and Medium Enterprises segment (SMEs). This is due to the increasing number of SMEs in emerging countries like India and China. The market will continue to grow due to a rise in demand for cloud computing services by SMEs to improve workflow and lower operational costs.

Cloud computing helps SMEs to reduce costs, eliminate repetitive operations, prioritize work and improve team collaboration. These benefits are expected to increase the adoption of cloud computing within this segment over the next few years.

End-use analysis

In 2021, the BFSI segment had the highest revenue share at over 26.4%. Online banking has increased in the BFSI sector, which has led moneylenders and banks to embrace digital transformation. Cloud computing plays a crucial role in this process.

Cloud computing has allowed firms to reduce expenses, increase innovation, strengthen client relationships, and increase flexibility within the BFSI sector. The COVID-19 epidemic has changed the way people communicate and do business.

Cloud services are being used to store and manage consumer data. BFSI will continue to see a significant role in the development of cloud services. This includes digital wallets, online funds transfers, payment gateways, and a unified customer experience.

Cloud services are expected to be adopted by the manufacturing sector as they offer benefits like seamless data management and real-time visibility.

The cloud service model is poised to provide significant value for manufacturers, as it incorporates advanced technologies like sensors, AI and ML, big-data analytics, IoT, and big data analytics.

The manufacturing sector also uses computing services to plan enterprise resources, manage supply chain management, and store information related to enterprise manufacturing. Cloud computing services are a great way to share, analyze, and access large amounts of information in the manufacturing sector.

Cloud computing services can also be used to improve business agility, innovation, business focus, and scale, as well as cost savings.

Кеу Маrkеt Ѕеgmеntѕ

By Service

• Infrastructure as a Service (IaaS)
• Software as a Service (SaaS)
• Platform as a Service (PaaS)

By Deployment

• Hybrid
• Private
• Public

By Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

By End-use

• IT & Telecom
• BFSI
• Retail & Consumer Goods
• Energy & Utilities
• Manufacturing
• Government & Public Sector
• Media & Entertainment
• Healthcare
• Other End-uses

Market Dynamics:

One of the most important workplace transformations is likely to be caused by the pandemic. It is transforming how businesses use smart technologies like mobile supercomputing and IoT. As organizations continue to move their workloads from traditional channels into digital formats, the cloud-computing market saw a significant increase in demand for Q3 2020.

Microsoft Team platform users grew to 45 million worldwide due to the high demand for collaboration tools. The 8×8 Video Meetings cloud platform saw a 300% increase in users over the week ending February 2020 in 150 countries. Due to lockdowns, most people stayed home and opted for streaming platforms like Amazon Prime, Disney+, or Twitch. To meet consumer demand, this surge in Video-on-Demand (VoD), has increased the demand for Infrastructure (IaaS).

Cloud computing is a faster and more efficient way to adapt to market changes and manage business operations. It simplifies technology consumption. It opens up new avenues for creating high-quality interactions with customers. Cloud has influenced behavior change in people and businesses. It has also enabled many lines of business to work around the tech policies and get things done.

Cloud trends guide organizations’ digital business decisions, investment strategies, and vendor and technology selection.

Organizations are being forced to modernize their infrastructure and application landscapes to increase business agility and cost-efficiency. Cloud solutions and services can be used to support key business activities, transfer business workloads to the cloud, and reduce latency.

Organizations are concerned about data security and privacy. Information storage, use, and transmission must all be protected digitally. According to surveys, 61% of business-sensitive data on hard drives is unsecure.

Vendors offer important security services such as data encryption, authorization management, and access control, cloud integration, monitoring &auditing, business continuity services, and communication security. Vendors such as Amazon.com Inc., Microsoft Corporation, Google LLP, and Microsoft Corporation provide 99.9% uptime which alleviates organizations of the responsibility of maintaining backup infrastructure and recovery facilities.

Regional Analysis

With a more than 41.2% revenue share in 2021, North America was the dominant market. U.S. companies are known for their strong focus on digital transformation. They are often regarded as early adopters and innovators of new technologies like the IoT and additive manufacturing, big-data analytics, connected industries, and AI. Businesses in the U.S. continue to use cutting-edge technology, which bodes well for their growth.

Over the forecast period, Asia Pacific will be the fastest-growing region. The region’s market growth has been boosted by the rapid rise of India and China, as well as the emergence of regional players such as Alibaba Group.

Initiatives like Make in India have made substantial investments in the IT and manufacturing sectors, which has increased the demand for cloud computing in India. Additionally, in order to meet the objectives of the governments regarding data sovereignty, hyper-scale cloud service providers like Microsoft Corporation, Amazon.com Inc., and Google LLP are building data centers in regions like Indonesia and Thailand.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Industry players will find that strategic mergers, partnerships, and acquisitions are the best ways to quickly access emerging markets and improve their technological capabilities. Barco, for example, chose Salesforce in May 2021 to improve its customer, partner, and employee experience and prepare itself for future growth.

Microsoft Corporation partnered in October 2020 with ZEISS Group to improve patient care and manufacturing quality using data solutions. ZEISS Group was to adopt Microsoft Azure as its cloud platform under this partnership to offer its German manufacturing partners digital experiences, quickly address changing market conditions, and improve overall productivity and efficiency.

Service expansion, product differentiation, upgrades, and product differentiation are all expected to help companies grow in this market. IBM Corporation, for example, announced in January 2020 the launch of Advertising Accelerator with Watson. This predictive solution uses AI and leverages Watson in order to create campaigns that can help advertisers and marketers understand the preferences and provide actionable insights.

Маrkеt Кеу Рlауеrѕ:

• Adobe Inc.
• Google LLC
• Alibaba Group Holding Limited
• International Business Machines Corporation
• Amazon.com Inc.
• Oracle Corporation
• Salesforce.com Inc.
• Microsoft Corporation
• SAP SE
• Other Key Players

For the Cloud Computing Market research study, the following years have been considered to estimate the market size: