New York, US, Oct. 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Cloud Computing Market Research Report: By Service Model, By Deployment, By Organization Size, By Vertical - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 1738.44 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.53% during the assessment timeframe.
Cloud Computing Market Overview:
The cloud computing market is growing rapidly across the globe. The increasing adoption of cloud computing in various small, medium, and large enterprises is a key driving force defining the growing market landscape. Also, the proliferation of IoT boosts the market size, providing opportunities for seamless integration. The increased focus on connectivity quality drives the expansion of the communications infrastructure sector.
Players leading the global cloud computing market are-
- SAP SE
- Microsoft Corporation
- Alphabet Inc
- Cisco Systems, Inc.
- Oracle Corporation
- Salesforce.com, Inc.
- IBM Corporation
- VMware, Inc.
- Alibaba Group Holding Ltd.
- Rackspace Inc.
- Dell EMC Corp.
- Adobe Systems Inc.
- TIBCO Software Inc.
- SAS Institute Inc
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The increasing data usage and rapidly evolving connectivity services with higher symmetry, reliability, and latency are vital for many industries. Increasing demand for transformational payment modes and technological advances provide ample growth opportunities.
Several enterprises are moving their business process services and system infrastructure, including applications & infrastructure software, to the cloud. This shift gained real momentum in 2020 and 2021 when many businesses accelerated their digital transformation tasks to respond to issues created by the pandemic. The spurting increase in data digitization provides significant impetus to market value.
Simultaneously, the growing demand for integration capabilities, responsive work processes, and composable architecture drives the shift to the cloud. Moreover, growing deployments of cloud computing and the implementation of various analytical tools substantiate market revenues, triggering operational efficiency. However, increasing cybersecurity concerns and data theft cases impede market growth.
Cloud Computing Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 1738.44 Billion |
| Growth Rate | CAGR of 18.53% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Provides multiple advantages over on-premises hardware infrastructure |
| Key Market Drivers | Rising return on investment with lower infrastructure and storage costs |
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Industry Trends
Today, as much as half of IT spending goes into building the infrastructure that can support cloud computing. Lockdown mandates prompted the importance of enterprise computing platforms for businesses to enable their employees to access computing infrastructure, applications, and data, remotely from wherever they are operating.
Moreover, AR, VR, and the metaverse, already on the horizon, would offer new growth opportunities to cloud computing. The metaverse will mimic internet capabilities today, with enhanced capabilities and an amplified compute consumption rate. In many ways, this will act as a significant growth driver for cloud services and infrastructure deployment expenditures over the next decade.
The benefits of using cloud services are immense, especially for small and medium-scale businesses that usually find it challenging to co-op with the rising costs of maintaining IT infrastructure. SMEs use cloud services to avoid the costs required to buy or maintain their own computing infrastructure.
Using cloud services means companies can expedite their projects without a lengthy procurement process and substantial initial investments, as all they pay is for the resources they consume. Especially for applications with big peak usage and are only used periodically throughout the year, it might make financial sense to have them hosted in the cloud rather than having the system idle most of the time.
Moving services like email or CRM to a cloud-hosted application enable significant savings. Also, moving to a services model means moving spending from capital expenditure (capex) to operational expenditure (OPEX). Therefore, this business agility concept is often considered a key benefit. Cloud computing is a novel computing model helping companies in their digital transformation.
Enterprise cloud computing service providers create many opportunities to reduce overall IT costs with more flexibility, network security, and scalability. Although not a perfect solution for every business scenario, cloud computing is more cost-competitive in terms of its integration with existing IT infrastructure and software, costs, ROI, performance, and security.
Cloud computing provides resources as general utilities that users can lease and release through the Internet in an on-demand model. Rapid developments in processing & storage technologies and the penetration of the Internet have enabled computing resources to be more cost-effective, powerful, and easily available than ever before.
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This technological trend has enabled cloud computing to garner significant prominence. Organizations are increasingly realizing the benefits of adopting the cloud computing model as they shift core business functions onto cloud platforms. At the same time, some are moving towards cloud computing just because it is the latest trend in information technology.
While cloud computing is witnessing significant interest from many companies around the globe, it has not tested the success it deserves, as its costs and complexities still leave many companies fumbling and hinder its adoption. Also, cloud adoption is significantly more complex, particularly in data management, system integration, and managing multiple cloud providers.
Cloud Computing Market Segments
The cloud computing market is segmented into service models, deployment modes, organization size, verticals, and regions. The service model segment comprises software as a service (SaaS), infrastructure as a service (IaaS), and platform as a service (PaaS). The deployment mode segment comprises private, public, and hybrid clouds.
The organization size segment comprises small & medium-sized enterprises and large enterprises. The vertical segment comprises banking, financial services & insurance (BFSI), IT & telecommunications, government & public sector, retail & consumer goods, manufacturing, energy & utilities, media & entertainment, healthcare & life sciences, and others.
Cloud Computing Market Regional Analysis
North America leads the global cloud computing market. The presence of major market players and well-established infrastructural setups triggers high growth. Besides, the high integration of IT and IoT in the sector positively impact Cloud Computing Market growth. Cloud computing is trending in this region, and most companies have switched their services to the cloud for rapid revenue growth.
The Asia Pacific region is also a key market for cloud computing. The Cloud Computing Market is largely driven by the widening awareness of cloud computing advantages, such as easy restoration and backup of data, improved collaboration, excellent accessibility, Low maintenance cost, increased mobility, pay-per-use model services, and unlimited storage capacity & data security.
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Cloud Computing Market Competitive Analysis
The market appears highly competitive as multiple enterprise cloud computing providers are emerging. The leading enterprise cloud provider market leverage advanced cloud network technologies to offer comprehensive application development platforms. As many organizations have realized the importance of private, public, hybrid, and multi-cloud, enterprise cloud computing companies are flourishing.
For instance, on Oct.06, 2022, Hang Seng Indexes Company, a leading index compiler covering the Hong Kong & mainland China markets, and Google Cloud announced their partnership to accelerate the technological transformation and service capabilities of Hang Seng.
The partnership will enable Hang Seng Indexes Company to establish its data on Google Cloud and apply Google’s data analytics and artificial intelligence functions to power the rapid creation of new and innovative indexes.
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