Cloud Computing Market Worth $1,402.7 Billion by 2030

The Cloud Computing Market is projected to reach $1,402.7 billion by 2030, at a CAGR of 16.8% from 2023 to 2030. The growth of this market is driven by the increase in adoption of cloud computing services, personalized customer experience, rising demand for AI, and increasing adoption of technologies such as ML and IoT. However, data security & privacy concerns may restrain the market’s growth. The rising government initiatives and consistently rising adoption of cloud computing solutions among businesses are expected to offer significant growth opportunities for the cloud computing market. Furthermore, complexities related to the adoption of the multi-cloud model are expected to pose challenges to the growth of the cloud computing market. The latest trends in the global cloud computing market are cloud gaming and serverless computing.

Based on service model, in 2022, the software as a service segment accounted for the largest share of the global cloud computing market. The large market share of this segment is attributed to the rising adoption of cloud computing services, increasing preferences for SaaS delivery models, and growing demand for AI. In addition, the benefits offered by software as a service, such as flexible costs, easy maintenance, and easy deployment, further augment the growth of this segment. Additionally, this segment is projected to register the highest CAGR during the forecast period.

Based on deployment mode, the hybrid cloud segment is projected to register the highest CAGR during the forecast period. The growing demand for scalability, the rising need for agile and cost-effective computing, and the rising demand for computational power are expected to support this segment's growth.

Based on end user, the healthcare segment is projected to register the highest CAGR during the forecast period. The growing trend of digitalization of healthcare, the integration of advanced AI/ML algorithms, cloud deployment of healthcare systems, rising expenditure, inefficient facility management, and overburdened systems are creating a surge in demand for healthcare cloud computing infrastructure.

In 2022, North America accounted for the largest share of the cloud computing market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. However, Asia-Pacific is projected to record the fastest growth rate during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, the rapid growth rate of developing economies, rapidly developing data centers, and the growing awareness about the importance of cloud computing among small & medium-sized organizations create huge opportunities for the cloud computing market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022. The key players operating in the global cloud computing market are Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.), Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.).

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