According to projections, the cloud computing market is expected to amass a significant market value of USD 579.58 billion by the year 2023, indicative of its notable growth potential. This upward momentum is anticipated to persist as the market continues to advance at a steady rate of 13.5% during the forecast period.
By the year 2033, the cloud computing market is forecasted to reach a substantial valuation of USD 2,062.26 billion, signifying its substantial impact and widespread adoption across various industries.
Companies are making the transition to using hybrid clouds in their working environments. The hybrid cloud’s key benefit is agility. Companies are using public, private, and internal resources to increase their agility and competitiveness.
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Solutions that allow workers to work securely and effectively are increasingly needed by organizations. Providers offer specialized solutions built on their clouds in a secure, fast, and cost-effective way to enable remote work for regular employees, contact center agents, and creative professionals.
There may be security and confidentiality issues with cloud computing as it involves multiple third parties outsourcing their skills. So, the big barrier to the adoption of cloud computing for businesses continues to be concerns about security and privacy. Given that it was designed to be utilized by many individuals, and that many users entail several access points. The cloud is susceptible to attacks, which hinders market growth.
In this era of digitization, businesses are compelled to use the cloud for flexible, affordable, and on-demand data storage solutions. As a result, governments all across the world are investing in cloud computing delivery strategies, opening up a wide array of opportunities.
Governments may significantly enhance productivity by streamlining their IT operations, which is especially evident in the amount of time it takes to conduct citizen-facing transactions due to cloud computing.
Key Takeaways:
- North America cloud computing market value share was predicted to account for 34.6% on a global level.
- During the forecast period, the market for cloud computing in the United Kingdom is to move forward at a rate of 12.5%.
- The cloud computing industry in the United States of America held a value share of 21.2% in 2022.
- The market for cloud computing in Europe was to amass a value share of 22.4% in 2022.
- Based on the service model, the Software as a Service (SaaS) sub-segment was expected to lead the market with a share of 52.7% in 2022.
- Public cloud segment is likely to be the prominent one by deployment model, which held about 67.8% share in 2022.
Diving into the Cloud Computing Market: How Fierce Is the Competition?
There is a thriving startup ecosystem in the worldwide market. Over 100 start-up businesses are anticipated to be operating in the market, creating novel products and services for customers.
By requiring existing businesses to regularly update and incorporate innovations in cloud products, the market is fragmented, which is likely to produce severe rivalry. Since the market size is predicted to grow as a result of increased rivalry, many opportunities are likely to be presented to market participants.
Large businesses are implementing multi-cloud solutions in their business processes to organize their workforce across cloud-based platforms. Additionally, the processing cycle needs to be quick in a real-time scenario as cloud-based apps like Gmail, Facebook, and Dropbox become robust and adaptable. As a result, companies are switching to omni-cloud solutions to gain access to several advantages, such as easy data consumption, better decision-making, safe data availability, and real-time scaling.
Key Players Operating in the Cloud Computing Market
- AWS
- Microsoft
- IBM
- Salesforce
- Oracle
- SAP
- Alibaba Cloud
- Adobe
- Workday
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Cloud Computing Market: Key Segmentation
By Service Model:
- Infrastructure as a Service (IaaS)
- Primary Storage
- Disaster Recovery and Backup
- Archiving
- Compute
- Platform as a Service (PaaS)
- Application Development and Platforms
- Application Testing and Quality
- Analytics and Reporting
- Integration and Orchestration
- Data Management
- Software as a Service (SaaS)
- Customer Relationship Management (CRM)
- Enterprise Resource Management (ERM)
- Human Capital Management (HCM)
- Content Management
- Collaboration and Productive Suits
- Supply Chain Management (SCM)
- Business Intelligence and Analytics
- PPM and Operations
- Manufacturing Applications
By Deployment Model:
- Public Model
- Private Cloud
By Organization Size:
- Small and Medium Sized Enterprises
- Large Enterprises
By Vertical:
- BFSI
- Telecommunications
- IT and ITeS
- Government and Public Sector
- Retail and Consumer Goods
- Manufacturing
- Energy and Utilities
- Media and Entertainment
- Healthcare and Life Sciences
- Education
- Travel and Hospitality
- Transportation and Logistics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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