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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
Market Overview:
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.

The cloud computing services market is growing at a rapid pace due to the increasing adoption of cloud-based solutions across various industries. The market is primarily driven by the benefits of cloud computing, such as scalability, flexibility, cost-effectiveness, and high-speed data processing capabilities. The rise in demand for cloud-based services has led to the development of new technologies such as serverless computing, containerization, and edge computing, which are expected to further drive the market growth. Moreover, the COVID-19 pandemic has also played a significant role in the growth of the cloud computing services market, as remote work and online collaboration have become the new normal. Many businesses have had to shift to cloud-based solutions to ensure business continuity, which has further boosted the demand for cloud computing services. The market is also seeing a trend towards multi-cloud and hybrid cloud environments, as businesses are looking for ways to optimize their cloud usage and avoid vendor lock-in. This has led to the emergence of new cloud management and orchestration tools, which are expected to drive the growth of the market in the coming years. Furthermore, the increasing adoption of emerging technologies such as artificial intelligence (AI), Internet of Things (IoT), and blockchain is also expected to drive the growth of the cloud computing services market, as these technologies require high computing power and storage capabilities that can be effectively provided by cloud computing services.

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.
• Google Cloud announced its acquisition of CloudSimple, a company that specializes in helping businesses run VMware workloads on the cloud - January 13, 2020.
• IBM announced that it has acquired WDG Automation, a Brazilian software automation startup, to help businesses automate their IT processes - July 20, 2020.
• Oracle announced that it has acquired Exadata X8M, a high-performance computing platform designed for big data workloads - February 5, 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


Why to buy this Report?
Market research: The report provides valuable insights into market trends, growth opportunities, and competitive landscapes. By reading a technology report, businesses and investors can gain a better understanding of Cloud Computing Services Market they are operating in or considering entering, and make more informed decisions based on data and analysis.

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.

Innovation: The report provides insights into emerging technologies and trends, which can help businesses stay up-to-date with the latest developments and make informed decisions about where to invest their resources.

Due diligence: The report can be used by investors and acquirers as part of their due diligence process when considering investing in or acquiring a technology company. These reports can provide valuable information on the company's financials, technology, market position, and other key factors.

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Assign a senior SR executive as QA Executive
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.


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