Cloud Computing Market is Expected to Contribute $1,880.61 Billion

Cloud Computing Market to Contribute $1,880.61 billion Annually to The Global economy by 2032

ReportID: CCT151 | Coverage: GLOBAL |
Category: Information Technology | Sub-Category: Cloud Computing Technology |
Published in: May 2024 | US$1990 |

The latest cloud computing market spending tracker underscores the substantial revenue potential of cloud computing technology globally.


02 May 2024 – A recent cloud computing industry spending tracker by DataCube Research indicates that the cloud computing market has the potential to unlock billions of dollars in economic value by 2032, provided there is fast pace migration of operational frameworks towards cloud.


The cloud computing industry spending tracker indicates that cloud computing technology is projected to contribute up to US$ 1,880.61 billion to the global economy by the end of 2032. This growth is driven by the increasing demand for process improvement as most of the end user organisations believe cloud has the ability to accelerate their digital future. Further, as a part of cloud first strategy initiatives embracing cloud technology enables companies to swiftly undergo digital transformation with a focus on achieving tangible outcomes.


According to industry experts, the growth rate of the potential market value relies heavily on the rate of adoption of cloud computing services across industries and the reinforcement of security measures within cloud infrastructure. Additionally, many companies have migrated certain processes to the cloud with the goal of integrating artificial technology in their processes, lowering IT capital expenditures and expediting service delivery. This is projected to boost the growth of the cloud computing market during the forecast period, 2024 – 2032.


The Interplay of AI Investment and Cloud Computing in Business Transformation

Enterprises are rapidly increasing their investments in AI, with DataCube forecasting a healthy annual growth in spending on AI systems, that accounted over US$80 billion globally in 2022. This surge in AI investment is transforming various aspects of business, from strategy to IT infrastructure, notably through the integration of cloud computing. Also, cloud providers are driving AI demand by offering a range of tools and services, simplifying AI system development and operation without significant upfront costs. These include specialized hardware, automated APIs for tasks like speech recognition, and machine learning modelling tools. This accessibility is facilitating the adoption of cloud-based AI services by enterprises. For instance, Walgreens announced plans to utilize Microsoft's Azure cloud for healthcare innovation, while leading shipbuilders leverage AWS for autonomous vessel management. Additionally, organizations like the American Cancer Society benefit from Google's machine learning services for tissue image analysis. The synergistic relationship between cloud and AI is expediting the adoption of both technologies across industries.

Research Scope

The cloud computing market spending tracker, developed from thorough analysis and industry expert consultations, offers insights into spending patterns and growth opportunities across various segments such as service model, deployment model, subscription model, enterprise size, and 10 major industry verticals. Apart from this, DataCube Research has included 6 major regions and 40+ countries in the regional scope. Among regional markets, North America cloud computing market dominated the industry in 2023 with 51.20% market share. However, Asia Pacific cloud computing market is projected to emerge as fastest growing market with 13.81% CAGR during the forecast period, 2024 - 2032. Additionally, in the regional India cloud computing market stood at US$ 10.50 billion in 2023, and is anticipated to expand at a CAGR of 18.11%.


For detailed segmentation, click here.


Finally, you can also opt for the cloud computing market insights booklet which outlines the cloud computing industry outlook, dynamics, challenges confronting industry, key vendors, and policymaker in leveraging cloud computing technology. Additionally, it explores the strategic imperatives for both adopter and government to propel the country towards global leadership in cloud computing space.


To learn more, purchase tracker and report click here


About DataCube Research

DataCube Research is one of the leading providers of custom and syndicated research services for Information technology, consumer electronics, and telecommunication markets. DataCube is focused towards delivering complete packaged solutions to its clients which comprise market intelligence, statistical anecdotes, consumer insights, current & future market trends, and growth potentials. DataCube’s research reports provide manufacturers, solution providers, suppliers, investment advisors, consultants, researchers, industry professionals, and government bodies with competitive intelligence and projections on various industries.


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