Pune, India, Nov. 01, 2021 (GLOBE NEWSWIRE) -- The global cloud computing market size was USD 219.00 billion in 2020. The market is projected to reach from USD 250.04 billion in 2021 to USD 791.48 billion in 2028 at a CAGR of 17.9% during the 2021-2028 period.
This information is presented by Fortune Business Insights™, in its report, titled, “Cloud Computing Market, 2021-2028.”
According to our researchers, the market growth is majorly navigated by the increasing employment of progressive technologies such as Artificial Intelligence (AI), Machine Learning (ML), and the growing fluctuation of enterprises towards cloud-based solutions.
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List of the Key Companies Profiled:
• Amazon Web Services (AWS) (Washington, U.S.)
• Oracle Corporation (California, U.S.)
• IBM Corporation (New York, U.S.)
• Alibaba Group Holding Limited (Hangzhou, China)
• Microsoft Corporation (New Mexico, U.S.)
• VMware, Inc. (California, U.S.)
• Alphabet Inc. (Google LLC) (California, U.S.)
• Rackspace Technology, Inc. (Texas, U.S.)
• SAP SE (Walldorf, Germany)
• Apple Inc. (California, U.S.)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 17.9 % |
| 2028 Value Projection | USD 791.48 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 219.00 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 140 |
| Segments covered | Type; Service; Industry; Regional |
| Growth Drivers | Integration of Big Data, AI, and ML with Cloud to Provide Impetus to Market |
| Pitfalls & Challenges | Data Privacy and Information Security Concerns Associated with Cloud Solutions to Impede Growth |
COVID-19 Impact
Multiplying Cloud-based Solutions amid COVID-19 Pandemic to Support Growth
The ongoing coronavirus pandemic has affected majority countries across the globe. Government and organizations across numerous industries are broadly reliant on IT-associated solutions and services.
Recently, there is a significant upsurge in the demand for online live streaming platforms, such as Netflix, Amazon, Hulu, Spotify, and others, as most of the labor force is following the newly inflicted working schedule of ‘Work From Home’ (WFH) owing to lockdown limitations.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/cloud-computing-market-102697
Report Coverage
The report offers a detailed study of the market and a keen examination of the major segments of the market. It provides an in-depth analysis of key players and their insightful strategies to spur the market growth for monetary gains. It also shares tangible insights which guide business owners with their investment perspective.
The regional dynamics and how they shape the market in an upward curve are presented in the following report. Moreover, COVID-19 impacts have been added for additional information and how it is expected to affect the demand for cloud computing in the near future.
Segmentation
On the basis of type, the cloud computing market is fragmented into private cloud, hybrid cloud, and public cloud.
By service, the market is classified into software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS).
In terms of industry, the market is categorized into banking, financial services, & insurance (BFSI), government, IT & telecommunications, healthcare, consumer goods & retail, manufacturing, and others. Among the segments, IT & telecommunications is projected to show the largest share during the study period.
Geographically, the market is segmented across five major regions: North America, Latin America, the Middle East & Africa, Asia Pacific, and Europe.
Drivers and Restraints
Incorporation of Big Data, AI, and ML with Cloud to Offer Motivation to Market Growth
The rising implementation of technologies such as big data, Artificial Intelligence (AI), Machine Learning (ML), and others are projected to fuel the growth of the market. These technologies alter the market setting, as it aids users in surveying, assessing, and envisaging the untreated data.
Moreover, implementing these developing technologies with cloud solutions would aid enterprises to augment their imagining capabilities and make complicated data available and serviceable. Therefore, these factors are expected to promote the cloud computing market growth during the mentioned timeframe.
Regional Insights
North America held the maximum market share in 2020, which was worth USD 78.28 billion and is expected to dominate the market in terms of revenue during the forecast period.
Asia Pacific is probable to exhibit sudden growth during the predicted period. The growth is owing to the increasing demand for cloud-based solutions across production and healthcare industries.
Europe is estimated to display a considerable CAGR during the forecast period. The growth is accredited to the growing start-ups, digital government ventures and supervisory environment, and rising adoption of cloud-based technologies.
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Competitive Landscape
Key Companies Focus on Inventive Cloud Computing Solutions to Reinforce Competition
Prime players such as Microsoft Corporation, IBM Corporation, Alibaba Group Holding Limited, Oracle Corporation, Amazon Web Services, and Apple, Inc. are fixated on advancing their prevailing product portfolio.
Moreover, these companies are now emerging and delivering cloud-based solutions with inventive technologies such as AI, ML, and others to refine their products and offer augmented solutions to their users.
Industry Development
May 2020: Microsoft Corporation presented industry-specific Microsoft cloud for healthcare organizations and streamlined communications and amplified workflow proficiency. Additionally, this involves data analytics for both unstructured as well as structured data.
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Table Of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (USD)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Service (USD)
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Industry (USD)
- BFSI
- IT and Telecommunications
- Government
- Consumer Goods and Retail
- Healthcare
- Manufacturing
- Others (Education, etc.)
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (USD)
- Global Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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