Europe Cloud Computing Market Growth Analysis - Forecast Trends and Outlook (2024-2032)

Europe Cloud Computing Market Outlook

The Europe cloud computing market is being driven by the rising adoption of SaaS segment and increasing consumer demand. The market is expected to grow at a CAGR of 9% in the forecast period of 2024-2032 to reach a value of approximately USD 115.38 billion by 2032.     

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Rising Consumer Demand Boosting the Cloud Computing Industry Growth

Large companies will see a surge in the usage of on-demand computing services to speed up the delivery of IT services in the European cloud computing sector. According to the European Commission, cloud computing was used by 26% of EU companies in 2018, mainly for e-mail and file storage. Large companies used these facilities even more than small businesses, maintaining market stability and gaining a strategic advantage over rivals. The growing consumer demand for replacing legacy, on-premise infrastructure has also fueled the adoption of cloud computing in large enterprises. The steady adoption of cloud computing platforms to minimise IT infrastructure procurement and maintenance costs, as well as the rapid expansion of global cloud vendors within European countries, are driving the growth of the cloud computing market in Europe.

Cloud Computing:  Industry Definition and Segmentation

Cloud computing refers to the on-demand distribution of computing resources over the internet, such as storage, servers, applications, and networking, to allow quicker innovation and economies of scale. Customers prefer cloud computing over conventional on-premise deployments because it helps them to pay directly for the resources they need and handle their technology more effectively. The widespread acceptance of cloud computing services, especially public cloud, would result in a rise in Europe's cloud computing market share.

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Based on service type,  the market is divided into:

• Software-as-a-Service (SaaS)
• Infrastructure-as-a-Service (IaaS)
• Platform-as-a-Service (PaaS)

With regards to organisation type, the market is bifurcated into:

• Large Enterprises
• SMEs

On the basis of deployment model, the market is segmented into:

• Public
• Private
• Hybrid

By application, the market is segregated into:

• IT and Telecom
• BFSI
• Retail
• Healthcare
• Government and Public Sector
• Manufacturing
• Education
• Others

The regional markets for the product include the United Kingdom, Germany, France, and Italy, among others.

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Rising Adoption of SaaS Segment Fostering the Growth of Europe Cloud Computing Industry

Due to the widespread adoption of SaaS services, the SaaS segment accounted for a significant percentage of the European cloud computing industry in 2018 and is projected to retain its leading market revenue share by 2026. SaaS (Software as a Service) is a software licensing model that involves the distribution of centrally hosted software on a subscription basis. The growing demand for Customer Relationship Management (CRM), Accounting Management (AM), and Enterprise Resource Planning (ERP) tools has fueled the growth of SaaS portals, which enable users to link to applications through the internet. The market for these platforms is expected to increase as the underlying infrastructure is operated by a service provider, and customers will scale up or down depending on their app use. The aforementioned factors are expected to boost the market growth of cloud computing in Europe over the forecast period.

Key Industry Players in the Europe Cloud Computing Market

The report gives a detailed analysis of the following key players in the Europe cloud computing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Oracle Corporation
• SAP SE
• RheoCube
• StorageOS
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report