A recently published Fact.MR report on the global cloud computing market estimates that the industry is expected to secure a value of US$ 1,949 Bn by 2032 while expanding at a CAGR of 15% in the forecast period from 2022 to 2032. Rapid digitization of workplaces and the growing demand for SaaS-based solutions are further broadening prospects.
From 2015 to 2021, sales of cloud computing solutions flourished at a CAGR of 12%. The outbreak of COVID-19 further encouraged adoption of cloud computing, as work from home directives were issued by enterprises. For instance, the number of Microsoft Team platforms increased to 44 million due to the high demand for collaboration solutions. In addition, the growing usage of platforms such as Apple TV, Netflix, Hulu, and Amazon Prime has played a salient role in driving the market.
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Key Market Segments Covered in the Global Cloud Computing Market
- By End Use
- Cloud Computing for IT & Telecom
- Cloud Computing for Government & Public Sector
- Cloud Computing for Energy & Utilities
- Cloud Computing for Retail & Consumer Goods
- Cloud Computing for Manufacturing
- Cloud Computing for BFSI
- Cloud Computing for Healthcare
- Cloud Computing for Media & Entertainment
- Cloud Computing for Other End Uses
- By Deployment
- Public Cloud Computing
- Private Cloud Computing
- Hybrid Cloud Computing
- Based on Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Enterprise Size
- Cloud Computing for Large Enterprises
- Cloud Computing for Small & Medium Enterprises
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Key Takeaways from the Market Study
- The global cloud computing market to secure a value of US$ 482 Bn in 2022
- Cloud computing solutions to accumulate 40% of global revenue in North America
- Asia Pacific to exhibit a CAGR of 18% with regard to cloud computing solutions
- By enterprise size, large enterprises to accumulate 55% revenue in 2022
- Cloud computing solutions for the BFSI industry to emerge strongest, procuring 1/4th of global revenue
Competitive Landscape
The players of the global cloud computing market are taking several initiatives to expand their global reach and spearhead the market. Acquisitions, partnerships, and collaborations are some of the most practices to intensify their market presence. Some of the recent developments among the key players are:
- In February 2022, IBM announced its plan to team up with SAP to offer technology and expertise to clients to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
- In October 2020, Microsoft Corporation announced its partnership with ZEISS Group to offer better care to patients and enhance manufacturing quality through data solutions. As per the partnership, ZEISS Group adopted Microsoft Azure as its cloud platform to provide digital experiences to its German counterpart.
- In January 2020, IBM Corporation disclosed the launch of Advertising Accelerator with Watson. It is a predictive solution that uses AI and benefits Watson by providing campaigns that could help marketers and advertisers in understanding the customers’ preferences.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global cloud computing market, presenting historical data from 2015 to 2022 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of enterprise size (large enterprises and small & medium enterprises), end use (BFSI, IT & telecom, retail & consumer goods, manufacturing, energy & utilities, healthcare, media & entertainment, government & public sector and others), deployment (public, private and hybrid) and service (IaaS, PaaS and SaaS) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
