Cloud Computing Market Size, Share, and COVID-19 Impact 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 End User (IT and Telecom, BFSI, Manufacturing, Healthcare, Retail and Consumer Goods, Media and Entertainment, Energy and Utilities, Government and Public Sector, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Cloud Computing Market Size is expected to be worth USD 390.25 Billion in 2021 and is estimated to reach up to USD 1470.11 Billion by 2030, at a compound annual growth rate (CAGR) of 16.50% from 2022 to 2030.

Cloud computing enables businesses to manage, store, and process important data on remote computers that are hosted online. It specifically refers to a storage space that is accessible by all networked devices at the same time. The cloud computing approach of IT service delivery uses the Internet to distribute computing resources and software tools. The user only pays for the time spent utilizing the computer, as well as the quantity of storage and bandwidth, under this service model.

Factors influencing the adoption of cloud computing services, which in turn are lowering company expenses, include the growing shift of businesses toward the adoption of digital transformation and the acceleration of customer experience. The fact that cloud computing services require no initial infrastructure setup fees and provide compute capabilities on demand are further reasons why SMEs are increasingly utilizing them. These elements are influencing the expansion of cloud computing in industries.

COVID-19 ANALYSIS

To protect employee well-being and maintain operational efficiency, many enterprises cater to different verticals which have adopted the work-from-home model, which has increased demand for Software-as-a-Service (SaaS)-based collaboration solutions. For instance, as a result of the growing demand for collaboration tools, the number of users of the Microsoft Team platform surged to 44 million globally. While early 2020 saw a more than 300 percent surge in registered users across 150 countries for the standalone 8x8 Video Meetings cloud service. Cisco Webex, Google Hangouts, Slack, Ding Talk, Zoom, WeChat Work, and Tencent Meeting are some well-liked SaaS-based collaboration applications that are gaining popularity.

Rising Adoption of Cloud Computing in SMEs Boosts Market Growth

In the last decades, entrepreneurs and their small and medium-sized businesses have grown significantly. Due to the benefits offered, including cost savings and more business flexibility, there is a high demand for cloud computing services, which is beneficial for new firms. The demand for cloud computing services has expanded as a result of the growth of these small and medium-sized organizations. According to research by Microsoft Corporation, small and medium-sized businesses supported roughly 76% of all countries' economies. The fact that 79 percent of business owners believed technology may make their employment more enjoyable was another conclusion. To grow their operations and leave a mark on numerous geographies, the majority of SMB IT enterprises need the cutting-edge technology of cloud computing services.

Increasing Popularity of Hybrid Cloud Services Drive Market Growth

To benefit from both on-premises and cloud services, businesses with existing infrastructure are adopting cloud computing services and are willing to employ a hybrid strategy. SMEs are quickly embracing cloud computing services due to their large benefits, such as no upfront infrastructure costs and the availability of computing services on demand. These factors are having an impact on how hybrid cloud services are being used by enterprises. The hybrid cloud has many benefits, including increased security and compliance, better workload management, and efficient integration within DevOps teams. Additionally, it has the requisite size to beat competing organizations and offers the flexibility to transition from on-premises to the cloud or between clouds. The possibilities for hybrid CSP are being increased by these components. 

Concerns about Data Security Hamper Market Growth

There is a rising need to comply with regulatory and compliance standards since company needs are changing, there are more data breaches and cyberattacks, and data security concerns are growing. Businesses must also make an effort to stay in the market by taking action to meet regulatory standards, avoid financial penalties, safeguard clients and revenue, and avoid legal issues.

SEGMENTATION INSIGHT   

The Global Cloud Computing Market is segmented by Type, Service, End User, and Region. Based on the Type, the market is categorized into Public Cloud, Private Cloud, and Hybrid Cloud. Based on Service, the market is categorized into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). Based on End Users, the market is categorized into IT and Telecom, BFSI, Manufacturing, Healthcare, Retail and Consumer Goods, Media and Entertainment, Energy and Utilities, Government and Public Sector, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

REGIONAL INSIGHTS

The Global Cloud Computing Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

The North America region is expected to dominate the market share owing to the companies in the United States prioritizing digital transformation, and they are frequently seen as early adopters of cutting-edge technologies. These include cutting-edge telecommunications technologies like 4G, 5G, and LTE, as well as the Internet of Things (IoT), big data analytics, additive manufacturing, linked industries, machine learning (ML), AI, augmented reality (AR), and virtual reality (VR). Future growth is encouraged by American businesses' continuous use of cutting-edge technology. Due to the presence of several providers including Microsoft Corporation, Amazon.com Inc., Oracle Corporation, and IBM Corporation as well as a higher propensity to adopt new technologies, this area is predicted to maintain its position in the industry.

However, due to the emergence of local players like Alibaba Group and the quick ascent of China and India, the Asia Pacific region is anticipated to see the greatest growth rate during the market's projected period. Demand for the nation's cloud computing industry has increased as a result of significant investments being made in the manufacturing and IT industries through initiatives like Make in India. Hyper-scale cloud services companies like Microsoft Corporation, Amazon.com Inc., and Google LLP are also constructing data centers in this area to help governments achieve their goals for data sovereignty.

LIST OF COMPANIES PROFILED:

• Alibaba Group Holding Limited
• Amazon.com Inc.
• Google LLC
• IBM Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce, Inc.
• SAP SE
• VMware, Inc.
• Rackspace Technology, Inc.

KEY INDUSTRY DEVELOPMENTS:

• October 2020- Microsoft Corporation and ZEISS Group joined together to use data solutions to improve industrial quality and health care. Through this cooperation, ZEISS Group intended to use Microsoft Azure as its cloud platform to give digital experiences to its German manufacturers, quickly adapt to changing market conditions, and boost overall productivity and efficiency.
• June 2020- Amazon opened AWS Europe (Milan) and AWS Africa (Cape Town) to increase the number of availability zones within its 24 geographic regions to 76. Additionally, it has announced plans for three additional AWS regions in Indonesia, Japan, and Spain as well as nine additional availability zones.

SEGMENTATION

By Type

• Public Cloud
• Private Cloud
• Hybrid Cloud

By Service

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

By End User

• IT and Telecom
• BFSI
• Manufacturing
• Healthcare
• Retail and Consumer Goods
• Media and Entertainment
• Energy and Utilities
• Government and Public Sector
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa