Published Date : 12 Apr 2024
The global cloud computing market size surpassed USD 559.2 billion in 2023 and is estimated to gain around USD 2297.37 billion by 2032, growing at a CAGR of 17% from 2023 to 2032. The growth of the cloud computing market is due to increasing demand in the life science and healthcare industries as well as consumer and retail goods.
The cloud computing market plays an important role in customer support, the public sector, and healthcare sectors. Instead of maintaining, owning, and buying physical data centers, cloud computing is the on-demand delivery of IT resources over the Internet with pay-as-you-go pricing. The market is attributed to an increase due to factors such as pay-as-you-go models, Omni cloud systems, and hybrid models, as well as to developing business performance. Due to on-demand availability, large businesses are rapidly adopting cloud services. It has estimated the fastest growth owing to the growing adoption of 5G technologies, edge computing, big data, machine learning, and artificial intelligence. These modern technologies help to drive the growth and demand of the market.
Green computing of cloud computing to fuel the market growth
By lowering energy use, using computer resources, and maximizing cloud computing, e-waste reduction can support environmental sustainability. By utilizing technologies like load balancing and virtualization to maximize the use of cloud providers, computer resources can operate large data centers built for energy efficiency, resulting in smaller carbon footprints and lower energy usage. These advantages of cloud computing give companies the capacity to use cutting-edge technology offered by cloud service suppliers while maximizing data security, scalability, cost savings, and productivity. They also allow them to concentrate on their major capacities. These green computing factors may drive the growth of the cloud computing market.
However, limited control and customization may restrain the growth of the cloud computing market. Using platforms and standardized services offered by the cloud service supplier is a common part of cloud computing. As a result, organizations may have less capacity to control and customize their security measures, applications, and infrastructure. Sometimes, it may be difficult for some companies to improve cloud computing services to specifically match their requirements if they have special demands or compliance requirements. Hence, it may restrain the growth of the market.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 559.2 Billion |
| Projected Forecast Revenue by 2032 | USD 2297.37 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 17% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by Huawei
Recent Development by NVIDIA
Asia Pacific is expected to grow fastest in the forecast period. Rapidly growing developing countries like India and China are contributing to the growth of the cloud computing market. In the Asia Pacific region, the digitalization and explosion of data are influencing factors in market growth. Businesses are processing and producing vast volumes of data due to the advancement of technologies like artificial intelligence, big data, and the Internet of Things.
In India, cloud computing technology has become popular. Consumers want to invest more in cloud computing due to its increased cost predictability, maintenance, security, and scalability. Due to its low responsibility and low skill bar, SaaS is the most interesting of the various models of cloud computing in India. The big three cloud service suppliers, GCP, AWS, and Azure, continue their investments in India. Microsoft has planned to launch its largest data center in India. These innovative investments by major companies have influenced the growth of the cloud computing market in India.
North America dominated the cloud computing market in 2023 due to the early acceptance of advanced technologies such as the cloud, Internet of Things, robotics, Blockchain, and artificial intelligence. The domination of North America is due to countries like the U.S. and Canada, which are the dominating countries when it comes to technological advances and utilization. The U.S. has the largest share in the North American region.
The U.S. has some of the biggest cloud services providing companies, including Amazon Web Services, NVIDIA, IT Svit, Microsoft, Vrinsoft Technology, CodeBright, VMWare, Verizon, Zymr, and so on. Apart from that, the majority of the companies in the U.S. and out of the U.S. are using the cloud-based services provided by these companies, which boosts the growth of the cloud computing market.
AI will dominate the cloud computing market
The next platform of cloud computing will be dominated by artificial intelligence (AI), which will be used to improve consumer productivity, functional processes, and customer experiences. The president of data modernization at Rocket Software said that this artificial intelligence will need to be influenced by a more complete view of trusted information, which will need to be consistently combined into cloud computing from back-end transactional systems. So many industries are already using AI to smooth cloud computing operations, with a rising emphasis on security detection. So, AI is the most crucial invention in cloud computing and may drive the growth of the cloud computing market in the coming years.
By Deployment
By Service
By End User
By Organization Size
By Workload
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1701
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
