07-Jun-2022 | Facts and Factors
According to Facts and Factors, the global cloud computing market was valued at USD 429.5 billion in 2021 and is predicted to increase at a CAGR of 15.80% to USD 1025.7 billion by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
As organizations continued to migrate workloads from traditional channels to digital formats, the cloud-computing market accelerated demand. Many businesses in a variety of industries have adopted the work-from-home model in order to maintain employee well-being and operational efficiency, increasing the demand for Software-as-a-Service (SaaS)-based solutions. The rise in Video-On-Demand (VoD) consumption has increased the demand for Infrastructure as a Service (IaaS) to meet consumer demands. Cloud computing enables more efficient and faster adaptation and operation of business operations in changing market environments. It simplifies the process of consuming technology. It has opened up previously unimagined possibilities for creating highly engaging customer experiences.
Browse the full “Cloud Computing Market By Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a service (SaaS)), By IaaS (Primary Storage, Disaster Recovery and Backup, Archiving, Compute), By PaaS (Application Development and Platforms, Application Testing and Quality, Analytics and Reporting, Integration and Orchestration, Data Management), By SaaS (Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Human Capital Management (HCM), Content Management, Collaboration and Productive Suites, Supply Chain Management (SCM), Others), By Deployment Model (Public Cloud, Private Cloud), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Verticals (Banking, Financial Services, and Insurance (BFSI), Telecommunications, IT and ITeS, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others), and By Region - Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2022–2028" report at https://www.fnfresearch.com/cloud-computing-market
Cloud computing has influenced people's and businesses' behavior, allowing multiple lines of business to work around technology policies in order to get things done. Cloud trends are guiding organizations' investment strategies, digital business decision-making processes, and vendor and technology selection. Rapid digitization is compelling businesses to modernize their application and infrastructure landscapes in order to improve cost efficiency and business agility. Organizations can effectively support their key business activities, move business workloads to a cloud platform, and avoid network latency by implementing cloud solutions and services.
Based on the organization size, the segment of large enterprises held the largest market share. Lower operating costs, improved collaboration, increased flexibility, and a shorter time to market are all driving factors in demand. Cloud computing enables businesses to delegate routine tasks to technology that can complete them more quickly. As a result, increased usage in major organizations to streamline operations is expected to aid the segment's growth. During the forecast period, the growing number of large enterprises in both developed and developing countries would drive up demand for cloud computing services.
Based on the verticals, the BFSI segment had the highest revenue share. The BFSI sector has seen an increase in online banking activity, prompting lenders to embrace digital transformation, with cloud computing playing a key role in this strategy. Cloud computing has assisted firms in the BFSI sector to reduce costs, encourage innovation, strengthen client relationships, and increasing flexibility. The adoption of cloud services for the storage and management of consumer data can be attributed to the expansion. Payment gateways, online fund transfers, digital wallets, and unified customer experiences, among other services, are expected to play a significant role in the BFSI industry, assisting with the overall shift to cloud deployment.
Over the forecast period, Asia Pacific is expected to be the fastest-growing region. The rapid rise of China and India, as well as the emergence of regional players such as Alibaba Group, have fuelled the regional market growth. Make in India initiatives have resulted in large investments in the industrial and IT industries, boosting demand for India's cloud computing market. In addition, hyper-scale cloud providers are building data centers in markets such as Indonesia and Thailand to meet the governments' data sovereignty requirements.
The report contains qualitative and quantitative research on the global cloud computing market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 429.5 Billion |
Projected Market Size in 2028 |
USD 1025.7 Billion |
CAGR Growth Rate |
15.80% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Microsoft (US), AWS (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), IBM (US), and Others |
Key Segment |
By Service Model, IaaS, PaaS, SaaS, Deployment Model, Organization Size, Verticals, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the major companies operating in the global cloud computing market are Microsoft (US), AWS (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), IBM (US) and others.
The global cloud computing market is segmented as follows:
By Service Model
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By IaaS
- Primary Storage
- Disaster Recovery and Backup
- Archiving
- Compute
By PaaS
- Application Development and Platforms
- Application Testing and Quality
- Analytics and Reporting
- Integration and Orchestration
- Data Management
By SaaS
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Human Capital Management (HCM)
- Content Management
- Collaboration and Productive Suites
- Supply Chain Management (SCM)
- Others (Business Intelligence (BI) and Analytics, PPM and operations and manufacturing applications)
By the Deployment Model
- Public Cloud
- Private Cloud
By Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Verticals
- Banking, Financial Services, and Insurance (BFSI)
- Telecommunications
- IT and ITeS
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Healthcare and Life Sciences
- Others (education, travel and hospitality, and transportation and logistics)
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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