Cloud Computing Market Research Report - Global Forecast till 2030

Cloud Computing Market Research Report: By Service Model (SaaS, PaaS IaaS), By Deployment (Public, Private and Hybrid), By Organization Size (Large Enterprises, Small & Medium Enterprises), By Vertical (BFSI, IT & Telecommunication, Retail and Consumer Goods, Manufacturing, Healthcare & Life Sciences, Government & Public Sector, Media & Entertainment, Energy & Utility and others) - Forecast till 2030

ID: MRFR/ICT/0507-CR | February 2020 | Region: Global | 141 Pages         

Cloud Computing Market

Cloud Computing Market size to reach USD 1738.44 billion at a 18.53% CAGR from 2018 to 2030 (forecast period).

Segmentation

By Service Model Software as a Service (SaaS) Infrastructure as a Service (IaaS) Platform as a Service (PaaS)
By Deployment Mode Private Public Hybrid Cloud
By Organization size Small- and Medium-Sized Enterprises Large Enterprises
By Vertical Banking Financial Services and Insurance (BFSI) IT and Telecommunications Government and Public Sector Retail and Consumer Goods Manufacturing

Key Players

  • Amazon.com Inc.
  • Microsoft Corporation
  • Alphabet Inc
  • Oracle Corporation
  • Salesforce.com
  • Inc.
  • VMware
  • Inc.
  • IBM Corporation
  • Alibaba Group Holding Ltd.
  • Dell EMC Corp.
  • Rackspace Inc.
  • Adobe Systems Inc.
  • SAS Institute Inc
  • and TIBCO Software Inc.

Drivers

  • Rising return on investment with lower infrastructure and storage costs
  • Enterprises are concerned about the initial deployment and maintenance costs of hosting data on-premises
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Cloud Computing Market Overview


Market Research Future (MRFR) predicts the Cloud Computing Market share is estimated to reach USD 1738.44 billion at an 18.53% CAGR from 2018 to 2030. Cloud computing is an IT service delivery model where third-party service providers provide computing resources and software tools through the Internet. In this service model, the user pays only for the usage of the computing device, along with the storage and bandwidth they consume. Cloud computing provides multiple advantages over on-premises hardware infrastructure like faster deployment, disaster recovery, low cost, scalability, mobility support, and less burden on IT staff to manage systems.



  • October 2022- The prominent leader in higher education technology solutions provider, Ellucian, has disclosed that the Business Intelligence Group has awarded Ellucian a 2022 Stratus Award for Cloud Computing in the Hybrid Cloud supplier group as an aspect of their business award program. The yearly awards program recognizes organizations, people, and products, offering unique solutions that leverage cloud technologies. Migrating technology operations to the Cloud, particularly a SaaS model, safeguards institutional resilience while boosting staff and faculty with data-driven insights, guaranteeing effective student results and unlocking future innovation. The procedure can be challenging as well complicated for several institutions. Thus, Ellucian provides ways to fulfill the customers in this transformation journey, such as a hybrid approach of both on-premises and cloud-based solutions and managed cloud offerings. The Chief Technology Officer, Ellucian, Mike Wulff, said that switching to Cloud can take time, trust, and resources. The customers identify the advantages of this move, and the firm is happy to collaborate with higher education institutions with a personalized path that fits their requirements. He added that the company is honored that The Business Intelligence Group has identified the company's devotion to offering efficient and customized hybrid cloud solutions with a 2022 Stratus Award for Cloud Computing.


COVID-19 Impact on the Cloud Computing Market


Cloud computing has become very important in the modern era, from games to software used by institutions and offices. E-commerce is gaining a lot of popularity in the sense of a lockdown to sell food and other important supplies. Online retailers are seeing an upsurge in transactions as they use cloud hosting tools that are flexible and do not disrupt business. Cloud computing is on the rise during the pandemic since it increases the ability of businesses to review relevant data in order to ensure an improved response. Cloud computing also provides major efficiency improvements for types of work that are not suitable for telecommuting. Cloud computing improves the efficiency of operations such as online marketing, back-office work, editing, web design, engineering, and other remote work. TeamViewer, ClickMeeting, Skype, and Slack are constantly dependent on the cloud for uninterrupted and trouble-free operations.


