In 2022, it is predicted that the global cloud computing market would be worth US$482 billion. The market is anticipated to generate US$ 1,949 Bn by 2032 while growing at a CAGR of 15% from 2022 to 2032.
The global growth of the cloud computing market is mostly due to the increasing adoption of technologies like machine learning, big data, and artificial intelligence. The growing demand for flexibility and scalability, risk mitigation, and the simplification of infrastructure are further key factors influencing the growth of the cloud computing market.
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Key Takeaways from the Market Study
- The global cloud computing market to secure a value of US$ 482 Bn in 2022
- Cloud computing solutions to accumulate 40% of global revenue in North America
- Asia Pacific to exhibit a CAGR of 18% with regard to cloud computing solutions
- By enterprise size, large enterprises to accumulate 55% revenue in 2022
- Cloud computing solutions for the BFSI industry to emerge strongest, procuring 1/4th of global revenue
“The growing digitization of various end-user sectors such as; health, BFSI, and others, is likely to boost the market. Further, the outbreak of COVID-19 has posed a significant opportunity of expansion to the market.”- says an analyst at Fact MR.
Prominent Key players of the cloud computing market survey report:
- Adobe Inc.
- Alibaba Group Holding Limited
- Amazon.com Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- Workday, Inc.
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Key Market Segments Covered in the Global Cloud Computing Market
- By End Use
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Retail & Consumer Goods
- Media & Entertainment
- Other End Uses
- By Deployment
- Public Cloud Computing
- Private Cloud Computing
- Hybrid Cloud Computing
- Based on Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
The players of the global cloud computing market adopt various strategies to secure a prominent position in and enhance their influence in the global market. Some of the recent developments among the key players are:
- In January 2020, IBM Corporation launched the Advertising Accelerator with Watson. It is a predictive solution that utilizes AI and helps Watson by providing campaigns that could aid marketers and advertisers in understanding the customers’ behavior.
- In February 2022, IBM disclosed its plan to team up with SAP to provide technology to clients to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
- In October 2020, Microsoft Corporation disclosed its partnership with ZEISS Group to offer advanced care to patients and develop manufacturing quality through data solutions. According to the partnership, ZEISS Group adopted Microsoft Azure as its cloud platform to offer digital experiences to its German counterpart.
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What makes Fact.MR report stand out from others?
- MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Cloud computing market. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the market stakeholders.
- Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Cloud computing market, thus, making it different and special from other reports.
- Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of market get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
- Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Cloud computing market and assists to create strategies to overcome the obstacles that may hinder the growth of the Cloud computing market.
- Leverage: The Cloud computing market can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
- Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
- Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Cloud computing market.
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