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Cloud Computing Market By Product (Infrastructure as a Service (IaaS), Software as a Service (SaaS), Platform as a Service (PaaS)) By Deployment Model (Hybrid Cloud, Public Cloud, Private Cloud), By End Use (Transportation & Logistics, Healthcare & Life Sciences, Agriculture & Food, Energy & Utilities, Insurance, Government), and by Region; Global Insights & Forecasts (2024 - 2030)

Published: December, 2024  
|   Report ID: TMT3638  
|   Technology, Media, and Telecommunications

As per Intent Market Research, the Cloud Computing Market was valued at USD 645 billion in 2023 and will surpass USD 1,554 billion by 2030; growing at a CAGR of 13.4% during 2024 - 2030.

The Cloud Computing Market has become an indispensable part of modern business infrastructure, revolutionizing how organizations manage and store data. It encompasses various services, including software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). With its ability to enhance operational efficiency, reduce costs, and offer scalability, the market is witnessing robust growth.

IaaS Segment is Largest Owing to Scalability and Cost-Effectiveness

The Infrastructure as a Service (IaaS) segment is the largest within the cloud computing market, accounting for a significant portion of the overall revenue. This segment offers businesses virtualized computing resources over the internet, enabling them to manage and store data without investing heavily in physical hardware. IaaS provides unparalleled scalability, allowing organizations to quickly adjust their IT resources in response to changing demands. As businesses increasingly shift their operations to the cloud, IaaS is becoming a preferred choice for companies looking to optimize costs and enhance their operational agility.

In terms of leading players, major IaaS providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud are continuously innovating their offerings to attract a diverse client base. The competition among these giants is intense, with each provider enhancing their infrastructure capabilities, security measures, and service availability. The IaaS market is expected to maintain its leadership position due to the continuous demand for cloud-based storage solutions and the growing trend of digital transformation across various industries.

SaaS Segment is Fastest Growing Owing to Increased Adoption Across Industries

The Software as a Service (SaaS) segment is the fastest-growing sector in the cloud computing market, driven by the rising need for flexible and cost-effective software solutions. SaaS applications, delivered over the internet, enable businesses to access software from any location without the need for extensive installations or updates. This convenience and the reduction in IT overheads make SaaS an attractive option for organizations of all sizes. The segment is particularly gaining traction in industries such as healthcare, finance, and education, where operational efficiency and real-time collaboration are paramount.

With an estimated growth rate of over 22% CAGR from 2024 to 2030, the SaaS segment is rapidly expanding, fueled by the growing trend of remote work and digital transformation. Notable SaaS providers, such as Salesforce, Adobe, and Workday, are continuously expanding their service offerings and integrating advanced technologies like artificial intelligence (AI) and machine learning (ML) to enhance user experiences and capabilities. This constant innovation is expected to propel the SaaS market further, making it a critical component of the overall cloud computing landscape.

PaaS Segment is Largest Owing to Accelerated Application Development

The Platform as a Service (PaaS) segment ranks among the largest in the cloud computing market, primarily due to its capacity to facilitate accelerated application development. PaaS provides a comprehensive environment for developers to create, deploy, and manage applications without the complexities of managing underlying infrastructure. This segment supports various programming languages, frameworks, and tools, allowing organizations to innovate rapidly and deliver solutions to market faster. With the rise of digital transformation initiatives, businesses are increasingly leveraging PaaS to enhance their development capabilities and streamline workflows.

Prominent PaaS providers, such as Heroku, Google App Engine, and Microsoft Azure App Services, are experiencing substantial demand as more organizations seek to enhance their digital capabilities. The segment is poised for continued growth as businesses recognize the need for agile development environments that enable them to respond quickly to market changes and customer needs. With an estimated CAGR of 18% from 2024 to 2030, the PaaS segment is positioned to play a crucial role in the overall cloud computing market expansion.

Cloud Storage Segment is Fastest Growing Owing to Data Proliferation

The Cloud Storage segment is the fastest-growing area within the broader cloud computing market, driven by the exponential increase in data generation and the need for secure, scalable storage solutions. Organizations across various industries are adopting cloud storage to manage their ever-growing data sets efficiently. This segment provides a reliable alternative to traditional storage methods, offering flexibility and ease of access. With more businesses transitioning to digital platforms, the demand for robust cloud storage solutions is on the rise.

According to market projections, the Cloud Storage segment is expected to grow at a CAGR of approximately 25% from 2024 to 2030. Major players in this space, such as Dropbox, Google Drive, and Microsoft OneDrive, are continuously enhancing their offerings to include advanced features like automated backups, collaboration tools, and enhanced security protocols. As businesses increasingly rely on data analytics for decision-making, the cloud storage segment is set to experience significant growth, solidifying its position as a key component of the cloud computing ecosystem.

Public Cloud Segment is Largest Owing to Accessibility and Cost-Effectiveness

The Public Cloud segment dominates the cloud computing market, owing to its inherent advantages in accessibility and cost-effectiveness. Public cloud services are available to any organization or individual, enabling users to access shared resources via the internet. This model significantly reduces the cost of ownership, making it an attractive option for startups and small to medium-sized enterprises (SMEs) seeking to leverage advanced technologies without substantial upfront investments. Public cloud providers, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, continue to expand their offerings, catering to a diverse clientele with varying needs.