The lockdown has had a strong impact on the cloud computing market due to employees working remotely and businesses are using robust collaborative tools to run operations smoothly. At such times, when food and medicines are of the utmost importance, cloud computing has come to the rescue as it supports telemedicine. Remotely, access to doctors and other health professionals has become increasingly important.


The need for cloud computing has become more evident in this outbreak, particularly since the national lockdown. Businesses cannot work without cloud solutions, and the integration of such solutions has ensured the stability of web-based platforms and services.



  • October 2022- Microsoft is set to deploy new pro-consumer policies to its cloud computing business. The significant change by the tech giant will enable users to develop or install Microsoft licenses on any cloud provider's service. The change effectively unlocks the market for cloud service providers, enabling small cloud businesses to provide Microsoft products to their customers. EU officials are to thank for the changes since the EU's anti-trust body has charged Microsoft USD1.7 billion over the past decade due to its locking consumers into its cloud ecosystem. Microsoft chose to change its strategies to preclude further inquiry and potential legal action against its questionable business practices by cloud service companies in France, Denmark, Italy, and Germany


Cloud Services Industry Dynamics



  • Drivers


Rising return on investment with lower infrastructure and storage costs             


Enterprises are concerned about the initial deployment and maintenance costs of hosting data on-premises. In addition, staff costs and downtime issues are a few additional challenges for companies. Current competition and global economic situations have intensified the adoption of cost-effective measures to restructure business models. Growing market shifts towards digital transformation and accelerating customer experience are a few more factors contributing to the adoption of cloud computing services that eventually minimize enterprise costs. In addition, the cloud provides the advantage of a pay-as-you-go model that allows businesses to pay for their use of cloud services, resulting in reduced costs.



  • Restraints


Need to meet regulatory and compliance policy


In recent years, the need to meet regulatory and compliance have gradually grown due to changing market needs, rising data breaches, and cyber-attacks, and increasing data security issues. In addition, companies must aim to thrive in the market by taking steps to meet regulatory needs and prevent financial penalties, prevent customer and revenue losses and avoid exposure to legal action.


Cloud Computing Market Segmentation


Cloud Computing Industry has been segregated on the basis of Service Model, Deployment Model, Organization Size, and Vertical.


By service model, the SaaS segment to attain the highest share


The SaaS segment of the cloud computing market held the largest market share of 58% in 2018, and it is expected to exhibit a high CAGR during the forecast period.


By deployment mode, the public cloud segment to display the highest share


The public cloud segment of the cloud computing market captured the largest market share in 2018, and it is expected to post a CAGR of 20% during the forecast period.


By organization size, the large enterprise segment to lead the cloud provider market


The large enterprise segment of the cloud computing market held the larger market share in 2018, and it is expected to record a CAGR of 19% during the forecast period.


By vertical, the BFSI segment to post the highest CAGR


The BFSI segment of the cloud computing market earned the largest market share in 2018, with a market value of USD 24.8 billion, it is predicted to register a CAGR of 18.6% during the forecast period.



  • October 2022— North Korea's official newspaper alleged that the nation has built and partly commercialized an array of state-of-the-art technologies. An organ of the North's ruling Worker's Party, the Rodong Sinmun, issued an article covering the National Informatization Achievement Exhibition 2022, mentioning a range of cloud computing, big data, and Internet of Things (IoT) technologies that had attracted attention during the exhibition.


Cloud Computing Market Regional Analysis


North America to lead the global Cloud Services Industry


North America is an industry leader in terms of Cloud Computing market share. Some of the factors responsible for the growth of the industry include the growing need for businesses to offer their workers flexible job opportunities and better internet connectivity. In addition, the involvement of major companies such as Microsoft Corporation, Amazon Web Services Inc., Cisco Systems Inc., Google, IBM Corporation, and others is one of the driving forces for cloud computing in the region.


Europe to follow North America


Europe has been divided into the United Kingdom, Germany, France, Spain, Italy, and the rest of Europe. According to the MRFR, the UK is projected to have the largest market share, followed by Germany and France. Some of the contributing factors for the cloud computing market growth include the increasing use of cloud-based solutions. Many organizations are also employee-centric and have flexible work opportunities for their employees. Increased automation and agility are a significant market drivers in Europe.



