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Cloud Computing Market

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Cloud Computing Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Service Model (Infrastructure As A Service (IaaS), Platform As A Service (PaaS), Software As A Service (SaaS)), By Deployment Model (Public Cloud, Private Cloud, Hybrid), By Organization Size (Small And Medium-Sized Enterprises, Large Enterprises), By Vertical (Banking, Financial Services, And Insurance, Telecommunications, IT And ITES, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Energy And Utilities, Media And Entertainment, Healthcare And Life Sciences, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

  • Published Date: May 2022
  • Report ID: BWC22144
  • Available Format: PDF
  • Page: 196

Report Overview

The global cloud computing market is growing at a high rate owing to the increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning, Internet of Things (IoT), etc., along with the rapid shift towards work from home (WFH) due to the COVID-19 pandemic...

Global Cloud Computing Market- Industry Trends & Forecast Report 2028

The global cloud computing market was worth USD 390 billion in 2021 and is further projected to reach USD 852 billion by the year 2028, growing at a CAGR of around 11% during the forecast period. Cloud computing is among the fastest-growing sectors in the world owing to the increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), etc., that generates huge volumes of data. Furthermore, the rapid shift towards work from home (WFH) culture due to the COVID-19 pandemic is also driving the growth of the market.

Cloud Computing Market

Cloud Computing - Overview

Cloud computing is a technology that enables real-time and on-demand access to computer services, such as data storage and processing power, without requiring direct management. Using cloud computing is cost-effective for organizations because they only pay for the cloud services they want instead of spending on IT infrastructure and operating costs. Cloud computing also offers better productivity as it eliminates the need for assembling, racking, and stacking IT components. Cloud computing is entering the maturity stage with more and more companies embracing a cloud-first strategy.

Cloud Computing Market Forecast and Trends

Growth Drivers

Increasing Adoption of Advanced Technologies

The increasing adoption of advanced technologies such as Artificial Intelligence (AI), Machine Learning, IoT, Big Data, etc., is emerging as the major driving factor for the growth of the global cloud computing market. AI and IoT generate large volumes of data that can be processed and utilized to extract insights to improve business efficiency. These technologies are gaining significant traction in different industries including manufacturing, healthcare, supply chain, energy and utilities, media and entertainment, etc. With the surging adoption of these advanced technologies, the demand for cloud computing is also projected to rise.

Rising Number of Data Centers

A data center is one of the major components of cloud computing as it is the facility that stores all the critical applications and data that an organization uses. To boost the adoption of cloud computing, the government and private players are significantly investing in establishing new data centers in different regions. For instance, China Mobile and Huawei recently announced their partnership to create a modular data center in the historic Chinese city of Xi'an. These factors are anticipated to drive the market growth during the forecast period.

Restraints

Huge Gap in Cloud Computing Growth and Cybersecurity Skills

The adoption of cloud computing is surging at a high rate. However, the human resources to handle these rapid changes are unable to cope with them. As a result, a huge cybersecurity skills gap is created, which is anticipated to act as a major restriction for the global cloud computing market. This skill gap burden is mostly to be borne by small and medium-sized enterprises who are unable to hire trained professionals with skills at their high fees.

Impact of COVID-19 on Cloud Computing Market

The global cloud computing market witnessed tremendous growth after the COVID-19 pandemic outbreak. As the lockdown was imposed in different parts of the world, all the possible economic activities shifted towards work-from-home, due to which the need for remote access and data transfer spiked, which boosted the demand for cloud computing. Furthermore, the quarantine period also resulted in the surge of online streaming platforms such as Netflix, Amazon Prime, Disney Hotstar, etc., which offers real-time on-demand content streaming. This has proliferated the growth of the global cloud computing market in the COVID-19 period.

Global Cloud Computing Market - By Service Model

Based on service model, the global cloud computing market is segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS). The Software as a Service (SaaS) holds the largest share in the cloud computing market owing to its easy deployment and low maintenance charges. The organizations can pay according to their needs and data volume, without the need to establish a physical infrastructure. Therefore, most leading players such as Google or Amazon focus on SaaS offerings, which drives its market growth.

Global Cloud Computing Market - By Organization Size

Based on organization size, the global cloud computing market is segmented into small and medium-sized enterprises and large enterprises. The large enterprise segment accounts for the largest share in the cloud computing market. They often chose private cloud deployment due to their high financial capacity. Cloud computing allows large enterprises to improve their business offering, lower their operating costs, boost their collaboration, etc. The small and medium-sized enterprises are projected to witness the highest CAGR during the forecast period.

Global Cloud Computing Market - Regional Insights

Geographically, the global cloud computing market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America dominates the cloud computing market owing to the presence of leading cloud computing service providers such as IBM, Microsoft, Oracle, Google, etc. Furthermore, an increasing number of SMEs and large enterprises and the growing adoption of advanced technologies are anticipated to drive the growth of the global cloud computing market in the forecast period. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.

