Global Cloud Computing Market | Analysis 2019-2032

Global Cloud Computing Market Analysis, Size, and Forecast by Service Model, Deployment Model, Subscription Model, Company Size, End User, and Region: 2019-2032

Avalibale Format*:   Pivot  |  ReportID: CCT1568  |  Coverage: GLOBAL | Type: Industry Tracker
Category: Information Technology  |  Sub-Category: Cloud Computing Technology
Published Date: April 2024   |  US$1990  |

GLOBAL CLOUD COMPUTING INDUSTRY SNAPSHOT

Global Cloud Computing Market


  • The global cloud computing market is estimated to reach US$ 811.71 billion in 2024, witnessing a YoY growth of 14.51%.
  • The global cloud computing market is projected to experience a significant upsurge in market revenue, reaching US$ 1,880.61 billion by the end of 2032.
  • In terms of growth, the market is anticipated to expand at a CAGR of 11.07% between 2024 and 2032.
  • The market is expected to witness an absolute dollar opportunity of US$ 1,068.90 billion between 2024 and 2032.
  • Among the service models segment in cloud computing market, infrastructure as a service (IaaS) segment dominated the market, with an expected market value of US$ 221.34 billion in 2024
  • Platform as a service (PaaS) segment is forecasted to expand at a CAGR of 12.05% during the projection period (2024-2032)
  • Among the diverse regions within this market, North America cloud computing market takes the lead, projecting a market value of US$ 412.17 billion in 2024
  • The fastest growing market among region is Asia Pacific, experiencing a CAGR of 13.81%.

Cloud Computing Market Outlook

Cloud computing technology has a significant influence on the IT strategy roadmap developed by frontrunners across end-user industries. It allows large or mid enterprises to avail on-demand self-services and access broad network and enable them to respond to business opportunity. Widespread adoption of cloud computing technology will have transformative effect on all types of organizations and government bodies. This technology has the ability to spur innovations, provide flexibility and scalability to end user organizations, reduce time to market, and deliver new customer engagement solutions. Further, cloud computing technology has emerged as a transformative force, reshaping the landscape of modern business operations. As organizations navigate the complexities of digital transformation, the potential of cloud computing technology emerges at a faster pace, presenting unparalleled opportunities for innovation, efficiency, and growth. In recent years, cloud computing has transcended its status as a mere IT infrastructure solution to become a strategic imperative for businesses across industries. This, in turn is fuelling growth of the cloud computing market globally. At the heart of cloud computing's potential lies its ability to unlock agility and scalability, enabling organizations to adapt swiftly to changing market dynamics and scale their operations seamlessly. With cloud migration, businesses can leverage on-demand resources and elastic computing capabilities to meet fluctuating demand, optimize resource utilization, and drive operational efficiency. Moreover, cloud computing technology offers a pathway to cost optimization, providing organizations with the opportunity to streamline expenses, optimize resource allocation, and enhance overall cost efficiency. By moving towards cloud-based solutions, businesses can minimize cost associated with on-premise infrastructure, reduce maintenance overheads, and achieve greater cost predictability. These factors are projected to boost the growth of the cloud computing market during the forecast period.

Fostering Innovation and Growth Through Cloud Technology

In addition to cost optimization and agility, cloud computing technology fuels innovation, enabling organizations to utilize benefits and integrate advanced technologies like artificial intelligence, machine learning, and big data analytics. This empowers end user enterprises to extract actionable insights, automate processes, and achieve business objectives, thereby propelling cloud computing market growth. Furthermore, cloud-native development tools and platforms enable developers to build and deploy applications rapidly, iterate quickly, and experiment with new features and functionalities. This fosters a culture of innovation within organizations, where experimentation and creativity are encouraged, leading to breakthrough discoveries and competitive differentiation. As businesses embark on their cloud journey, it is essential to recognize the transformative potential of cloud computing technology and harness it effectively to drive organizational success. By embracing cloud technology as a strategic enabler, organizations can unlock new opportunities for growth, agility, and innovation, positioning themselves for success in an increasingly competitive and dynamic marketplace.
 

