Global Cloud Computing Market Report and Forecast 2024-2032

Global Cloud Computing Market Growth

Cloud computing is the delivery of computing services via the Internet (the cloud), including as servers, storage, databases, networking, apps, analytics, and intelligence, to enable faster innovation, more adaptable resources, and economies of scale, which drives the demand for the cloud computing market.

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Global Cloud Computing Market Analysis

The global market for cloud computing is a rapidly emerging industry that is adopting various technological reforms to boost and sustain the system, thus, ensuring the continued cloud computing industry growth.

Enterprises are concerned about the expenses of on-premises data hosting, including implementation and maintenance. Furthermore, organisations face two additional challenges, personnel expenditures and downtime issues. The current competitive environment and global economic conditions have accelerated the use of cost-effective business model restructuring measures. Another reason driving cloud computing service acceptance is organisations' rising push toward digital transformation and increased customer interaction, both of which are cutting enterprise expenses. Furthermore, the cloud provides a pay-as-you-go paradigm, allowing businesses to pay for cloud services depending on their usage, resulting in lower prices which further enables the growth of the cloud computing market.

Global Cloud Computing Industry Outlook

As per industry reports, spending on compute and storage infrastructure products for cloud deployments, including dedicated and shared IT environments, rose 18.5% year on year to USD 31.8 billion in the fourth quarter of 2023. Cloud infrastructure spending continues to outpace non-cloud spending, which increased by 16.4% year on year to USD 18.9 billion in Q4’23. Unit shipments in the cloud infrastructure market fell 22.8% in the quarter, while average selling prices (ASPs) increased due to higher-than-usual GPU server shipments to hyper scalers.

Further, there has been a notable increase in worldwide IT spending from 2022 to 2023, growing from USD 4,401.809 billion to USD 5,643.628 billion. Data centre systems spending rose from USD 216.095 billion to USD 224.123 billion, marking a 3.7% growth. Devices spending decreased by 4.6%, from USD 717.048 billion to USD 684.342 billion. Software experienced substantial growth of 12.3%, rising from USD 793.839 billion to USD 891.386 billion.

The global cloud computing industry is being driven by rising demand across several industries and major technological breakthroughs.

• Cloud platforms are being used by key industries such as finance, healthcare, and retail to improve data management, real-time analytics, and operational efficiency.

• Generative AI's ability to create sophisticated models and applications enhances cloud capabilities, driving cloud computing market growth.

Regulatory pressures and cybersecurity issues provide hurdles for the market.

• As data privacy standards such as GDPR and CCPA become increasingly stringent, cloud service companies face complicated compliance challenges.

• The increasing frequency and sophistication of cyberattacks pose serious risks to cloud computing.

Emerging trends and innovations present an expansion of cloud computing market opportunities.

• Hybrid and multi-cloud systems are becoming more popular as enterprises want to optimize their IT infrastructure by mixing public, private, and on-premises solutions.

• Cloud computing is being transformed by advances in artificial intelligence (AI) and machine learning (ML), which enable improved data processing, predictive analytics, and automation.

Intensified competition from conventional agriculture and other sustainable farming methods.

• Changing regulations and compliance requirements for organic certifications may hinder market entry.

• Misconceptions about yields and effectiveness of Cloud Computing compared to traditional methods could limit adoption.

Key Players in the Global Cloud Computing Market and their Key Initiatives

Microsoft Corporation

• Expanded Azure offerings with advanced AI and machine learning capabilities, enhancing cloud-based solutions.

• Launched strategic partnerships with global tech firms to strengthen cloud infrastructure and service to capture the cloud computing market opportunities.

Amazon Web Services

• Introduced innovative cloud services like AWS Outposts for hybrid environments, catering to diverse client needs.

• Invested significantly in global data centers, ensuring robust service availability and low-latency performance to meet the growing demand in the cloud computing market.

Oracle Corporation

• Enhanced Oracle Cloud Infrastructure (OCI) with autonomous database features, improving efficiency and security.

• Formed alliances with SaaS providers to integrate Oracle’s cloud services, expanding its ecosystem.

Google LLC

• Launched Google Anthos to facilitate hybrid and multi-cloud deployments, offering greater flexibility to businesses.

• Focused on sustainability by powering cloud operations with renewable energy, emphasizing environmental responsibility.

SAP SE

• Integrated advanced analytics and AI into SAP Cloud Platform, driving intelligent enterprise solutions.

• Expanded its global footprint through strategic acquisitions and partnerships, enhancing cloud service offerings.

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Global Cloud Computing Industry Segmentation

“Global Cloud Computing Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Service

• Software as a Service (SaaS)

• Platform as a Service (PaaS) 

• Infrastructure as a Service (IaaS)

Market Breakup by Deployment Model 

• Public

• Private

• Hybrid

Market Breakup by Organisation Size

• Large Enterprises

• Small and Medium Enterprises

Market Breakup by End Use

• BFSI

• IT and Telecom 

• Retail and Consumer Goods 

• Manufacturing 

• Energy and Utilities 

• Healthcare 

• Media and Entertainment 

• Government and Public Sector 

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Cloud Computing Market Share

The growth of the cloud computing industry can also be attributed to the cost efficiency, which lowers the need for huge capital expenditures on hardware and infrastructure, and the pay-as-you-go model, which allows organisations to pay only for the services they use. Furthermore, the scalability and flexibility of cloud services enable organizations to readily alter resources based on demand, allowing them to respond to changing workloads and market conditions.

The cloud computing market dynamics and trends are being driven by expanding digital transformation initiatives across sectors, as well as the rising usage of advanced technologies, both of which are significant drivers of market growth.

Favourable government efforts, such as the Digital India program and the implementation of data protection legislation, are also expected to propel the cloud computing demand growth.

Leading Companies in the Cloud Computing Market

These companies are market leaders in cloud computing services, providing a diverse variety of solutions such as infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). They are well-known for their innovative technologies, massive global data centre networks, and complete cloud platforms, which cater to enterprises of all sizes and enable digital transformation, scalability, and innovation across a wide range of industries.

• Microsoft Corporation 

• Amazon Web Services 

• Oracle Corporation 

• Google LLC 

• SAP SE

Key Highlights of the Report

Cloud Computing Market Report Snapshots

Cloud Computing Market Size

Cloud Computing Market Growth

Cloud Computing Market Analysis

Cloud Computing Market Share

Cloud Computing Companies