Competitive Landscape

The leading market players of the global cloud computing market are Google, Adobe Inc., Workday, Inc., Alibaba Group Holding Ltd., SAP SE, Amazon Inc., Salesforce Inc., International Business Machines Corporation (IBM), Oracle Corporation, Microsoft Corporation, Databricks, Uptake Technologies Inc., Vlocity Inc., DigitalOcean, Inc., Box, Inc., Okta, Inc., Penguin Computing, Sabalcore Computing, Univa Corporation, and other prominent players.

The market is highly consolidated and dominated by multinational corporations such as Google Inc. and Amazon. The companies constantly launch new cloud offerings to expand their product portfolio and increase their product penetration. They also customize their offerings according to the size and needs of the organizations. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

  • In January 2022, Dell Technologies, the computer software company, announced plans to expand their product portfolio by offering multi-cloud capabilities such as storage and data protection as-a-service in the form of APEX Multi-Cloud Data Service, APEX Backup Service, and Project Alpine.
  • In January 2022, Oracle, a cloud infrastructure firm, announced the inauguration of its first data center in South Africa, its first cloud region in Africa for enterprise cloud services.

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Service Model, By Deployment Model, By Organization Size, By Vertical, By Region
Key Players Google, Adobe Inc., Workday, Inc., Alibaba Group Holding Ltd., SAP SE, Amazon Inc., Salesforce Inc., International Business Machines Corporation (IBM), Oracle Corporation, Microsoft Corporation, Databricks, Uptake Technologies Inc., Vlocity Inc., DigitalOcean, Inc., Box, Inc., Okta, Inc., Penguin Computing, Sabalcore Computing, Univa Corporation, and other prominent players.

By Service Model

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

By Deployment Model

  • Public Cloud
  • Private Cloud
  • Hybrid

By Organization Size

  • Small And Medium-Sized Enterprises
  • Large Enterprises

By Vertical

  • Banking, Financial Services, And Insurance
  • Telecommunications
  • IT And ITES
  • Government And Public Sector
  • Retail And Consumer Goods
  • Manufacturing
  • Energy And Utilities      
  • Media And Entertainment
  • Healthcare And Life Sciences
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. Global Cloud Computing Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Landscape/Recent Development
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. Global Cloud Computing Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Service Model
        1. Infrastructure as a Service (IaaS)
        2. Platform as a Service (PaaS)
        3. Software as a service (SaaS)
      2. By Deployment Mode
        1. Public Cloud
        2. Private Cloud
        3. Hybrid Cloud
      3. By Organization Size
        1. Large enterprises
        2. Small and medium-sized enterprises (SMEs)
      4. By Vertical
        1. Banking, Financial Services, and Insurance (BFSI)
        2. Telecommunications
        3. IT And ITES
        4. Government and Public Sector
        5. Retail and Consumer Goods
        6. Manufacturing
        7. Energy And Utilities
        8. Media and Entertainment
        9. Healthcare and Life Sciences
        10. Others
      5. By Region
        1. North America
        2. Europe
        3. The Asia Pacific
        4. Latin America
        5. The Middle East and Africa
  6. North America Cloud Computing Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Service Model
      2. By Deployment Mode
      3. By Organization Size
      4. By Vertical
      5. By Country
        1. United States
        2. Canada
  7. Europe Cloud Computing Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Service Model
      2. By Deployment Mode
      3. By Organization Size
      4. By Vertical
      5. By Country
        1. Germany
        2. United Kingdom
        3. Italy
        4. France
        5. Spain
        6. Rest of Europe
  8. The Asia Pacific Cloud Computing Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Service Model
      2. By Deployment Mode
      3. By Organization Size
      4. By Vertical
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
  9. Latin America Cloud Computing Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Service Model
      2. By Deployment Mode
      3. By Organization Size
      4. By Vertical
      5. By Country
        1. Brazil
        2. Mexico
        3. Rest of Latin America
  10. The Middle East & Africa Cloud Computing Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
    3. By Service Model
    4. By Deployment Mode
    5. By Organization Size
      1. By Vertical
      2. By Country
        1. Saudi Arabia
        2. UAE
        3. South Africa
        4. Rest of Middle East & Africa
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  12. Impact of Covid-19 on Global Cloud Computing Market Industry
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Adobe Inc.
    2. Alibaba Group Holding Limited
    3. Amazon.com Inc.
    4. Google LLC
    5. International Business Machines Corporation
    6. Microsoft Corporation
    7. Oracle Corporation
    8. Salesforce.com Inc.
    9. SAP SE
    10. Workday, Inc.
    11. VMware, Inc.
    12. Apple, Inc.
    13. Rackspace, Inc.
    14. Alphabet, Inc.
    15. Other prominent players
  14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1        Global Cloud Computing Market Segmentation

