In 2023, the worldwide cloud computing market achieved a valuation of USD 579.58 billion, and it is anticipated to expand at a steady pace of 13.5% between 2023 and 2033, ultimately reaching an impressive value of USD 2,062.26 billion by 2033.
With the growing realization of the immense benefits of using public cloud computing platforms, the market has emerged as an important part of the global economic system. In the present world, there are several cloud computing service providers catering to a huge demand for various remote facilities.
What are the Different Market Dynamics Propelling the Global Cloud Computing Market?
Given the immense advantages of integrating cloud computing services, the global markets are nowadays providing cloud-based servers for small businesses for increasing their customer base.
What are the Key Obstacles Impeding the Progress of Market Participants?
The following are likely to prove as challenges that participants are confronted with:
| Attributes | Details |
|---|---|
| Cloud Computing Market Value (2023) | USD 579.58 billion |
| Cloud Computing Market Value (2033) | USD 2,062.26 billion |
| Cloud Computing Market Growth Rate (2023 to 2033) | 13.5 %. |
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Improving digital literacy around the world and the rapid adoption of digital applications for enhancing the user experience has compelled many service-based companies to blend in several features in their production systems.
This need for combining many different digital features is promoting the use of cloud computing platforms as a perfect model creating great opportunities for cloud computing providers.
The market is also getting high traction in the form of long-term subscriptions to personal cloud computing services these days. The establishment of many cloud computing industries in the global market has brought down computing costs considerably in the past years. The decreasing prices of cloud computing services are expected to surge the market for cloud computing from 2023 to 2033.
The use of the Google cloud platform or any other cloud computing platform has decreased the cost of production by reducing the requirement of hiring on-site employees. This stands as a prominent point for the high popularity of cloud computing services in the global market.
As per FMI study, the Software as a Service (SaaS) sub-segment led the market, holding a value share of 52.7% globally in 2022.
The rising enterprise demand is expected to accelerate the growth of the Software as a Service (SaaS) sector, driven by its simple deployment and low maintenance requirements. Its subscription-based model provides cost efficiencies by eliminating upfront infrastructure investments. SaaS sub segment also simplifies deployment and updates, relieving organizations of maintenance tasks.
By leveraging SaaS, organizations can focus on their core competencies and strategic goals. Outsourcing software functionality to SaaS providers allows businesses to allocate their resources and efforts toward their primary areas of expertise. This results in improved productivity and efficiency.
The applicability of cloud computing networks has covered a lot of areas in any economy. Most end users prefer the public cloud segment owing to its great affordability and easy availability of users. In the coming years, this segment is expected to continue its dominance over the cloud computing market share, where it accounted for 67.8% in 2022.
The private cloud deployment segment has also been analyzed to be gaining momentum with the introduction of some popular personal cloud computing products in the market. Individual customers mostly go for the best cloud backup for PC, which is anticipated to create some attractive opportunities for the market players.
| Regions | CAGR (2023 to 2033) |
|---|---|
| The United Kingdom (UK) | 12.5% |
| China | 13.7% |
| India | 13.1% |
By the broad geographical division of the global market for cloud computing, North America holds the significant share by contributing about 34.6% of the revenue as per the 2022 records.
Due to the presence of most of the leading companies such as Google computing, Amazon cloud services, Microsoft edge computing, and others, the market in the United States of America was accounted for 21.2% value share in 2022.
North America boasts a thriving business ecosystem, with several enterprises embracing cloud computing solutions. The region's mature market, entrepreneurial culture, and technological adoption contribute to its supremacy.
The regulatory environment in North America, characterized by clear data protection and privacy laws, fosters trust and confidence among businesses and consumers, facilitating the widespread adoption of cloud computing services.
During the forecast time period, the growth of Asia Pacific cloud computing market share is predicted to be high than in any other geographic region. The evolution of a robust IT sector and the emergence of new cloud market shareholders have provided the necessary impetus for a significantly growing market in the region.
In accordance with the FMI research, the market for cloud computing in China is estimated to account for a significant portion of market share, advancing at a CAGR of 13.7% and India at a rate of 13.1% from 2023 to 2033.
Asia Pacific region is witnessing a significant digital transformation across various industries. Organizations are adopting cloud computing to modernize their operations, enhance agility, and drive innovation.
The growth of cloud computing providers in Europe and Latin America has also surged considerably in the past decade. With the growing demand for cloud computing services, the market is estimated to experience positive growth in these regions as well.
Europe cloud computing industry was forecasted to retain a value share of 22.4% on a global level. Europe has emerged as a significant player in the global cloud computing arena, witnessing substantial growth and adoption across various industries and sectors.
Moreover, key market players, both regional and global, have established a strong presence in Europe, offering a wide range of cloud services and solutions to cater to diverse customer needs. This competitive market environment fosters innovation, drives technological advancements, and fuels the continuous evolution of cloud computing in the region.
The demand for scalable and cost-effective IT infrastructure solutions is fostering the cloud computing market size in the United Kingdom, providing impetus to its growth rate of 12.5% from 2023 to 2033.
features in their cloud computing services as per the changing working models and demands from users.
The giant cloud companies are also spending on establishing data storage centers at different world locations to diversify their security storage networks and speed up data transfer.
This constant evaluation process adopted by cloud computing agencies has improved the performance of public cloud computing platforms over the years. It is further anticipated to increase the number of cloud computing subscribers in the coming days.
What are the Recent Developments in the Field of Cloud Computing Industry?
The market is valued at USD 579.5 billion in 2023.
The market is estimated to expand at a CAGR of 13.5%.
AWS, Microsoft, and IBM are the top market players.
Technological advancements to boost the market prospects.
The software-as-a-serice segment is likely to remain preferred through 2033.
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Cloud Computing Market
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