Cloud Computing Market Size Worth $1,554.94 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- The global cloud computing market is expected to reach USD 1,554.94 billion by 2030, registering a CAGR of 15.7%, according to a new study conducted by Grand View Research, Inc. Cloud systems thrive at streamlining inter-organizational communication and providing a simplified alternative for managing corporate processes. Due to cost savings, flexibility and scalability, data security, data storage, and team collaboration, about 70% of firms have already shifted to cloud-based computing for part of their services. For instance, in October 2020, Microsoft Corporation joined with ZEISS Group to improve health care and manufacturing quality through data solutions. Together with the simplicity of deployment and lower total cost of ownership, these advantages are likely to raise cloud computing demand throughout the forecast period, driving the market growth.
Key Insights & Findings from the report:
- The Infrastructure as a Service segment is expected to register the highest CAGR over the forecast period owing to the increasing demand to reduce IT complexities, hire a skilled workforce to manage the IT infrastructures, and reduce deployment costs for data centers to drive the adoption of IaaS.
- The small and medium enterprise segment is anticipated to emerge as the fastest-growing segment owing to reduced costs of IT hardware and software, improved processing capacity and elasticity of storage, and greater mobility of access to data and service. The increasing adoption of cloud technology among SMEs in developing regions is likely to boost the market growth over the forecast period.
- The hybrid deployment segment is anticipated to emerge as the fastest-growing segment owing to the growth of cloud and industrialized services and a decrease in traditional Data Center Outsourcing (DCO). Moreover, edge computing has emerged as one of the most important drivers likely to accelerate the demand for the adoption of hybrid cloud models across organizations worldwide.
- The manufacturing end-use segment is expected to register the highest growth rate over the forecast period. Owing to various functionalities, cloud computing aids manufacturers in utilizing multiple types of production systems, ranging from High-Performance Computing (HPC) and 3D printing to IoT and industrial robots. Cloud services also offer the platforms for continuous agility, innovation, business focus, availability, ability to scale and flexibility, and cost savings which are further projected to accelerate the adoption rate of cloud computing across the industry.
- Asia Pacific is expected to emerge as the fastest-growing region in the market owing to the increasing focus of SMEs and large enterprises to enhance their digital initiatives. The growth in the IT services industry in markets such as India, China, and other South Asian regions is also expected to propel the regional market growth over the forecast period.
Read 130-page market research report, "Cloud Computing Market Size, Share & Trends Analysis Report By Service (IaaS, PaaS, SaaS), By Deployment (Public, Private, Hybrid), By Enterprise Size, By End Use (BFSI, IT & Telecom, Retail & Consumer Goods), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Cloud Computing Market Growth & Trends
The outbreak of the COVID-19 pandemic is likely to impact businesses drastically, stifling innovation, suppressing profitability, and drying up cash flow and financial reserves. IT and software development industries have also been facing challenges due to this unforeseen outbreak. Although all the outcry of COVID-19 has produced personal, professional, and community life, it also presented business opportunities. Thus, cloud computing solutions will support teams in learning to collaborate, and businesses can realize they can function effectively without having people in the office. This scenario is expected to propel market growth. To maintain employee well-being and operational efficiency, a growing number of businesses across multiple verticals have adopted the work-from-home model, driving up demand for Software-as-a-Service (SaaS)-based solutions.
Organizations are adopting cloud computing services as they provide insights into partnering tactics, go-to-market approaches, investments, alliance and acquisition strategies, and best operational practices. Moreover, cloud computing services help measure, correlate, and analyze business activities and ensure that company operations are in line with the customer demands. To get significant business insights for decision-making, many firms are investing in big data, IoT, artificial intelligence, and 5G technologies. Big data technologies are becoming more popular because of the numerous advantages they provide, such as data integration, data segmentation, and business intelligence, to name a few. The growing need for analytics and big data technologies in cloud computing services is opening up plenty of new chances for the market to expand.
Key vendors in the market focus on introducing new cloud solutions, services, and workloads and upgrading of capabilities of their current offerings to strengthen their foothold in the market. Furthermore, vendors also engage in mergers and acquisitions to strengthen their market position and enhance their cloud capabilities. For instance, in October 2020, SAP SE announced an agreement to acquire Emarsys, an omnichannel customer engagement platform provider. The acquisition allowed SAP SE to add the Emarsys customer engagement platform into SAP S/4HANA and Experience Management technology. Emarsys technology would allow SAP Customer Experience solutions to link commerce signals with the back office and activate the preferred channel of the customer with a relevant and consistently personalized message, thereby enabling customers to choose their engagements.
Cloud Computing Market Segmentation
Grand View Research has segmented the global cloud computing market based on service, deployment, enterprise size, end use, and region:
Cloud Computing Service Outlook (Revenue, USD Billion, 2017 - 2030)
- Infrastructure as a service (IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)
Cloud Computing Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
- Public
- Private
- Hybrid
Cloud Computing Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
- Large Enterprises
- Small & Medium Enterprises
Cloud Computing End-use Outlook (Revenue, USD Billion, 2017 - 2030)
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Healthcare
- Media & Entertainment
- Government & Public Sector
- Others
Cloud Computing Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Middle East & Africa (MEA)
List of Key Players in the Cloud Computing Market
- 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.
Check out more related studies published by Grand View Research:
- Edge Computing Market - The global edge computing market size is anticipated to reach USD 61.14 billion by 2028, exhibiting a CAGR of 38.4% over the forecast period, according to a new report by Grand View Research, Inc. The amalgamation of Artificial Intelligence (AI) into the edge ecosystem is expected to drive market growth.
- Healthcare Cloud Computing Market - The global healthcare cloud computing market size is expected to reach USD 27.8 billion by 2026, according to a new report by Grand View Research, exhibiting a CAGR of 11.8% over the forecast period. The associated benefits of data analytics and increase in demand for flexible & scalable data storage by healthcare professionals is expected to drive the demand for these services over the forecast period.
- Fog Computing Market - The global fog computing market size is expected to reach USD 617.3 million by 2025, at a registering a CAGR of 61.3% over the forecast period, according to a new report by Grand View Research, Inc. The increasing demand from end-use industries is expected to propel the industry growth.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Grand View Research, Inc.
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