The global Cloud Computing market size was valued at US$ 266.01 billion in 2020 and is anticipated to grow at a CAGR of 14.8% during forecast period 2021 to 2028.
Factors such as growing digital transformation among industries, rising penetration of internet and mobile devices across the world, and increase in consumption of big data are the primary drivers fostering the market growth. The development of next-generation industrial solutions will be cloud enhanced and require a cloud platform to showcase their digital business capabilities. Rise in adoption of Internet of Things (IoT), edge computing, 5G, use of real-time analytics enabled by Artificial Intelligence (AI) and Machine Learning (ML) is likely to boost the utility of this computing technology among organizations.
Cloud computing services cover a large number of functions, from the basics of storage, processing, and networking power through artificial intelligence and Natural Language Processing (NLP) as well as standard office applications. It is estimated that by 2022, more computing power will be offered and deployed by Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) service vendors than by enterprise data centers. The industrial data suggest that deployment of these services is able to increase enterprise savings up to 35% of their annual operating costs. Moreover, other factors include functional capabilities that will help boost the business performances of the organizations.
Software as a Service (SaaS) segment dominated the cloud computing market with a share of over 54% in 2019 owing to its flexible costs, easy maintenance, and deployment. The industry estimates suggest that there is a rise in the number of companies moving towards cloud with 73% of enterprises moving almost all of their applications to SaaS platform. In addition, the IT industry survey suggests that by 2022, around 60% of the enterprises will utilize an external service provider’s cloud-managed service offering, which is twice the percentage of organizations from 2018. The IaaS and PaaS type segments have witnessed a steady demand owing to the adoption these services by numerous industry verticals across the world.
The market is segmented on the basis of workload into application development and testing, data storage and backup, resource management, orchestration services, and others. The resource management segment accounted for the largest market share in 2019, owing to the benefits such as simplicity and low cost of ownership due to the multi-tenancy model over various cloud solutions. Increasing data-intensive workloads, infrastructure advancements to support large-scale execution of workflows, and development of hybrid cloud will increase the utility of resource management segment. Moreover, research and scientific establishments, and government institutions will be benefitted most by the utilization of cloud for resource management applications.
Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Large enterprises accounted for the major market share in 2019 owing to lower operating costs, better collaboration, increased flexibility, and improved time to market. Enterprises till now were using cloud for developing applications and hosting infrastructure, however, they are now utilizing cloud to modernize core business applications and processes. As per the estimates made by Cisco Systems Inc., more than 94% of the workloads will be processed through cloud data centers by 2021.
The market is segmented on the basis of end-use into BFSI, IT and telecom, manufacturing, retail and consumer goods, media and entertainment, and government and public sector, among others. BFSI sector accounted for the largest market share in 2019 owing to the adoption of cloud services for storage and management of customer data. Factors such as interoperability, secure storage, and 24×7 uptime, among others have helped BFSI sector to focus more on the customer-centric business model and digitalization of trade and wealth. Furthermore, services such as payment gateways, online fund transfer, digital wallets, and unified customer experience will play a significant role in the BFSI industry, facilitating the overall shift to cloud deployment.
Public, private, and hybrid are the types of deployment methods used by industry players. Public deployment accounted for the major market share in 2019 and is predicted to maintain its dominance over the coming period. The scalability and flexibility of cloud technology, security aspects, and control over the data center are some of the prime factors that will boost the utility of technology. As per the tech industry experts, around 60% of workloads are run on a hosted cloud service as of 2019.
North America dominated the market with a share of 49% in 2019 owing to early adoption of cloud computing solutions. Presence of numerous vendors in the region such as Microsoft Corporation; Oracle Corporation; Amazon.com Inc.; and IBM Corporation coupled with the higher propensity to adopt new technologies is expected to help these regions strengthen their market positions. The European market follows North America owing to high adoption of cloud computing in countries such as Sweden, Denmark, France, Germany, and Finland. The European countries have become a hub for technology development, particularly in the financial sector, which attracts billions of dollars in investment across the globe.
Adobe Inc.; Alibaba Group Holding Limited; Amazon.com Inc.; Google LLC; IBM Corporation; Microsoft Corporation; Oracle Corporation; Salesforce.com Inc.; SAP SE; and Workday, Inc.
Infrastructure as a Service (IaaS)
Platform as a Service (PaaS)
Software as a Service (SaaS)
Application Development & Testing
Data Storage & Backup
Enterprise Size Outlook
Small & Medium Enterprise
IT & Telecom
Retail & Consumer Goods
Energy & Utilities
Media & Entertainment
Government & Public Sector
The Cloud Computing market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Cloud Computing market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Cloud Computing market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cloud Computing market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cloud Computing market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Cloud Computing capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Cloud Computing by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cloud Computing market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cloud Computing market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cloud Computing market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Cloud Computing industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Cloud Computing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cloud Computing market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cloud Computing market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cloud Computing market. These factors have benefited the growth of the global market for Cloud Computing. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cloud Computing. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Cloud Computing are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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