Cloud Computing Market Size (2022-2029) worth USD 1,712.44

Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) — The world cloud computing market size was valued at USD 405.65 Billion in 2021. The market is expected to grow from USD 480.04 Billion in 2022 to USD 1,712.44 Billion by 2029 at a CAGR of 19.9% ​​during the forecast period . Fortune Business Insights™ digs deeper into this data in its latest research report, titled “Cloud Computing Market Forecast, 2022-2029”.

According to the analysis, an exponential increase in internet penetration, digital transformation and adoption of mobile devices will drive the industry growth. Industry players could invest in the next generation industrial solutions to power real-time analytics, edge computing, IoT and 5G. Amid data security concerns, industry players could inject funds into data centers to make them more secure.

Key industry development-

July 2021: Google Cloud has signed an agreement with SAP SE to energize business systems by facilitating migration and transformation to the cloud.

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Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 19.9%
2029 value projection $1,712.44 billion
base year 2021
Cloud computing market size in 2021 $405.65 billion
Historical data for 2018 to 2020
Number of pages 140
Segments Covered Type; Service; Industry;

Investing in cloud infrastructure-triggered innovations

Although the onslaught of the COVID-19 pandemic does not bode well for the outlook for the industry, cloud computing has grown in popularity. Large companies have increased their investments in solutions to access markets. For example, in September 2020, Accenture Solutions invested $3 billion to deploy Cloud First to drive cloud adoption and digital transformation. Additionally, in April 2020, Amazon.Com Inc. established a cloud data center in Italy to provide remote learning support and boost research.

Drivers and Constraints

Increase the footfall of AI and Big Data to usher in innovation

The growth of the cloud computing market will witness a sizable gain owing to the trends in AI, big data, and machine learning. Industry players should trigger investments in AI and ML to reduce data storage issues and increase data usage. Lately, large enterprises have shown a preference for AI-based cloud computing to deliver insightful, efficient and strategic services. Industry players have also witnessed an increase in investments from the healthcare sector. The trend of wearable devices, cloud-based services and smart devices will remain prominent in the coming period. However, data security and privacy issues could hamper the growth of the industry. The pervasive nature of cyberattacks can prompt large companies to bolster their portfolios.

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Regional outlook

North America will witness abundant investment with strong adoption of advanced technologies

Stakeholders expect the United States and Canada to offer lucrative opportunities following the adoption of cloud, IoT, robotics and AI. The size of the North American market stood at USD 262.44 billion in 2021 and will grow with strong investments from cloud providers. For example, in July 2020, Rackspace Technology partnered with Amazon Web Services to offer cloud services to customers.

The cloud computing market share in Europe will be noticeable during the assessment period. The regional growth is partly attributed to robust cloud adoption by governments and private enterprises. Advanced economies could foster innovation in cloud platforms for better data processing. To illustrate, in February 2022, SAP SE deployed a sovereign cloud platform for data processing at the national level.

Industry players expect Asia-Pacific to account for a considerable share of the global market owing to the robust adoption of the healthcare sector. Cloud-based solutions will be highly sought after in smart electric vehicles in China and India. Moreover, the growing internet penetration and digitization trend bodes well for regional growth.

Report cover

The report offers a comprehensive perspective of market size, share, revenue, and volume. He did a thorough SWOT analysis. Quantitative and qualitative assessments provided an overall view of the market. Primary interviews validate assumptions, conclusions, and prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers and journals.

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segments

Hybrid cloud will grow at the fastest rate due to growing preference for cloud-based solutions

In terms of type, the market is segmented into public cloud, hybrid cloud, and private cloud. The hybrid cloud segment may grow at the fastest pace in the wake of the growing use of cloud-based solutions to increase productivity.

Software as a service (SaaS) to remain dominant due to low maintenance cost

On the service side, the market is divided into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The SaaS segment will grow with the growing need for low maintenance costs, ease of deployment and lower cost of ownership.

Healthcare to Grow at Highest CAGR with Growing Deployment of Wearable Devices

Industry-wise, the market is categorized into healthcare, IT & telecommunications, BFSI, consumer goods & retail, manufacturing, government, and others. The healthcare segment will witness the highest CAGR during the forecast period. The growth prospects are mainly related to the trend of portable devices and the deployment of cloud-based software.

List of key players mentioned in the report:

  • Amazon.com Inc. (USA)
  • Oracle Corporation (USA)
  • IBM Corporation (USA)
  • Alibaba Group Holding Limited (China)
  • Microsoft Corporation (USA)
  • VMware, Inc. (USA)
  • Google LLC (USA)
  • Rackspace Technology, Inc. (USA)
  • SAP SE (Germany)
  • Salesforce, Inc. (USA)

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Main table of contents:

  • Global cloud computing market size estimates and forecasts, by segments, 2018-2029
    • Main conclusions
    • By type (USD)
      • public cloud
      • Private cloud
      • hybrid cloud
    • Per service (USD)
      • Infrastructure as a Service (IaaS)
      • Platform as a Service (PaaS)
      • Software as a Service (SaaS)
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Consumer goods and distribution
      • Health care
      • Manufacturing
      • Others
    • By region (USD)
      • North America
      • Latin America
      • Europe
      • Middle East and Africa
      • Asia Pacific
  • North America cloud computing market size estimates and forecast, by segments, 2018-2029
    • Main findings
    • By type (USD)
      • public cloud
      • Private cloud
      • hybrid cloud
    • Per service (USD)
      • Infrastructure as a Service (IaaS)
      • Platform as a Service (PaaS)
      • Software as a Service (SaaS)
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Consumer goods and distribution
      • Health care
      • Manufacturing
      • Others
    • By country (USD)
  • Latin America cloud computing market size estimates and forecasts, by segments, 2018-2029
    • Main conclusions
    • By type (USD)
      • public cloud
      • Private cloud
      • hybrid cloud
    • Per service (USD)
      • Infrastructure as a Service (IaaS)
      • Platform as a Service (PaaS)
      • Software as a Service (SaaS)
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Consumer goods and distribution
      • Health care
      • Manufacturing
      • Others
    • By country (USD)
      • Brazil
      • Mexico
      • Rest of Latin America

TOC Continued…!

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