Cloud computing market size to reach $1,949 billion by 2032, finds study

Cloud computing market size to reach $1,949 billion by 2032, finds study

The global cloud computing market is expected to be worth US$ 482 billion in 2022. Cloud computing enables businesses to store, manage, and process essential data by utilizing distant servers located on the internet.

As per Fact.MR, demand for cloud computing solutions increased by 12% between 2015 and 2021, owing to the increased virtualization of numerous industries such as IT & telecom, BFSI, and others. The growing need to streamline procedures has spurred this transition to the virtual realm.

Further, emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML) are gaining acceptance, propelling the global cloud computing industry forward. The expansion of cloud computing services is being driven by issues such as data protection, quicker disaster recovery (DR), and satisfying compliance standards.

The desire to decrease risks, achieve scalability and flexibility in moving and storing data, reduce storage and infrastructure difficulties, and boost corporate efficiency is expected to drive the market. Hence, companies are investing in cloud platforms to increase their efficiency. For instance, industry giants such as Microsoft and Amazon have used cloud platforms to maintain their reigns in the industry.

The current competitive environment and global economic conditions have hastened the adoption of cost-effective ways to reorganize company models. Sales in cloud computing are expected to grow quadruple by the end of 2032.

Key takeaways of cloud computing research

  • Sales in the cloud computing market are estimated to reach $1,949 billion by 2032
  • APAC market is expected to be the fastest-growing region, registering growth at 18% CAGR during the forecast period (2022-2032).
  • North American cloud computing market is predicted to account for nearly 40% of global revenue.
  • The large enterprise sector is expected to account for most of the market share in 2022, accounting for 55%.
  • In terms of end use, BFSI sector is estimated to account for around 25% of worldwide revenue in 2022

Growth Drivers

  • Increased adoption of hybrid cloud computing is projected to present a substantial potential for market development.
  • The inclination of industries towards automation coupled with the proliferation of work from home across the globe is creating lucrative growth opportunities for the market.
  • Growing demand for customization and personalization for a better customer experience is improving the order in the market.

Restraints

  • Complexity and compatibility with systems incorporating and BFSI industry, especially in emerging economies, might limit the market growth.
  • The increasing number of cyber-attacks restricting business operations might hamper the growth in the market.

Competitive Landscape

The market is expected to be fragmented as leading companies design and invent solutions for consumers. They also focus on constant updates and incorporate innovations in cloud products to gain a competitive edge. Further, companies like Meta and Google are venturing into OTT and other online platforms to carve a niche and expand their customer base.

For instance,

In May 2022, Accenture and SAP SE announced a joint solution to help influential organizations get new value from business innovation and cloud services. The latest offering combines RISE with the SAP solution and SOAR with Accenture services to provide a single platform for transformation services delivered via a unified as-a-service architecture.

In April 2022, Salesforce introduced Customer Relationship Management (CRM) Analytics across all industries. It is a PaaS-based, Al-powered data and analytics solution that allows Salesforce clients from many industries to give predictive insights. Customers can enter any data into the CRM center.

In December 2020, Alibaba Group Holding Limited announced a new hybrid cloud strategy to boost security.

Key Companies Profiled by Fact.MR

Adobe Inc.
Alibaba Group Holding Limited
Amazon.com Inc.
Google LLC
IBM Corporation
Microsoft Corporation
Oracle Corporation
Salesforce.com Inc.
SAP SE
Workday, Inc.

More Valuable Insights on Cloud Computing Market

Fact.MR offers a detailed global cloud computing market analysis from 2022 to 2032. This study also highlights critical drivers promoting the sales of cloud computing through detailed segmentation as follows:

By End Use

IT & Telecom
Government & Public Sector
Energy & Utilities
Retail & Consumer Goods
Manufacturing
BFSI
Healthcare
Media & Entertainment
Other End Uses

By Deployment

Public
Private
Hybrid

By Service

Infrastructure as a Service (IaaS)
Platform as a Service (PaaS)
Software as a Service (SaaS)

By Enterprise Size

Large Enterprises
Small & Medium Enterprises

By Region

North America
MEA
Latin America
Europe
Asia-Pacific

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