Cloud Computing Market

Cloud Computing Market by Service (Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS)), Workload (Application Development and Testing, Data Storage and Backup, Resource Management, Orchestration Services, and Others), Deployments (Public, Private, and Hybrid), Enterprise Size (Large and SMEs), End-uses (BFSI, IT & Telecom, Manufacturing, Retail & Consumer Goods, Media & Entertainment, and Government & Public Sector), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-487
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 3
  • No. Of Pages: 165
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global cloud computing market was valued at USD 371.4 billion in 2020 and is expected to reach USD 832.1 billion by 2028, expanding at a CAGR of 14.9% during the forecast period, 2021 – 2028. The growth of the market is attributed to rising adoption of innovative technologies such as artificial intelligence (AI), machine learning (ML), and increasing dependence on cloud-based solutions.

Cloud Computing Market Key Takeaways

Cloud computing is an IT service model where third party service providers offer software tools and computing resources via internet. In this model, the user has to pay only for the usage of computing device, coupled with bandwidth, and storage they consume. Cloud computing has several advantages over on-premise infrastructure.

Market Trends, Drivers, Restraints, and Opportunities:

  • Rising competition and global economic situation boosted the adoption of cost-effective solutions. This in turn drives the market.
  • Changing company preferences towards adoption of new technology and tracking customer experience are the key factors driving the market.
  • Factors such as increase in edge computing, Internet of Things, use of real time analytics, and 5G is anticipated to boost the market.
  • Decreased infrastructure and storage costs along with rising return on investments in cloud computing are expected to fuel the market.
  • Several advantages are provided by cloud computing such as scalability, flexibility, and agility which leads to rising demand.
  • Data stored on cloud computing system is prone to cyber-attacks which hampers the market growth.
  • Increasing initiatives towards digital transformation and rising volume of data usage has rapidly increased the number of cyber-attacks.

 Scope of the Report:

The report on the cloud computing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Cloud Computing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Service (Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS)), Workload (Application Development and Testing, Data Storage and Backup, Resource Management, Orchestration Services, and Others), Deployments (Public, Private, and Hybrid), Enterprise Size (Large and SMEs), End-uses (BFSI, IT & Telecom, Manufacturing, Retail & Consumer Goods, Media & Entertainment, and Government & Public Sector), and Regions

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Adobe Inc., Amazon.com Inc., Google LLC, IBM Corporation, Alibaba Group Holding Limited, Salesforce.com Inc., Workday, Inc., Microsoft Corporation, Oracle Corporation, SAP SE, AWS, Alphabet Inc., Cisco Systems, VMware, Inc., Dell EMC Corp., Rackspace Inc., TIBCO Software Inc., and SAS Institute Inc.


Market Segment Insights:

The software as a service segment held a major share of more than 54% of the total revenue in 2019
Based on services, the global cloud computing market is segregated as Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). The SaaS segment is anticipated to expand at a rapid pace during the forecast period. Growth of the segment is attributed to easy maintenance, flexible costs, and deployment. The industry survey suggests that increasing number of companies are inclining towards cloud-based services. Additionally, the IT industry analysis reports that 60% of the organizations utilize an external service provider’s cloud managed services. The PaaS and IaaS segments are expected to expand at a steady rate, owing to rising adoption of these services by several industries worldwide.

Cloud Computing Market By Services

The resource management segment held a major market share of the total revenue in 2019
On the basis of workload, the global cloud computing market is segregated as application development and testing, data storage and backup, resource management, orchestration services, and others. The growth of the resource management segment is attributed to factors such as low cost of ownership and simplicity over other cloud solutions. Increasing data-intensive workload, development of hybrid cloud, and advancement in infrastructure to support huge workflows are expected to increase the efficiency of the resource management segment. Additionally, government institutions and research & scientific establishments are projected to be benefitted the most by cloud resource management applications.

The application development & testing segment is projected to expand at a rapid pace during the forecast period. Growth of the segment is attributed to ongoing relocation of applications over the cloud segment and worldwide increasing usage of mobile devices and internet. For instance, in 2017, the Apple app store provided 2 million apps and Google Play provided around 2.2 billion apps. Cloud applications are developed at a rapid pace in sectors such as personal fitness, entertainment, and education.

