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Report Overview
The global cloud computing market attained a value of nearly USD 532.60 billion in 2023. The market is further expected to grow at a CAGR of 15.0% during the forecast period of 2024-2032 to reach a value of USD 1,873.59 billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Cloud Computing Market Report Snapshots
Cloud Computing Market Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global cloud computing market value is projected to grow at a CAGR of 15.0% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 1,873.59 billion by 2032.
The market is being driven by the rising popularity of public cloud services and the increasing focus of organisations to enhance their operational efficiency.
The increasing implementation of cost-effective business model restructuring steps, digital transformation of organisations, and the growing concerns regarding high costs associated with hosting data on-premises are the key trends guiding the market growth.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The leading service segments in the market are Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS).
The significant modes of application of Cloud Computing in the market are Public, Private, and Hybrid.
The various organisation sizes considered in the market report are large enterprises and small and medium enterprises.
The several end uses of cloud computing are BFSI, IT and telecom, retail and consumer goods, manufacturing, energy and utilities, healthcare, media and entertainment, and government and public sector, among others.
The competitive landscape consists of Microsoft Corporation, Amazon Web Services, Oracle Corporation, Google LLC, SAP SE, among others.
In 2023, the market reached a value of approximately USD 532.60 billion.
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