Cloud Computing Market Size to grow by USD 404.7 billion between 2024-2028
According to a research report “ Cloud Computing Market” by Deployment (Public cloud, Private cloud) Service (SaaS, IaaS, PaaS) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 404.7 billion, at a CAGR of 15.19% during the forecast period. In today's business landscape, enterprises are prioritizing cost reduction by shifting their computing needs to cloud services. SMEs, in particular, are leaning towards public cloud solutions due to their flexibility in scaling hardware and resources on-demand. Establishing a data center entails significant Capital Expenditure (CAPEX) for purchasing and maintaining hardware, software, Operating Systems (OS), and servers. Public cloud solutions are advantageous for businesses requiring temporary access to additional resources. However, for routine operations, dedicated resources are essential to ensure smooth functionality. Thus, cloud computing offers enterprises a cost-effective and scalable alternative to traditional data center setups.
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By Deployment, the Public cloud segment is projected to dominate the market size in 2024
In the dynamic business landscape of 2023, Software-as-a-Service (SaaS) emerged as the dominant segment in the global cloud computing market. SaaS represents a service delivery model where a cloud vendor centrally hosts software applications and associated data, accessible via web browsers over the Internet. Subscribing users gain unhindered access to various software components and features, enabling seamless workforce mobilization. The convenience of accessing SaaS applications and data from any Internet-connected device, without the need for customized application development, significantly enhances enterprise agility and efficiency.
By Service, SaaS segment is expected to hold the largest market size for the year 2024
In the financial services sector, the public cloud segment has gained significant traction in the global cloud computing market, accounting for a substantial market share in 2023. This trend is primarily driven by the increasing globalization of businesses and the expansion of the IT and BFSI sectors. With the proliferation of Small and Medium Enterprises (SMEs) in emerging economies such as China, India, Brazil, Indonesia, and Mexico, there is a growing demand for cloud-based solutions to facilitate business insights. Financial institutions operate in a highly competitive landscape, requiring optimal uptime, security, connectivity, and data integrity. To meet these demands, they rely heavily on IT infrastructure. As the financial services industry becomes increasingly complex, companies must leverage cloud computing to gain a competitive edge and meet the evolving needs of their customers.
North America is forecasted to hold the largest market size by region in 2024
The cloud computing market is experiencing significant growth, with businesses increasingly adopting this technology to enhance their operational efficiency and reduce IT infrastructure costs. Cloud computing enables organizations to access and utilize computing resources on demand, offering scalability, flexibility, and reliability. Companies can leverage various cloud services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), to streamline their operations and focus on their core competencies. The market is expected to continue its robust growth trajectory, driven by the increasing digitization of businesses and the continuous advancements in cloud technology.
The Cloud Computing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Cloud computing market is witnessing significant growth as more businesses shift towards public cloud services for their IT needs. The market is segmented into public cloud services, private deployment segment, and cloud infrastructure services. Public cloud services include Video-on-Demand, software, and storage services, which are widely adopted by various industries for their media and content delivery needs. Large enterprises segment is a major contributor to the cloud infrastructure services market, which offers solutions like Vultr and Bitdeer for computing power, storage, and networking. Real-time analytics, 5G, IoT, industrial solutions, digital transformation, and Big Data are driving the adoption of cloud computing in various sectors. The advent of 5G technologies and edge computing is enabling the delivery of high-quality videos, images, and other content directly to personal computers and local servers via the internet. Machine Learning (ML) and Artificial Intelligence (AI) are also being integrated into cloud services to provide advanced solutions for businesses. The future of cloud computing looks promising, with continued innovation and growth in the market.
Market Research Overview
Cloud computing is a dynamic and evolving market that continues to gain traction among businesses of all sizes. The market is segmented into public cloud services, which include Video-on-Demand, Cloud infrastructure services, and Software as a Service (SaaS); and private deployment segments. Large enterprises are major consumers of cloud computing, with healthcare, finance, and IT sectors leading the way. Key players in the cloud computing market include Airtel, Vultr, Intel, Lenovo, and VMware, among others. They offer a range of services, from Cloud Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) to Machine Learning (ML) and Artificial Intelligence (AI) solutions. Public cloud services like Google Cloud and Amazon S3 dominate the market, offering scalable and cost-effective solutions for storing and managing files, videos, images, and documents. However, the private deployment segment is also gaining popularity, especially among large enterprises that require more control and security. The cloud computing market is also witnessing the emergence of new technologies like 5G, IoT, and Edge computing, which are transforming industries, from healthcare and finance to industrial solutions and digital payments. With the increasing adoption of cloud computing, IT workers need to acquire the necessary expertise and technical knowledge to leverage these technologies effectively. Moreover, the cloud computing market is expected to grow further with the integration of Generative AI, Nvidia GPUs, and Real-time analytics, offering new opportunities for businesses to optimize their operations and enhance their customer experience. The ROI of cloud computing is evident, with digital transformation becoming a priority for businesses across the globe. In summary, the cloud computing market is a dynamic and evolving landscape, with new technologies and players continually entering the scene. From Video-on-Demand and Machine Learning to 5G and Edge computing, the possibilities are endless, and businesses need to stay informed and adapt to stay competitive.
Contacts
Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
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