The cloud computing market is expected to keep growing steadily at a rate of 13.5% per year from 2023 to 2033. By 2033, it’s predicted to be worth more than US$ 2,062.26 billion.
As more people are discovering the great advantages of using public cloud computing services, this market has become a crucial part of the global economy. Today, there are many companies offering cloud computing services to meet the high demand for remote services
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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What are the factors driving the worldwide growth of cloud computing?
- Smoother Operations: Cloud computing makes it easier for businesses to run smoothly and adapt to changes in the market.
- Global Demand: People all over the world want cloud computing because it helps them work better and faster.
- Employee Productivity: When companies use cloud computing, their employees often work more efficiently.
- Accountability: Using the cloud can make businesses more accountable, which is why many small companies are using it.
- Modern Tech: New technologies like big data and AI are driving the demand for cloud computing, especially in service-based industries.
- Scalability: Businesses want to be able to grow and change quickly, and cloud computing helps them do that.
- Data Needs: With more data than ever, companies need places to store it, process it, and analyze it. Cloud computing can help with that.
- Edge Computing: A new way of computing called edge computing and hybrid cloud solutions are becoming popular.
- Service Models: Companies are relying on models like Software-as-a-Service and Infrastructure-as-a-Service more than ever.
- Security: Cloud providers are improving their security measures, making it safer to store data in the cloud.
Because people everywhere are becoming more comfortable with digital technology and using digital tools to make their lives better, a lot of companies that provide services are now adding a bunch of new features to their products. To do this, they’re turning to something called cloud computing, which is like a really good way to make all these new features work well together. This is creating a lot of exciting opportunities for companies that offer cloud computing services.
According to a study by FMI, in 2022, the part of the technology market called Software as a Service (SaaS) was at the front of the pack, making up about 52.7% of the market globally.
The reason for this is that more and more businesses are starting to use SaaS. It’s easy to set up and doesn’t need much ongoing work to keep it running. Instead of having to spend a lot of money upfront on technology, SaaS works on a subscription basis, which can save companies money. Plus, it makes it simpler for businesses to put new software in place and keep it up to date, so they don’t have to worry as much about maintenance.
In 2022, when we look at the global market for cloud computing, we can see that North America plays a major role, contributing around 34.6% of the total revenue.
This is mainly because some of the biggest companies in the cloud industry, like Google, Amazon, Microsoft, and others, are based in the United States. In fact, the U.S. market alone accounted for 21.2% of the total market value in 2022.
Key Players in the Cloud Computing Market:
- AWS
- Microsoft
- IBM
- Salesforce
- Oracle
- SAP
- Alibaba Cloud
- Adobe
- Workday
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Cloud Computing Market Segmentation:
By Service Model:
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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