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Cloud Computing Market Trends and Forecast
The future of the global cloud computing market looks promising with opportunities in BFSI, telecommunication, government and public sector, retail and consumer goods, and manufacturing industries. The global cloud computing market is expected to reach an estimated $2,190.9 billion by 2030 with a CAGR of 18.8% from 2024 to 2030. The major drivers for this market are the shifting from traditional to cloud based technology due to increasing adoption of artificial intelligence and machine learning, growing automation, and increasing need of advanced technology to increase return on investment with lower infrastructure and storage cost.
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Lucintel forecasts that public cloud will remain the largest market due to increasing demand for big data and the growing rate of IT spending for cloud computing.
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Software as a service will remain the largest segment due to rising usage of mobile apps and increasing API connections.
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North America will remain the largest market over the forecast period due to increasing adoption of emerging technologies such as artificial intelligence, machine learning, and IoT.
North America will remain the largest market in the Cloud Computing Market
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United States: Companies like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud lead initiatives. The US government promotes cloud adoption through initiatives like the Cloud First policy, aiming to improve efficiency and reduce costs.
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China: Chinese companies such as Alibaba Cloud, Tencent Cloud, and Huawei Cloud dominate the market. The Chinese government's push for digital transformation and data security regulations drives cloud adoption.
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Germany: Companies like SAP, Deutsche Telekom, and Siemens are prominent players. The German government's Digital Strategy 2025 aims to accelerate cloud adoption in industries like manufacturing and healthcare.
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India: Indian companies like Infosys, Tata Consultancy Services (TCS), and Wipro are key players. The Indian government's Digital India initiative promotes cloud adoption for e-governance and digital services.
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United Kingdom: Companies like IBM Cloud, BT Cloud, and Vodafone Cloud are significant players. The UK government's Cloud First policy encourages public sector organizations to consider cloud solutions first.
Emerging Trends in the Cloud Computing Market
Emerging trends, which have a direct impact on the dynamics of the industry, include growing adoption of hybrid cloud and machine learning.
A total of 93 figures / charts and 93 tables are provided in this 211-page report to help in your business decisions. A sample figure with insights is shown below.
Cloud Computing Market by Segment
The study includes a forecast for the global cloud computing market by deployment model, service model, organization size, end use industry, and region as follows:
Cloud Computing Market by Deployment Model [Value ($B) shipment analysis for 2018 – 2030]:
Cloud Computing Market by Service Model [Value ($B) shipment analysis for 2018 – 2030]:
Cloud Computing Market by Organization Size [Value ($B) shipment analysis for 2018 – 2030]:
Cloud Computing Market by End Use Industry [Value ($B) shipment analysis for 2018 – 2030]:
Cloud Computing Market by Region [Value ($B) analysis for 2018 – 2030]:
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North America
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Europe
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Asia Pacific
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The Rest of the World
List of Cloud Computing Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies cloud computing companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cloud computing companies profiled in this report includes.
Recent Developments in the Cloud Computing Market
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Growth in Adoption of Multi-Cloud Strategies: Organizations are increasingly adopting multi-cloud strategies to diversify their cloud infrastructure and mitigate risks associated with vendor lock-in and service disruptions. According to a report by Gartner, Inc., by 2023, 90% of organizations will adopt a multi-cloud or hybrid cloud approach, driving the demand for solutions that enable seamless integration and management across multiple cloud platforms.
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Rise of Edge Computing: Edge computing is gaining momentum as organizations seek to process data closer to the source to reduce latency, improve performance, and enhance security and privacy. With the proliferation of Internet of Things (IoT) devices and real-time applications, edge computing is becoming essential for delivering low-latency services and enabling new use cases such as autonomous vehicles, augmented reality, and industrial automation. Major cloud providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud are investing in edge computing infrastructure and services to meet the evolving needs of their customers.
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Focus on Green Cloud Computing: With growing concerns about environmental sustainability, there is a growing emphasis on green cloud computing initiatives aimed at reducing energy consumption and carbon emissions associated with data centers. Cloud providers are investing in renewable energy sources, energy-efficient hardware, and data center optimization techniques to minimize their environmental footprint and meet sustainability goals. Green cloud computing initiatives align with global efforts to combat climate change and promote responsible corporate citizenship.
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Expansion of Cloud Marketplace Ecosystems: Cloud providers are expanding their cloud marketplace ecosystems to offer a wide range of third-party software solutions, services, and integrations to their customers. Cloud marketplaces serve as one-stop shops for businesses to discover, procure, and deploy applications, tools, and resources from various vendors. By collaborating with independent software vendors (ISVs) and technology partners, cloud providers are enhancing the value proposition of their platforms and empowering customers to build and scale their cloud environments more efficiently.
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Rise of Cloud-Native Technologies: Cloud-native technologies such as containers, microservices, and serverless computing are driving innovation and agility in the cloud computing landscape. Organizations are embracing cloud-native architectures and methodologies to modernize their applications, improve scalability, and accelerate time-to-market. Cloud providers are offering a wide range of cloud-native services and tools to support developers in building, deploying, and managing cloud-native applications effectively.
Features of Cloud Computing Market
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Market Size Estimates: Cloud computing market size estimation in terms of value ($B)
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Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
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Segmentation Analysis: Market size by deployment model, service model, organization size, and end use industry.
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Regional Analysis: Cloud computing market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
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Growth Opportunities: Analysis of growth opportunities in different deployment model, service model, organization size, end use industry, and regions for the cloud computing market.
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Strategic Analysis: This includes M&A, new product development, and competitive landscape for the cloud computing market.
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Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the cloud computing market size?
Answer: The global cloud computing market is expected to reach an estimated $2,190.9 billion by 2030.
Q2. What is the growth forecast for cloud computing market?
Answer: The cloud computing market is expected to grow at a CAGR of 18.8% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the cloud computing market?
Answer: The major drivers for this market are shifting from traditional to cloud based technology due to increasing adoption of artificial intelligence and machine learning, growing automation, and increasing need of advanced technology
Q4. What are the major applications or end use industries for cloud computing?
Answer: BFSI are the major end use industries for cloud computing.
Q5. What are the emerging trends in cloud computing market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include growing adoption of hybrid cloud and machine learning.
Q6. Who are the key cloud computing companies?
Answer: Some of the key cloud computing companies are as follows:
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Microsoft
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Amazon Web Services
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IBM
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Salesforce
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Google
Q7. Which cloud computing deployment model segment will be the largest in future?
Answer: Lucintel forecasts that public cloud will remain the largest market due to increasing demand for big data and the growing rate of IT spending for cloud computing.
Q8. In cloud computing market, which region is expected to be the largest in next 5 years?
Answer: North Amerca is expected to remain the largest region and witness the good growth over next 5 years
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high growth opportunities for the global cloud computing market by deployment model (public cloud, private cloud, and hybrid cloud), service model (software as a service, infrastructure as a service, platform as a service, and others), organization size (small-and medium-sized enterprises and large enterprises), end use industry (BFSI, telecommunication, IT and ITES, government and public sector, retail and consumer goods, manufacturing, media and entertainment, healthcare and life science, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?
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