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The cloud computing market size touched USD 587.78 billion in 2023 and is predicted to reach USD 676.29 billion in 2024. The market is anticipated to touch USD 2,291.59 billion by 2032, recording a CAGR of 16.5% over 2024-2032.
Fortune Business Insights™ presents this information in its latest report titled “Cloud Computing Market Size, Share & Industry Analysis, By Type (Public Cloud, Private Cloud, and Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), By Enterprise Type (SMEs and Large Enterprises), By Industry (BFSI, IT and Telecommunications, Government, Consumer Goods and Retail, Healthcare, Manufacturing, and Others), and Regional Forecast, 2024-2032”.
Cloud computing is a technology that stores, processes, and handles different types of data on a remote computer’s network, which is hosted on the internet. Many industry verticals across the globe are adopting this technology to improve their business performance and enhance their customers’ experience. Moreover, organizations are implementing many emerging technologies, such as Artificial Intelligence (AI) and ML, which will further boost the performance of cloud-based solutions, thereby fueling the market’s progress.
The COVID-19 pandemic played a vital role in boosting the market’s growth as the demand for this technology skyrocketed during this period. One of the major reasons was an increasing number of organizations working from home, which increased the demand for platforms with strong computing power and vast storage capacity.
Introduction of Generative AI-Powered Cloud Solutions by Market Players to Boost Market Progress
Many key companies operating in this market are focusing on introducing cloud solutions that are equipped with generative AI capabilities, as these solutions can help them enhance their customers’ experience. Generative AI can also accelerate the growth of various cloud technologies, encouraging enterprises to convert their existing transactional applications into cloud. These advantages will boost the use of this form of AI in cloud.
AWS Partnered with IN-SPACe and ISRO to Boost India’s Space Capabilities
AWS announced its collaboration with IN-SPACe and ISRO to improve India’s space capabilities with the help of cloud mechanisms. The firm aims to accelerate space-tech modernizations through cloud computing solutions. This collaboration is expected to offer students, space startups, and research institutes access to innovative cloud technologies.
Increasing Preference for Omni-Cloud over Multi-Cloud to Spur Market Growth
A growing number of large-scale enterprises are shifting to omni-cloud solutions as integrating multiple cloud infrastructures can decrease their efficiency due to a lack of coordination between them. Omni-cloud infrastructures offer several advantages, such as better decision-making, simplified use of data, and real-time scalability. These factors will also accelerate the market’s growth.
However, data privacy and security concerns may hamper the cloud computing market growth.
Key Companies to Focus on Launching Innovative Solutions to Stay Ahead of Market Competition
The market has a vast start-up ecosystem, which is engaged in the development of innovative solutions and services for its clients. This scenario is compelling the existing market players to adopt the ongoing advancements in cloud computing technologies and launch cutting-edge services to enhance their customers’ experience and expand their business.
Notable Industry Development:
List of the Companies Profiled in the Report:
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/cloud-computing-market-102697
Further Report Findings:
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2023 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 16.5% from 2024 to 2032 |
Unit | Value (USD Billion) |
Segmentation | By Type
By Service
By Enterprise Type
By Industry
By Region
|