Figure 2        Global Cloud Computing Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Cloud Computing Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Cloud Computing Market Share, By Service Model, By Value, 2018-2028

Figure 6        Global Cloud Computing Market Share, By Deployment Mode, By Value, 2018-2028

Figure 7        Global Cloud Computing Market Share, By Organization Size, By Value, 2018-2028

Figure 8        Global Cloud Computing Market Share, By Vertical, By Value, 2018-2028

Figure 9        Global Cloud Computing Market Share, By Region, By Value, 2018-2028

Figure 10       North America Cloud Computing Market Size, By Value (USD Million), 2018-2028

Figure 11       North America Cloud Computing Market Share, By Service Model, By Value, 2018-2028

Figure 12       North America Cloud Computing Market Share, By Deployment Mode, By Value, 2018-2028

Figure 13       North America Cloud Computing Market Share, By Organization Size, By Value, 2018-2028

Figure 14       North America Cloud Computing Market Share, By Vertical, By Value, 2018-2028

Figure 15       North America Cloud Computing Market Share, By Country, By Value, 2018-2028

Figure 16       Europe Cloud Computing Market Size, By Value (USD Million), 2018-2028

Figure 17       Europe Cloud Computing Market Share, By Service Model, By Value, 2018-2028

Figure 18       Europe Cloud Computing Market Share, By Deployment Mode, By Value, 2018-2028

Figure 19       Europe Cloud Computing Market Share, By Organization Size, By Value, 2018-2028

Figure 20       Europe Cloud Computing Market Share, By Vertical, By Value, 2018-2028

Figure 21       Europe Cloud Computing Market Share, By Country, By Value, 2018-2028

Figure 22       Asia-Pacific Cloud Computing Market Size, By Value (USD Million), 2018-2028

Figure 23       Asia-Pacific Cloud Computing Market Share, By Service Model, By Value, 2018-2028

Figure 24       Asia-Pacific Cloud Computing Market Share, By Deployment Mode, By Value, 2018-2028

Figure 25       Asia-Pacific Cloud Computing Market Share, By Organization Size, By Value, 2018-2028

Figure 26       Asia-Pacific Cloud Computing Market Share, By Vertical, By Value, 2018-2028

Figure 27       Asia-Pacific Cloud Computing Market Share, By Country, By Value, 2018-2028

Figure 28       Latin America Cloud Computing Market Size, By Value (USD Million), 2018-2028

Figure 29       Latin America Cloud Computing Market Share, By Service Model, By Value, 2018-2028

Figure 30       Latin America Cloud Computing Market Share, By Deployment Mode, By Value, 2018-2028

Figure 31       Latin America Cloud Computing Market Share, By Organization Size, By Value, 2018-2028

Figure 32       Latin America Cloud Computing Market Share, By Vertical, By Value, 2018-2028

Figure 33       Latin America Cloud Computing Market Share, By Country, By Value, 2018-2028

Figure 34       Middle East & Africa Cloud Computing Market Size, By Value (USD Million), 2018-2028

Figure 35       Middle East & Africa Cloud Computing Market Share, By Service Model, By Value, 2018-2028

Figure 36       Middle East & Africa Cloud Computing Market Share, By Deployment Mode, By Value, 2018-2028

Figure 37       Middle East & Africa Cloud Computing Market Share, By Organization Size, By Value, 2018-2028

Figure 38       Middle East & Africa Cloud Computing Market Share, By Vertical, By Value, 2018-2028

Figure 39       Middle East & Africa Cloud Computing Market Share, By Country, By Value, 2018-2028

 

List of Tables

 

Table 1         Global Cloud Computing Market Size, By Service Model, By Value, 2018-2028                                        

Table 2         Global Cloud Computing Market Size, By Deployment Mode, By Value, 2018-2028                                           

Table 3         Global Cloud Computing Market Size, By Organization Size, By Value, 2018-2028                                            

Table 4         Global Cloud Computing Market Size, By Vertical, By Value, 2018-2028                                      

Table 5         Global Cloud Computing Market Size, By Region, By Value, 2018-2028                                       

Table 6         North America Cloud Computing Market Size, By Service Model, By Value, 2018-2028                                      

Table 7         North America Cloud Computing Market Size, By Deployment Mode, By Value, 2018-2028                                               

Table 8         North America Cloud Computing Market Size, By Organization Size, By Value, 2018-2028                                               

Table 9         North America Cloud Computing Market Size, By Vertical, By Value, 2018-2028                                              

Table 10        North America Cloud Computing Market Size, By Country, By Value, 2018-2028                                              