The public segment held a major market share of more than 60% of the total revenue in 2019
In terms of deployments, the global cloud computing market is classified as public, private, and hybrid. The public segment is expected to expand at a substantial CAGR during the forecast period. Factors such as flexibility & scalability of cloud technology control over data center and security aspects are projected to boost the market.

Integration of the hybrid segment with private and public models is expected to expand at a robust CAGR during the forecast period. Hybrid deployment is expected to be the most preferred type of deployment model among industries that will drive the cloud industry. The industry survey indicated that almost 77% of enterprise decision makers, who plan to upgrade or implement cloud technology, prefer hybrid deployment. Additionally, the mixture of hybrid and edge computing is estimated to increase the value of organizations.

The large enterprises segment held a major market share of the total revenue in 2019
Based on enterprise size, the global cloud computing market is bifurcated into large and SMEs. Growth of the large segment is attributed to increased flexibility, low operating costs, and effective collaboration. Till now, enterprises used cloud-based services for developing applications, but now they use it to modernize business processes and applications. According to the study by Cisco Systems, Inc., around 94% of the global workload is estimated to be processed by cloud data centers until 2021.

The SMEs segment is projected to expand at a high CAGR during the forecast period, due to rising employee productivity, flexible pricing models by CSPs, and increasing number of collaborations and innovations. SMEs are largely using technology for financial management, marketing, project management, and building customer relationships.

The BFSI segment held a major market share of more than 30% of the total revenue in 2019
On the basis of end-uses, the global cloud computing market is fragmented as BFSI, IT & telecom, manufacturing, retail & consumer goods, media & entertainment, and government & public sector. Development of BFSI segment is attributed to increasing adoption of cloud for management and storage of customer data. Features such as secure storage, interoperability, and all time availability helped the BFSI sector to emphasize on digitalization of wealth & trade and customer-centric business model. Moreover, factors such as online fund transfer, payment gateways, and digital wallets are expected to play an important role in the BFSI sector.

The manufacturing industry is projected to be the early adopter of cloud services, due to its benefits such as real time visibility and unified data. Additionally, the manufacturing segment used computing services for planning resources, managing services, storing information, and supply chain management. The industry report specifies that cloud computing provides almost 25% of total benefits of finished products.

The market in Asia Pacific held a major share of more than 51% of the total revenue in 2019
In terms of regions, the global cloud computing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a significant CAGR during the forecast period. Easy availability of skilled labor and keen willingness of SMEs and large enterprises to grow & enter in the region are driving the market. Presence of major players such as Alibaba Group, Amazon Web Services (AWS), and Azure is anticipated to boost the regional market.

The market in North America held a share of around 49% in 2019, owing to early adoption of cloud solutions. Moreover, presence of several vendors such as Microsoft, IBM, and Oracle in the region is expected to drive the market. European countries are a hub for technology development, mainly in financial sector.

