Global Cloud Computing Services Market Analysis 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 cloud), By organization size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By industry vertical (Banking, Financial Services, and Insurance (BFSI), Healthcare and Life Sciences, Retail and Consumer Goods, Telecommunications and IT, Media and Entertainment, Government and Public Sector, Manufacturing, Others) & Forecast
- PUBLISHED ON
- 4/3/2023
- NO OF PAGES
- 268
- CATEGORY
- Information Communication & Technology
The global cloud computing services market size was valued at USD 371.4 billion in 2022 and is projected to reach USD 1,154.5 billion by 2032, at a CAGR of 25.7% during the forecast period.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 371.4 Billion |
Market Forecast in 2032 | USD 1,154.5 Billion |
CAGR % 2023-2031 | 25.7% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Service Model, By Deployment Type, By Organization Size, By Industry Verticle |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Amazon Web Services, Microsoft Azure, Google Cloud Platform, IBM Cloud, Oracle Cloud, Alibaba Cloud, Salesforce, SAP, Rackspace, Verizon Cloud, CenturyLink Cloud, HP Cloud, Cisco Cloud Services, Red Hat, Dell Cloud |
Driver: Growing demand for cloud computing is propelling Cloud Computing Services Market growth.
One market driving factor for the Cloud Computing Services market is the growing adoption of cloud computing by small and medium-sized enterprises (SMEs). SMEs are increasingly realizing the benefits of cloud computing, such as reduced infrastructure costs, scalability, and flexibility. As the adoption of cloud computing among SMEs continues to rise, it is expected to drive the growth of the cloud computing services market. Additionally, the COVID-19 pandemic has accelerated the adoption of cloud computing services as organizations have had to shift to remote work and rely more heavily on cloud-based technologies for collaboration and productivity. This trend is expected to continue even beyond the pandemic, further driving the growth of the 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 cloud
By organization size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
By industry vertical:
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Telecommunications and IT
• Media and Entertainment
• Government and Public Sector
• Manufacturing
• Others
Geographical Analysis:
North America: The North American market is one of the largest in terms of revenue and is expected to grow at a significant pace due to the presence of leading cloud service providers such as Amazon Web Services (AWS), Microsoft, and Google. The US government's adoption of cloud services is driving the growth of the market in this region. For example, the US Department of Defense has awarded a $10 billion contract to Microsoft for cloud services.
Europe: The European market is expected to witness substantial growth owing to the increasing demand for cloud-based services in the region. The European Union's General Data Protection Regulation (GDPR) is also driving the growth of the market by pushing organizations to adopt cloud services to comply with the regulation. For instance, the UK-based National Health Service (NHS) has partnered with Google Cloud to develop AI-powered healthcare solutions.
Asia-Pacific: The Asia-Pacific market is expected to grow at a rapid pace due to the increasing adoption of cloud computing services by small and medium-sized enterprises (SMEs). The market is also driven by the increasing penetration of smartphones and the internet, which is enabling the growth of cloud-based mobile applications. For example, Alibaba Cloud, a subsidiary of Alibaba Group, is expanding its cloud computing services to Indonesia, Malaysia, and the Philippines to tap into the growing demand for cloud services in these countries.
Middle East and Africa: The Middle East and Africa market is expected to witness significant growth due to the increasing adoption of cloud services by governments and businesses in the region. The market is also driven by the rising demand for cloud-based solutions in sectors such as healthcare, education, and banking. For example, Dubai Health Authority (DHA) has partnered with Oracle Cloud to host its health information system on the cloud.
Latin America: The Latin American market is expected to grow at a substantial rate due to the increasing adoption of cloud services by SMEs in the region. The market is also driven by the increasing availability of high-speed internet and the rising demand for cloud-based solutions in sectors such as healthcare, education, and banking. For instance, IBM has partnered with Banco Bradesco, a leading Brazilian bank, to migrate the bank's infrastructure to the cloud to improve its operations and enhance customer experience.
Overall, the cloud computing services market is expected to witness significant growth across all regions due to the increasing adoption of cloud services by businesses and the rising demand for cloud-based solutions in various sectors.
Recent Development: Global Cloud Computing Services Market
• Amazon Web Services (AWS) announced the launch of three new services for the AWS GovCloud (US) region to help government customers who need to work with sensitive data in the cloud - July 21, 2020.
• Microsoft announced that it has acquired CyberX, a startup that specializes in securing industrial control systems and the internet of things networks - June 22, 2020.
• Alibaba Cloud, the cloud computing arm of Alibaba Group, announced that it has launched a new data center in Indonesia to meet the growing demand for cloud services in the country - June 15, 2020.
• Salesforce announced its acquisition of Vlocity, a provider of cloud and mobile software for the global communications and media industry - February 25, 2020.
• SAP announced a strategic partnership with Microsoft to integrate SAP's cloud-based ERP system, S/4HANA, with Microsoft's Azure cloud computing platform - May 19, 2020.
Company Profiles:
• Amazon Web Services
• Microsoft Azure
• Google Cloud Platform
• IBM Cloud
• Oracle Cloud
• Alibaba Cloud
• Salesforce
• SAP
• Rackspace
• Verizon Cloud
• CenturyLink Cloud
• HP Cloud
• Cisco Cloud Services
• Red Hat
• Dell Cloud
 
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Competitive analysis: The report reports provide detailed information on competitors' strengths, weaknesses, and strategies, which can help businesses identify potential threats and opportunities in Cloud Computing Services Market.
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