According to a recently released Fact.MR report on the global cloud computing market, the sector is predicted to reach US$ 1,949 Bn in value by 2032 while growing at a CAGR of 15% from 2022 to 2032. Prospects are being further expanded by the quick digitization of workplaces and the rising demand for SaaS-based solutions.
Sales of cloud computing solutions increased at a CAGR of 12% from 2015 to 2021. The spread of COVID-19 and the subsequent issuance of policies allowing employees to work from home further influenced the adoption of cloud computing. For instance, the high demand for collaboration tools led to an increase in Microsoft Team platforms to 44 million. The market has also been significantly influenced by the rising use of platforms like Apple TV, Netflix, Hulu, and Amazon Prime.
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Business entities are looking to take advantage of the most affordable yet highly effective information storage and assimilation capabilities as business operations continue to expand. Due to the widespread reliance on IaaS, SaaS, and PaaS-based solutions, the market for cloud computing is growing significantly.
| Report Attributes | Details |
| Estimated Market Value in 2022 | USD 482 Bn |
| Estimated Market Value in 2032 | USD 1,949 Bn |
| Projected CAGE from 2022 to 2032 | 15% |
| Key Players of the Global Cloud Computing Market |
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Key Takeaways from the Market Study
- The global cloud computing market to secure a value of US$ 482 Bn in 2022
- North America will account for 40% of global revenue from cloud computing solutions.
- A CAGR of 18% will be seen in Asia Pacific for cloud computing solutions.
- By company size, large enterprises will generate 55% of total revenue in 2022.
- The BFSI sector will benefit most from cloud computing, accounting for one-fourth of global revenue.
Competitive Landscape
The participants in the global cloud computing market use a variety of tactics to gain prominence and strengthen their influence on the market. Recent changes among the major players include:
- The Advertising Accelerator with Watson was introduced in January 2020 by the IBM Corporation. It is a predictive solution that makes use of AI and aids Watson by offering campaigns that may help marketers and advertisers understand the behaviour of their target audience.
- For regulated and unregulated industries, IBM announced in February 2022 that it would collaborate with SAP to offer clients technology that would enable them to adopt a hybrid cloud strategy and move mission-critical workloads from SAP solutions to the cloud.
- Microsoft Corporation announced its collaboration with ZEISS Group in October 2020 with the goal of providing patients with advanced care and enhancing manufacturing quality through data solutions. In order to provide digital experiences to its German counterpart, the ZEISS Group adopted Microsoft Azure as its cloud platform, according to the partnership.
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Key Market Segments Covered in the Global Cloud Computing Market
- By End Use
- Cloud Computing for IT & Telecom
- Cloud Computing for Government & Public Sector
- Cloud Computing for Energy & Utilities
- Cloud Computing for Retail & Consumer Goods
- Cloud Computing for Manufacturing
- Cloud Computing for BFSI
- Cloud Computing for Healthcare
- Cloud Computing for Media & Entertainment
- Cloud Computing for Other End Uses
- By Deployment
- Public Cloud Computing
- Private Cloud Computing
- Hybrid Cloud Computing
- Based on Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Enterprise Size
- Cloud Computing for Large Enterprises
- Cloud Computing for Small & Medium Enterprises
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