 Cloud Computing Market By Regions

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cloud Computing Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Cloud Computing Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Cloud Computing Market - Supply Chain
  4.5. Global Cloud Computing Market Forecast
     4.5.1. Cloud Computing Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Cloud Computing Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Cloud Computing Market Absolute $ Opportunity
5. Global Cloud Computing Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Cloud Computing Market Size and Volume Forecast by End Users
     5.3.1. BFSI
     5.3.2. IT & Telecom
     5.3.3. Manufacturing
     5.3.4. Retail & Consumer Goods
     5.3.5. Media & Entertainment
     5.3.6. Government & Public Sector
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Cloud Computing Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Cloud Computing Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Cloud Computing Demand Share Forecast, 2019-2026
7. North America Cloud Computing Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Cloud Computing Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Cloud Computing Market Size and Volume Forecast by End Users
     7.4.1. BFSI
     7.4.2. IT & Telecom
     7.4.3. Manufacturing
     7.4.4. Retail & Consumer Goods
     7.4.5. Media & Entertainment
     7.4.6. Government & Public Sector
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Cloud Computing Demand Share Forecast, 2019-2026
8. Latin America Cloud Computing Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Cloud Computing Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Cloud Computing Market Size and Volume Forecast by End Users
     8.4.1. BFSI
     8.4.2. IT & Telecom
     8.4.3. Manufacturing
     8.4.4. Retail & Consumer Goods
     8.4.5. Media & Entertainment
     8.4.6. Government & Public Sector
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Cloud Computing Demand Share Forecast, 2019-2026
9. Europe Cloud Computing Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Cloud Computing Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Cloud Computing Market Size and Volume Forecast by End Users
     9.4.1. BFSI
     9.4.2. IT & Telecom
     9.4.3. Manufacturing
     9.4.4. Retail & Consumer Goods
     9.4.5. Media & Entertainment
     9.4.6. Government & Public Sector
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Cloud Computing Demand Share Forecast, 2019-2026
10. Asia Pacific Cloud Computing Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Cloud Computing Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Cloud Computing Market Size and Volume Forecast by End Users
     10.4.1. BFSI
     10.4.2. IT & Telecom
     10.4.3. Manufacturing
     10.4.4. Retail & Consumer Goods
     10.4.5. Media & Entertainment
     10.4.6. Government & Public Sector
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Cloud Computing Demand Share Forecast, 2019-2026
11. Middle East & Africa Cloud Computing Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Cloud Computing Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Cloud Computing Market Size and Volume Forecast by End Users
     11.4.1. BFSI
     11.4.2. IT & Telecom
     11.4.3. Manufacturing
     11.4.4. Retail & Consumer Goods
     11.4.5. Media & Entertainment
     11.4.6. Government & Public Sector
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Cloud Computing Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Cloud Computing Market: Market Share Analysis
  12.2. Cloud Computing Distributors and Customers
  12.3. Cloud Computing Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Adobe Inc.
     12.4.2. Amazon.com Inc.
     12.4.3. Google LLC
     12.4.4. IBM Corporation
     12.4.5. Alibaba Group Holding Limited
     12.4.6. Salesforce.com Inc.
     12.4.7. Workday, Inc.
     12.4.8. Microsoft Corporation
     12.4.9. Oracle Corporation
     12.4.10. SAP SE
     12.4.11. AWS
Segments Covered in the Report:
The global cloud computing market has been segmented on the basis of

Services
  • Software as a Service (SaaS)
  • Infrastructure as a Service (IaaS)
  • Platform as a Service (PaaS)
Workload
  • Application Development and Testing
  • Data Storage and Backup
  • Resource Management
  • Orchestration Services
  • Others
Deployments
  • Public
  • Private
  • Hybrid
Enterprise Size
  • Large
  • SMEs
End-uses
  • BFSI
  • IT & Telecom
  • Manufacturing
  • Retail & Consumer Goods
  • Media & Entertainment
  • Government & Public Sector
Regions
  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa
Key Players
  • Adobe Inc.
  • Amazon.com Inc.
  • Google LLC
  • IBM Corporation
  • Alibaba Group Holding Limited
  • Salesforce.com Inc.
  • Workday, Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • SAP SE
  • AWS
  • Alphabet Inc.
  • Cisco Systems
  • VMware, Inc.
  • Dell EMC Corp.
  • Rackspace Inc.
  • TIBCO Software Inc.
  • SAS Institute Inc.

Key players in the global cloud computing market include Adobe Inc., Amazon.com Inc., Google LLC, IBM Corporation, Alibaba Group Holding Limited, Salesforce.com Inc., Workday, Inc., Microsoft Corporation, Oracle Corporation, SAP SE, AWS, Alphabet Inc., Cisco Systems, VMware, Inc., Dell EMC Corp., Rackspace Inc., TIBCO Software Inc., and SAS Institute Inc. Some of the major strategies adopted by key players are mergers & acquisitions, and partnerships to gain easy access to the markets of developing countries and improve technological capabilities.

Cloud Computing Market By Key Players

Buy Report