Table 11        Europe Cloud Computing Market Size, By Service Model, By Value, 2018-2028                                       

Table 12        Europe Cloud Computing Market Size, By Deployment Mode, By Value, 2018-2028                                          

Table 13        Europe Cloud Computing Market Size, By Organization Size, By Value, 2018-2028                                           

Table 14        Europe Cloud Computing Market Size, By Vertical, By Value, 2018-2028                                               

Table 15        Europe Cloud Computing Market Size, By Country, By Value, 2018-2028                                               

Table 16        Asia-Pacific Cloud Computing Market Size, By Service Model, By Value, 2018-2028                                          

Table 17        Asia-Pacific Cloud Computing Market Size, By Deployment Mode, By Value, 2018-2028                                               

Table 18        Asia-Pacific Cloud Computing Market Size, By Organization Size, By Value, 2018-2028                                               

Table 19        Asia-Pacific Cloud Computing Market Size, By Vertical, By Value, 2018-2028                                          

Table 20        Asia-Pacific Cloud Computing Market Size, By Country, By Value, 2018-2028                                         

Table 21        Latin America Cloud Computing Market Size, By Service Model, By Value, 2018-2028                                       

Table 22        Latin America Cloud Computing Market Size, By Deployment Mode, By Value, 2018-2028                                               

Table 23        Latin America Cloud Computing Market Size, By Organization Size, By Value, 2018-2028                                               

Table 24        Latin America Cloud Computing Market Size, By Vertical, By Value, 2018-2028                                               

Table 25        Latin America Cloud Computing Market Size, By Country, By Value, 2018-2028                                               

Table 26        Middle East & Africa Cloud Computing Market Size, By Service Model, By Value, 2018-2028                                         

Table 27        Middle East & Africa Cloud Computing Market Size, By Deployment Mode, By Value, 2018-2028                                         

Table 28        Middle East & Africa Cloud Computing Market Size, By Organization Size, By Value, 2018-2028                                         

Table 29        Middle East & Africa Cloud Computing Market Size, By Vertical, By Value, 2018-2028                                       

Table 30        Middle East & Africa Cloud Computing Market Size, By Country, By Value, 2018-2028                                      

Table 31        Adobe Inc. Company Overview                                            

Table 32        Adobe Inc. Financial Overview                                             

Table 33        Alibaba Group Holding Limited Company Overview                                               

Table 34        Alibaba Group Holding Limited Financial Overview                                      

Table 35        Google LLC Company Overview                                           

Table 36        Google LLC Financial Overview                                            

Table 37        International Business Machines Corporation Company Overview                  

Table 38        International Business Machines Corporation Financial Overview

Table 39        Oracle Corporation Company Overview                                           

Table 40        Oracle Corporation Financial Overview                                            

Table 41        SAP SE Company Overview                                       

Table 42        SAP SE Financial Overview                                        

Table 43        Workday, Inc. Company Overview                                        

Table 44        Workday, Inc. Financial Overview                                         

Table 45        VMware, Inc. Company Overview                                         

Table 46        VMware, Inc. Financial Overview                                          

Table 47        Apple, Inc. Company Overview                                            

Table 48        Apple, Inc. Financial Overview                                             

Table 49        Rackspace, Inc. Company Overview                                               

Table 50        Rackspace, Inc. Financial Overview                                      

Table 51        Alphabet, Inc. Company Overview                                        

Table 52        Alphabet, Inc. Financial Overview

Market Segmentation

By Service Model

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

By Deployment Model

  • Public Cloud
  • Private Cloud
  • Hybrid

By Organization Size

  • Small And Medium-Sized Enterprises
  • Large Enterprises

By Vertical

  • Banking, Financial Services, And Insurance
  • Telecommunications
  • IT And ITES
  • Government And Public Sector
  • Retail And Consumer Goods
  • Manufacturing
  • Energy And Utilities      
  • Media And Entertainment
  • Healthcare And Life Sciences
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa
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Frequently Asked Questions (FAQs):

Ans: The cloud computing market reached USD 390 billion in 2021.
Ans: The major factors driving the growth of the cloud computing market are increasing adoption of advanced technologies and expanding establishment of data centers.
Ans: The key players in the cloud computing market are Google, Adobe Inc., Workday, Inc., Alibaba Group Holding Ltd., SAP SE, Amazon Inc., Salesforce Inc., International Business Machines Corporation (IBM), Oracle Corporation, Microsoft Corporation, Databricks, Uptake Technologies Inc., Vlocity Inc., DigitalOcean, Inc., Box, Inc., Okta, Inc., Penguin Computing, Sabalcore Computing, Univa Corporation, and other prominent players.
Ans: The BFSI segment accounted for the largest share in the cloud computing market.
Ans: North America has the largest share in the cloud computing market.