“According to SNS Insider, the Cloud Computing Market size was estimated at US$ 445.3 Bn in 2022, and is expected to reach US$ 1449.84 Bn by 2030, with a growing healthy CAGR of 15.9% over the forecast period 2023-2030.”
(YourDigitalWall Editorial):- Pune, Maharashtra Oct 3, 2023 (Issuewire.com) – Cloud Computing Market to Witness Higher Traction due to Growing Remote Work Culture Coupled with Rising Investments in Data Security and Compliance
Cloud Computing Market Scope & Overview:
Based on the SNS Insider report, the Cloud Computing Market reached USD 445.3 billion in 2022 and is projected to attain USD 1,449.84 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.9% during the forecast period spanning from 2023 to 2030.
Cloud computing is a revolutionary technology that has transformed the way businesses and individuals manage and access data, software, and computing resources. It involves the delivery of computing services, such as storage, processing, and networking, over the internet, often referred to as “the cloud.” Cloud providers offer resources on a pay-as-you-go basis, allowing users to scale their computing needs up or down as required. This elasticity is a fundamental feature of cloud computing.
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Major Key Players Included in the Report are:
- IBM Corporation
- SAP SE
- Alibaba Cloud
The cloud computing market has been experiencing robust growth over the past decade, and several key drivers continue to fuel this expansion. Organizations across industries are undergoing digital transformation to stay competitive. Cloud computing provides the agility and scalability required to modernize legacy systems and embrace new technologies like artificial intelligence (AI), the Internet of Things (IoT), and big data analytics. Cloud computing allows businesses to reduce capital expenses associated with traditional IT infrastructure. By shifting to a pay-as-you-go model, companies can lower operational costs, only paying for the resources they consume, which is particularly appealing for startups and small businesses. As businesses expand globally, cloud providers offer a network of data centers in multiple regions. This global reach allows companies to deliver their services efficiently to customers around the world. Many organizations are adopting hybrid and multi-cloud strategies to combine the benefits of public and private clouds while avoiding vendor lock-in. This approach provides greater flexibility and redundancy.
Impact of Recession
The impact of an ongoing recession on the cloud computing market is multifaceted. While cost efficiency, remote work, and cloud security are likely to drive increased adoption, the overall market dynamics may be influenced by reduced IT spending and increased competition among cloud service providers. Businesses must carefully assess their needs and objectives to navigate the cloud landscape effectively during times of economic uncertainty.
The cloud computing landscape is undergoing a significant transformation, with the hybrid cloud segment emerging as a dominant force in the industry. In highly regulated industries like finance and healthcare, data security and compliance are paramount. Hybrid clouds provide the necessary control over sensitive data, allowing organizations The IT and Telecommunications segment is positioned to be a driving force in the cloud computing market. The advent of 5G technology is closely intertwined with cloud computing. Telecommunications providers are leveraging the cloud to harness the power of 5G networks, delivering high-speed, low-latency services such as IoT, augmented reality, and real-time data analytics.
Market Segmentation and Sub-Segmentation Included Are:
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- IT and Telecommunications
- Consumer Goods and Retail
Regional Status & Analysis
North America, led by the United States, has been at the forefront of cloud computing market. Tech giants like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud have their headquarters here. Countries like the UK, Germany, France, and the Netherlands have shown significant growth in cloud adoption. The European Union’s General Data Protection Regulation (GDPR) has driven a focus on data privacy and security, impacting cloud strategies. Emerging markets in Eastern Europe, including Poland, Romania, and Hungary, have been increasingly adopting cloud technologies as they seek to modernize their IT infrastructure.
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The future prospects for the market are highly promising, driven by several key trends and developments. The market is expected to continue its robust growth. Organizations across industries are increasingly adopting cloud solutions to drive efficiency, scalability, and cost savings. This trend is likely to persist as companies seek to modernize their IT infrastructure. With the increasing reliance on the cloud for critical operations and Cloud Computing, security and compliance will remain paramount.
Frequently Asked Questions
Q1) What is the projected outlook for cloud computing market growth?
Ans: The global market is projected to attain USD 1,449.84 billion by 2030, exhibiting a CAGR of 15.9% during the forecast period spanning from 2023 to 2030.
Q2) What are the major factors influencing the cloud computing market?
Ans: The market continues to thrive due to its ability to drive digital transformation, enhance cost-efficiency, ensure scalability, and support remote work, security, and innovation.
Q3) Who are the leading players in the cloud computing market?
Ans: IBM Corporation (U.S.), AWS (US), Microsoft (US), VMware, Inc. (U.S.), Google (US), DigitalOcean (US), Salesforce (US), Oracle (US), Sage (UK), Rackspace (US), DXC (US), Tencent (China), NEC (Japan), Joyent (US), Bluelock (US), Navisite (US), OpenText (Canada).
Table of Contents – Major Key Points
- Research Methodology
- Market Dynamics
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Cloud Computing Market Segmentation, By Type
- Cloud Computing Market Segmentation, By Enterprise Size
- Cloud Computing Market Segmentation, By Service
- Cloud Computing Market Segmentation, By Industry
- Regional Analysis
- Company Profiles
- Competitive Landscape
- USE Cases and Best Practices
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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