  • October 2022- Google Cloud has disclosed the introduction of the latest service that will offer cloud services to Israel's government and military. Google Cloud stated in an official statement that by the end of 2030, the Google Cloud region in Tel Aviv would account for a net of USD 7.6 billion to Israel's gross domestic product and back the creation of 21,200 jobs in that year alone.


Cloud Computing Market Competitive Landscape


Partnerships, strategic mergers, and acquisitions are expected to be the most effective way for industry players to gain fast access to emerging markets and improve their technical capabilities. Product differentiation and improvements are also expected to pave the way for the growth of companies in the cloud computing market.


Key Players


The key players in the global cloud computing industry are Amazon.com Inc., Microsoft Corporation, SAP SE, Alphabet Inc, Oracle Corporation, Cisco Systems, Inc., Salesforce.com, Inc., VwareM, Inc., IBM Corporation, Alibaba Group Holding Ltd., Dell EMC Corp., Rackspace Inc., Adobe Systems Inc., SAS Institute Inc, and TIBCO Software Inc.


Recent Developments


In June 2020, Amazon launched AWS Europe (Milan) and AWS Africa (Cape Town) to extend its availability zones to 76 in 24 geographic regions worldwide. It also revealed plans for nine new availability zones and three more AWS regions in Indonesia, Japan, and Spain.


In May 2020, Microsoft released an industry-specific cloud offering for healthcare organizations and enhanced workflow efficiency and simplified interactions. Microsoft Cloud for Healthcare involves data analytics for both structured and unstructured data.


Report Overview


Cloud Computing Market research report explores critical drivers, constraints, and challenges in the global cloud computing market, regional and segment revenue estimates, and assessments. The base year is 2018; the estimated period is 2018-2024. The segmentation of the cloud computing market is represented in the following manner


Segmentation Table


By Service Model



By Deployment Mode



  • Private

  • Public

  • Hybrid Cloud


By Organization size



  • Small- and Medium-Sized Enterprises

  • Large Enterprises


By Vertical



  • Banking

  • Financial Services and Insurance (BFSI)

  • IT and Telecommunications

  • Government and Public Sector

  • Retail and Consumer Goods

  • Manufacturing

  • Energy and Utilities

  • Media and Entertainment

  • Healthcare and Life Sciences

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 1738.44 billion By 2030
  CAGR   18.53% CAGR
  Base Year   2017
  Forecast Period   2018 to 2030
  Historical Data   2016
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Service Model, Organization Size
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   Microsoft Corporation, SAP SE, Alphabet Inc, Oracle Corporation, Cisco Systems, Inc., Salesforce.com, Inc., VMware, Inc., IBM Corporation, Alibaba Group Holding Ltd., Dell EMC Corp., Rackspace Inc., Adobe Systems Inc., SAS Institute Inc, and TIBCO Software Inc.
  Key Market Opportunities   
  Key Market Drivers   Rising return on investment with lower infrastructure and storage costs


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Frequently Asked Questions (FAQ) :

Cloud computing has been growing exponentially in the last few years, and the market is anticipated to flourish at a robust CAGR of approximately 18.53% from 2018 to 2030.

The growing need for work-life flexibility is popularizing BYOD culture. This is expected to support the cloud computing market in North America.

Amazon.com Inc., Alphabet Inc, Microsoft Corporation, and Oracle Corporation are some well-established players that are likely to gain high traction for the global cloud computing market.

At present, the market is valued at USD 380.25 Billion.

According to MRFR study, benefits, such as faster deployment, cost-affordability, mobility support, scalability, and disaster recovery that are offered by cloud computing technology is expected to boost the cloud computing market expansion.

The technology is expansive and powerful and can offer benefits to both the customer as well as the provider over the coming years.

The technology is believed to be cost-effective. The growing return on investment with minimal storage and infrastructure costs is a significant factor boosting the cloud computing market's expansion.

The deployment and utilization of the technology are only expected to grow over the coming years. So, yes. With time cloud computing is becoming more and more prevalent across the end-use sectors.