Global Cloud Computing Market to Reach $1.55 Trillion by 2030

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Sep 05, 2022, 11:45 ET

DUBLIN, Sept. 5, 2022 /PRNewswire/ -- The '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' report has been added to ResearchAndMarkets.com's offering.

The global cloud computing market is expected to reach USD 1,554.94 billion by 2030, registering a CAGR of 15.7%. 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.

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.

Cloud Computing Market Report Highlights

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.

Market Dynamics

Market Drivers

Increased Resource, User Mobility, and Ongoing Migration of Applications Over the Cloud
Increasing Adoption of Technologies Such as Artificial Intelligence, Machine Learning, 5G, and Iot

Market Challenges

Data Security and Data Privacy

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Cloud Computing Market: Industry Outlook

Chapter 4 Cloud Computing Market: Service Segment Analysis

Chapter 5 Cloud Computing Market: Deployment Segment Analysis

Chapter 6 Cloud Computing Market: Enterprise Size Segment Analysis

Chapter 7 Cloud Computing Market: End Use Segment Analysis

Chapter 8 Cloud Computing Market: Region Segment Analysis

Chapter 9 Competitive Analysis

Chapter 10 Competitive Landscape

Companies Mentioned