Cloud Computing Market worth $1,266.4 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 7, 2023 /PRNewswire/ -- The integration of edge computing, the expansion of AI and machine learning services, the growth of hybrid and multi-cloud methods, and the investigation of quantum computing are all anticipated developments in the Cloud Computing Market. Anticipations encompass heightened security protocols, cloud solutions tailored to individual industries, and a heightened emphasis on sustainability, 5G integration, and ongoing innovations to sustain competitiveness.
The global Cloud Computing Market size is expected to grow from USD 626.4 billion in 2023 to USD 1,266.4 billion by 2028 at a CAGR of 15.1% during the forecast period, according to a new report by MarketsandMarkets™. Cloud providers can achieve economies of scale by pooling computing resources and distributing costs across many users; this allows organizations to access computing power and storage without significant upfront investments in infrastructure.
Browse in-depth TOC on "Cloud Computing Market"
344 - Tables
Scope of the Report
The Cloud Computing Market is expanding, and vendors are adopting a strategic focus to attract customers. Cloud services can be accessed from anywhere with an internet connection, promoting remote work and collaboration. This accessibility enhances productivity and facilitates global business operations. Cloud providers typically have multiple data centers across different geographic locations. This redundancy enhances reliability, ensuring services remain available during hardware failures or disasters. These services are increasing the demand for the Cloud Computing Market.
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=234
The SaaS segment holds the largest market size during the forecast period.
Salesforce, Microsoft, Adobe, Google, and IBM are some of the leading companies in the SaaS market. Although the SaaS market has reached a level of maturity and its growth rate is not as rapid as that of IaaS and PaaS, the SaaS market is significantly more extensive and is anticipated to maintain this position until 2023. MnM predicts substantial growth across all SaaS segments and geographic regions. Many businesses were increasingly adopting SaaS solutions, ranging from customer relationship management (CRM) and enterprise resource planning (ERP) to communication and collaboration tools. AI and machine learning are increasingly integrated into SaaS applications to provide advanced analytics, automation, and predictive capabilities. This trend aims to enhance the functionality and intelligence of cloud-based solutions.
Retail & Consumer Goods vertical to record the highest CAGR during the forecast period.
The retail & consumer goods vertical has become one of the most dynamic and fast-paced sectors in adopting cutting-edge technologies. Leading companies in this space include Walmart, Ocado, Tesco, Shapeways, Zara, and Richline Group. In recent years, cloud computing has emerged as a game-changing technology that significantly benefits the industry. For instance, beacons installed in retail stores for facial recognition generate a vast amount of data, which can be processed and analyzed closer to the source using cloud computing rather than sending it to centralized storage, which could be costly and time-consuming; this helps companies identify new revenue sources quickly. The adoption of cloud computing is due to factors such as the rising purchasing power of customers, the need to meet their expectations, and the retention and acquisition of new customers. Online retailing and cloud technologies have disrupted the retail and consumer goods industry, leading to the adoption of cloud computing mainly for storage, backup, and security services.
Cloud computing can significantly help enhance stores' brand value and lifespan by identifying out-of-stock situations and pricing issues. Retailers and consumer goods companies are also using edge computing to leverage new technologies like IoT and AI for gathering insights into consumer purchase preferences and patterns, thereby improving their business's overall efficiency. For example, Walmart uses edge computing to leverage IoT data generated from sensors at the store level and backhaul it to Microsoft Azure Cloud for a unified view of customers across the US.
Our analysis shows North America holds the largest market size during the forecast period.
North America is estimated to account for the largest market share in the global Cloud Computing Market in 2023, and this trend will continue during the forecast period. Due to several factors, including numerous businesses with advanced IT infrastructure and the accessibility of technical skills, North America is the market with the most established cloud computing adoption. Factors, such as organizations shifting toward cloud services and the increasing adoption of digital business strategies, are expected to drive the adoption of cloud computing offerings in North America. The region will encourage market growth as large enterprises and SMEs focus on developing innovative cloud computing integrated with technological advancements, such as IoT and predictive maintenance. North America also witnessed the early adoption of cloud and mobility technologies and has an advanced IT infrastructure, which reduces operational expenditure through various technological advancements across verticals. North America is the most significant contributor in terms of revenue compared to the other regions. The Cloud Computing Market in North America will grow steadily during the forecast period as enterprises adopt advanced application development technologies at various levels as a part of their strategy to sustain themselves in the competitive market.
Top Key Companies in Cloud Computing Market:
The prominent players across all service types profiled in the Cloud Computing Market's study include AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Skytap (US), OVH (France), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), IFS (Sweden), App Maisters (US), Zymr (US), JDV Technologies (India), Tudip Technologies (India), Visartech (US), Cloudflex (Nigeria), Cloudways (Malta), Vultr (US), and pCloud (Switzerland).
Cloud Computing Market Advantages:
Browse Adjacent Markets: Cloud Computing Market Research Reports & Consulting
Multimodal Al Market - Global Forecast to 2028
Spatial Computing Market - Global Forecast to 2028
Platform as a Service Market - Global Forecast to 2026
Cloud Billing Market - Global Forecast to 2025
Cloud Applications Market - Global Forecast to 2025
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.