Pune, Sept. 26, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, the Cloud Computing Market Size was valued at USD 605.3 Billion in 2023 and is expected to reach USD 2619.2 Billion by 2032, growing at a CAGR of 17.7% over the forecast period 2024-2032.”
Increased Government Initiatives Driving Cloud Adoption
In recent years, governments across the globe have been pivotal drivers in cloud adoption through digital transformation programs, security frameworks, and data sovereignty compulsions. For instance, by 2023, the U.S. government committed to investing over $4 billion in cloud infrastructure projects as part of its federal modernization policies. Similar measures have been undertaken by the European Union, which is reported to invest €2 billion in its “European Cloud Initiative” to further cloud-first policies. These steps have had a significant impact on the sector, as governmental bodies have been increasingly employing cloud-based services to enhance operational efficiency per data management. Such a strategy has been enforced not only by the ability to secure appropriate data scaling but also by cloud mechanisms’ scalable and cost-effective measures, which are proven to be inherently less prone to security breaches. The Indian government’s “Digital India” scheme aimed at using cloud platforms to impact 1 billion users also evidences the immense growth of the sector.
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Major Players Analysis Listed in this Report are:
Amazon Web Services (AWS) (EC2, S3)
- Microsoft (Azure Virtual Machines, Azure Storage)
- Google Cloud (Google Compute Engine, Google Kubernetes Engine)
- IBM (IBM Cloud Private, IBM Cloud Kubernetes Service)
- Oracle (Oracle Cloud Infrastructure, Oracle Autonomous Database)
- Alibaba Cloud (Elastic Compute Service, Object Storage Service)
- Salesforce (Salesforce Sales Cloud, Salesforce Service Cloud)
- SAP (SAP HANA Enterprise Cloud, SAP Business Technology Platform)
- VMware (VMware vCloud, VMware Cloud on AWS)
- Rackspace (Rackspace Cloud Servers, Rackspace Cloud Files)
- Dell Technologies (VMware Cloud Foundation, Virtustream Enterprise Cloud)
- Hewlett Packard Enterprise (HPE) (HPE GreenLake, HPE Helion)
- Tencent Cloud (Tencent Cloud Compute, Tencent Cloud Object Storage)
- Adobe (Adobe Creative Cloud, Adobe Document Cloud)
- Red Hat (OpenShift, Red Hat Cloud Infrastructure)
- Cisco Systems (Cisco Webex Cloud, Cisco Intersight)
- Fujitsu (Fujitsu Cloud Service K5, Fujitsu Cloud IaaS Trusted Public S5)
- Huawei (Huawei Cloud ECS, Huawei Cloud OBS)
- Workday (Workday Human Capital Management, Workday Financial Management)
- NetApp (NetApp Cloud Volumes, NetApp Cloud Insights), and others players.
Cloud Computing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 605.3 Billion |
| Market Size by 2032 | US$ 2619.2 Billion |
| CAGR | CAGR of 17.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Integration of Big Data, AI, and Machine Learning with the Cloud to Enhance Market |
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By Service: Software as a Service (SaaS) Leading the Cloud Market
In 2023, the SaaS segment dominated the market and accounted for 54% of the market’s revenue share. Its popularity among companies and governmental institutions is rational because its subscription-based services effectively eliminate the need for a company to buy costly hardware or software on a large scale. In addition, modern government sectors have increasingly been utilizing such services to modernize their administrative processes, which require relatively long timelines to implement and need SaaS-based solutions to be flexible.
According to the U.S. Federal Cloud Computing Strategy, over 60% of federal agencies are migrating toward SaaS platforms for their operational efficiency and cost-saving benefits. These applications offer great benefits to the business, which includes operational efficiency and savings, allowing the business to scale and become agile to respond to real-time requirements and faster upgrades. Therefore, it is evident that cloud-hosted applications are one of the great options for organizations to meet the dynamic needs of the modern-day business environment.
By End Use: BFSI Sector Leading, Manufacturing Sector Grows Rapidly
The Banking, Financial Services, and Insurance sector held the largest market share, accounted for 33% of the cloud computing market in 2023. The BFSI sector’s demand for scalable, secure, and compliant cloud infrastructure has been driven by increasing data volumes and the need for robust disaster recovery mechanisms. In addition, BFSI requires secure and compliant cloud infrastructure that is attention-grabbing for the banking and finance sector. The U.K. Financial Conduct Authority offers insurance coverage for cloud-based institutions as part of the UK’s commitment to implementing financial sector improvement reforms after launching its cloud infrastructure solutions at Amazon terminals. Manufacturing segment projected to grow with the fastest CAGR in the predicted period. The German government’s “Industry 4.0” project calls for the expansion of production capabilities through process automation and machine-to-machine operations. The cloud allowed real-time computation by predicting maintenance and automation, a reform to the production process that helped the manufacturing industry expand as opposed to traditional techniques.
Cloud Computing Market Segmentation:
By Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Deployment
- Public
- Private
- Hybrid
By Workload
- Application Development & Testing
- Data Storage & Backup
- Resource Management
- Orchestration Services
- Others
By End-use
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Healthcare
- Media & Entertainment
- Government & Public Sector
- Others
Regional Dominance: North America Leading the Market
North America has dominated the global cloud computing market due to its IT infrastructure and strong government support for cloud company investments. The U.S. government’s “Cloud Smart” strategy in combination with a government cloud-adjustment in Canada accounted for a large portion of the region’s growth. North America held 41% of the world market shares in 2023 due to more and more enterprises adopting digital transformation and cloud-centric innovation. Secure and compliant cloud services were also facilitated by the US National Institute of Standards and Technology across the diverse industry verticals of the North American cloud computing market. The Asia-Pacific region will be growing the fastest, as the government focuses on targeting the middle class, women, youth, and small-to-medium enterprises in developing the region’s information and communications technology infrastructure.
Recent News
August 2023: Amazon Web Services (AWS) announced the opening of its new cloud region in Malaysia, aimed at strengthening its infrastructure and catering to the increasing demand for cloud solutions in Southeast Asia.
July 2023: Microsoft expanded its Azure Government Secret cloud to include more AI and data services, enhancing capabilities for secure government operations.
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Key Takeaways:
- Government initiatives and policies are driving cloud adoption across sectors.
- SaaS dominates the cloud computing market, with a 54% share in 2023.
- BFSI is the largest end-use segment, while manufacturing is the fastest-growing sector.
- North America leads the global cloud computing market due to strong infrastructure and government support.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cloud Computing Market Segmentation, by Service
8. Cloud Computing Market Segmentation, by Enterprise Size
9. Cloud Computing Market Segmentation, by Deployment
10. Cloud Computing Market Segmentation, by Workload
11. Cloud Computing Market Segmentation, by End-use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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