End user organizations across major verticals such as IT & telecom, BFSI, manufacturing, retail, and healthcare are rapidly shifting towards cloud computing technology to reduce cost associated with IT staff and infrastructure. Additionally, enhanced storage capacity, scalability, and flexibility offered by cloud computing technology is expected to encourage enterprises to embrace this technology. This, in turn, is projected to fuel growth of the cloud computing market across the globe. In contrast, major issues associated with data security and privacy is impeding adoption of IaaS and SaaS models, hindering growth of the cloud computing market. Further, lack of control over data and regulatory compliances are other factors hampering the market growth to some extent. The global cloud computing market study takes in major regions such as North America, Latin America, Eastern Europe, Asia Pacific, and Middle East & Africa. Of these, North America was the dominant regional market in terms of spending on IaaS, PaaS, and SaaS in 2016. Major end-user industries such as manufacturing, BFSI and healthcare are investing substantial amount on cloud computing technologies.  and Asia Pacific are the other attractive regional markets for cloud computing services providers. Growing awareness and enhanced data security services offered by third party service providers are fuelling growth of cloud computing market in these regions.

Generative AI Market Trends and Developments

CIOs across large and mid-sized enterprises are focusing on developing strategies to optimize the potential of cloud for genuine value. Majority of the cloud users from end user verticals such as IT & telecom, BFSI, and healthcare are expediting cloud adoption. DataCube’s findings highlights that numerous health departments are adopting cloud solutions to improve customer service delivery, particularly for benefits-claims processing and case management workloads. Further, cloud user organizations are concentrating on selecting cloud vendors with security certification. Apart from end user trends, there are other major events and developments are being carried out by cloud vendors that are reshaping the cloud computing industry.
 

  • In March 2024, AWS Danske Bank entered a multiyear agreement. This collaboration aligns with Danske’s Forward' 28 strategy, aiming to provide its customers with innovative digital solutions, increased self-service capabilities, and seamless access to essential banking services. Additionally, this partnership is integral to its efforts to enhance operational efficiency and streamline our banking services.
     
  • In August 2023, Google and SAP SE entered partnership to provide joint customer with generative AI offering equipped with various features. This developed is aimed at delivering tangible benefits in day-to-day operations and creating substantial value for their businesses.
     
  • In May 2023, IBM confirmed its acquisition of Polar Security, slated to be integrated into its Guardium unit. This integration aims to enhance IBM's ability to help customers identify security risks and compliance violations. Polar Security, which recently emerged from stealth mode, has received backing of USD 8.5 million from investors including Gilot, IBI, and various individuals.
     
  • In March 2023, Cisco acquired Lightspin Technologies, a prominent Israeli cloud security software company renowned for its advanced solution specializing in comprehensive cloud security posture management (CSPM) for cloud-native resources. This acquisition involved an investment ranging from US$ 200 million to US$ 250 million.

Cloud Computing Competitive Landscape

Prominent players operating in the global cloud computing market are Amazon Web Services, Inc., Google Inc., salesforce.com, Inc., Microsoft Corporation, VMWare, Inc., SAP SE, Cisco Systems, Inc., Oracle Corporation, IBM Corporation, Software AG, and Hewlett Packard Enterprise. These players are focused towards offering tailored and cost-effective services to end user organizations to remain ahead in the competition in long run.

Cloud Computing Industry Coverage

Analysis Period

2019 – 2032

Actual Data

2019 – 2023

Base Year

2023

Estimated Year

2024

CAGR Period

2024 – 2032

Research Scope

Service Model

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

Deployment Model

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

Subscription Model

  • On-Demand Subscription
  • Committed Use Subscription
  • Package Subscription
  • Hybrid Subscription

Enterprise Size

  • Startups & Small Businesses (1-50 employees)
  • Mid-Sized Companies (51-250 employees)
  • Large Enterprises (251+ employees)

End User

  • IT and Telecom
  • Media and Entertainment
  • Energy and Power
  • Transportation and Logistics
  • Healthcare
  • BFSI
  • Retail
  • Manufacturing
  • Government
  • Education

Regions & Countries Covered

North America

  • US
  • Canada
  • Mexico

Western Europe

  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordics
  • Rest of Western Europe

Eastern Europe

  • Russia
  • Poland
  • Rest of Eastern Europe

Asia Pacific

  • Japan
  • Australia
  • China
  • South Korea
  • India
  • Malaysia
  • Hong Kong
  • Indonesia
  • New Zealand
  • Rest of Asia Pacific
  • Thailand
  • Vietnam
  • Philippines
  • Taiwan
  • Singapore
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Peru
  • Colombia
  • Chile
  • Rest of Latin America

Middle East & Africa (MEA)

  • Israel
  • South Africa
  • Saudi Arabia
  • United Arab Emirates
  • Qatar
  • Kuwait
  • Oman
  • Turkey
  • Nigeria
  • Kenya
  • Zimbabwe
  • Rest of MEA
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