The public cloud market is expected to grow at a robust CAGR of approximately 19% from 2024 to 2030, fueled by increasing digitalization across industries and the need for efficient data management solutions. As more organizations recognize the benefits of public cloud adoption, the competitive landscape will intensify, with providers striving to differentiate themselves through innovation, enhanced security measures, and tailored service offerings. The public cloud segment's growth trajectory will play a significant role in shaping the overall cloud computing market.

North America is Largest Region Owing to Advanced Technology Adoption

North America holds the largest share of the global cloud computing market, primarily due to its rapid adoption of advanced technologies and digital transformation initiatives. The region is home to several leading cloud service providers and technology companies, fostering an environment conducive to innovation and growth. As enterprises in North America increasingly recognize the benefits of cloud solutions, investments in cloud infrastructure and services are on the rise. The region's strong emphasis on research and development further accelerates the adoption of cutting-edge cloud technologies.

North America is projected to maintain its leadership position, with an estimated market growth rate of around 20% CAGR from 2024 to 2030. The proliferation of industries leveraging cloud computing, including healthcare, finance, and retail, coupled with the increasing demand for scalable and secure cloud solutions, is driving this growth. Additionally, favorable government policies and initiatives promoting technology adoption contribute to the region's expanding cloud computing landscape.

Competitive Landscape and Leading Companies

The competitive landscape of the cloud computing market is characterized by the presence of several major players, each striving for market share through innovation and enhanced service offerings. The top ten companies in the cloud computing sector include:

  1. Amazon Web Services (AWS) - A pioneer in the cloud computing space, offering a comprehensive suite of services for businesses of all sizes.
  2. Microsoft Azure - Known for its robust PaaS and IaaS offerings, Azure caters to diverse industries and promotes digital transformation.
  3. Google Cloud - Focuses on data analytics and machine learning capabilities, providing scalable solutions to enterprises.
  4. IBM Cloud - Offers a mix of IaaS, PaaS, and SaaS solutions, emphasizing hybrid cloud environments and enterprise-grade security.
  5. Oracle Cloud - Provides a range of cloud applications and platforms, particularly strong in database solutions.
  6. Salesforce - A leader in the SaaS market, known for its customer relationship management (CRM) solutions.
  7. Alibaba Cloud - A significant player in the Asia-Pacific region, offering a wide range of cloud services and competitive pricing.
  8. DigitalOcean - Targets startups and developers with straightforward cloud solutions and competitive pricing models.
  9. VMware - Specializes in virtualization and cloud infrastructure solutions, catering primarily to enterprise customers.
  10. Rackspace Technology - Focuses on managed cloud services, helping businesses optimize their cloud strategies.

The cloud computing market's competitive landscape is marked by continuous innovation and strategic partnerships. Leading companies invest heavily in research and development to enhance their offerings and maintain a competitive edge. As the demand for cloud services continues to rise, these companies will play a critical role in shaping the future of cloud computing, driving technological advancements, and catering to the evolving needs of businesses across various industries.

Cloud Computing Market size

Report Objectives:

The report will help you answer some of the most critical questions in the Cloud Computing Market. A few of them are as follows:

  1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
  2. What are the prevailing technology trends in the Cloud Computing Market?
  3. What is the size of the Cloud Computing Market based on segments, sub-segments, and regions?
  4. What is the size of different market segments across key regions: North America, Europe, Asia Pacific, Latin America, Middle East & Africa?
  5. What are the market opportunities for stakeholders after analyzing key market trends?
  6. Who are the leading market players and what are their market share and core competencies?
  7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
  8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope:

Report Features

Description

Market Size (2023)

USD 645 billion

Forecasted Value (2030)

USD 1,554 billion

CAGR (2024 – 2030)

13.4%

Base Year for Estimation

2023

Historic Year

2022

Forecast Period

2024 – 2030

Report Coverage

Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments

Segments Covered

Cloud Computing Market By Product (Infrastructure as a Service (IaaS), Software as a Service (SaaS), Platform as a Service (PaaS)) By Deployment Model (Hybrid Cloud, Public Cloud, Private Cloud), By End Use (Transportation & Logistics, Healthcare & Life Sciences, Agriculture & Food, Energy & Utilities, Insurance, Government)

Regional Analysis

North America (US, Canada, Mexico), Europe (Germany, France, UK, Spain, Italy & Rest of Europe), Asia Pacific (China, Japan, South Korea, India, and rest of Asia Pacific), Latin America (Brazil, Argentina, & Rest of Latin America), Middle East & Africa (Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA)

Customization Scope

Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements

1.Introduction

1.1.Market Definition

1.2.Scope of the Study

1.3.Research Assumptions

1.4.Study Limitations

2.Research Methodology

2.1.Research Approach

2.1.1.Top-Down Method

2.1.2.Bottom-Up Method

2.1.3.Factor Impact Analysis

2.2.Insights & Data Collection Process

2.2.1.Secondary Research

2.2.2.Primary Research

2.3.Data Mining Process

2.3.1.Data Analysis

2.3.2.Data Validation and Revalidation

2.3.3.Data Triangulation

3.Executive Summary

3.1.Major Markets & Segments

3.2.Highest Growing Regions and Respective Countries

3.3.Impact of Growth Drivers & Inhibitors

3.4.Regulatory Overview by Country 

4.Cloud Computing Market, by Service Model (Market Size & Forecast: USD Billion, 2022 – 2030)

4.1.Infrastructure as a Service (IaaS)

                    4.1.1.Archiving

                    4.1.2.Primary storage

                    4.1.3.Disaster Recovery & Backup

4.2.Software as a Service (SaaS)

                    4.2.1.Content Management

                    4.2.2.Customer Relationship Management

                    4.2.3.Enterprise Resource Management

4.3.Platform as a Service (PaaS)

                     4.3.1.Analytics & Reporting

                     4.3.2.Application Development & platforms

                     4.3.3.Application Testing & Quality

5.Cloud Computing Market, by Deployment Model (Market Size & Forecast: USD Billion, 2022 – 2030)

5.1.Hybrid Cloud

5.2.Public Cloud

5.3.Private Cloud

         6.Cloud Computing Market, by End Use (Market Size & Forecast: USD Billion, 2022 – 2030)

6.1.Healthcare & Life Sciences

6.2.Agriculture & Food

6.3.Transportation & Logistics

6.4.Insurance

6.5.Government

6.6.Energy & Utilities

6.7.Media & Entertainment

6.8.Others

7.Regional Analysis (Market Size & Forecast: USD Billion, 2022 – 2030)

7.1.Regional Overview

7.2.North America

7.2.1.Regional Trends & Growth Drivers

7.2.2.Barriers & Challenges

7.2.3.Opportunities

7.2.4.Factor Impact Analysis

7.2.5.Technology Trends

7.2.6.North America Cloud Computing Market, by Component

7.2.7.North America Cloud Computing Market, by Provider

7.2.8.North America Cloud Computing Market, by End Use

*Similar segmentation will be provided at each regional level

7.3.By Country

7.3.1.US

7.3.1.1.US Cloud Computing Market, by Component

7.3.1.2.US Cloud Computing Market, by Provider

7.3.1.4.US Cloud Computing Market, by End Use

7.3.2.Canada

7.3.3.Mexico

         *Similar segmentation will be provided at each country level

7.4.Europe

7.5.APAC

7.6.Latin America

7.7.Middle East & Africa

8.Competitive Landscape

8.1.Overview of the Key Players

8.2.Competitive Ecosystem

8.2.1.Platform Manufacturers

8.2.2.Subsystem Manufacturers

8.2.3.Service Providers

8.2.4.Software Providers

8.3.Company Share Analysis

8.4.Company Benchmarking Matrix

8.4.1.Strategic Overview

8.4.2.Product Innovations

8.5.Start-up Ecosystem

8.6.Strategic Competitive Insights/ Customer Imperatives

8.7.ESG Matrix/ Sustainability Matrix

8.8.Manufacturing Network

8.8.1.Locations

8.8.2.Supply Chain and Logistics

8.8.3.Product Flexibility/Customization

8.8.4.Digital Transformation and Connectivity

8.8.5.Environmental and Regulatory Compliance

8.9.Technology Readiness Level Matrix

8.10.Technology Maturity Curve

8.11.Buying Criteria

9.Company Profiles

9.1.Microsoft

9.1.1.Company Overview

9.1.2.Company Financials

9.1.3.Product/Service Portfolio

9.1.4.Recent Developments

9.1.5.IMR Analysis

*Similar information will be provided for other companies 

9.2.IBM

9.3.Salesforce

9.4.Abode

9.5.AWS

9.6.Alphabet

9.7.DXC

9.8.SAP

9.9.Workday, Inc.

9.10.Cisco

10.Appendix

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A comprehensive market research approach was employed to gather and analyze data on the Cloud Computing Market. In the process, the analysis was also done to estimate the parent market and relevant adjacencies to measure the impact of them on the cloud computing market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.

Research Approach - Cloud Computing Market

Secondary Research

Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.

Primary Research

Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the cloud computing ecosystem. The primary research objectives included:

  • Validating findings and assumptions derived from secondary research
  • Gathering qualitative and quantitative data on market trends, drivers, and challenges
  • Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
  • Assessing the supply-side landscape, including technological advancements and recent developments

Market Size Estimation

A combination of top-down and bottom-up approaches was utilized to estimate the overall size of the cloud computing market. These methods were also employed to estimate the size of various sub segments within the market. The market size estimation methodology encompassed the following steps:

  1. Identification of key industry players and relevant revenues through extensive secondary research
  2. Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
  3. Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources

Bottom Up and Top Down - Cloud Computing Market

Data Triangulation

To ensure the accuracy and reliability of the market size estimates, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size estimates.

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