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With 19.9% CAGR, Cloud Computing Market Worth USD 1,712.44 Billion by 2029

According to Fortune Business Insights, the global cloud computing market size is projected to reach USD 1,712.44 billion in 2029, at a CAGR of 19.9% during the forecast period | Google Cloud Joined Hands with SAP SE to Boost Business Systems

/EIN News/ -- Pune, India, July 11, 2022 (GLOBE NEWSWIRE) -- The global cloud computing market size stood at USD 405.65 billion in 2021. The market is anticipated to surge from USD 480.04 billion in 2022 to USD 1,712.44 billion by 2029 at 19.9% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Cloud Computing Market, 2022-2029.”

According to the analysis, an exponential rise in internet penetration, digital transformation, and adoption of a mobile devices will foster the industry growth. Industry players could invest in the next-gen industrial solutions to propel real-time analytics, edge computing, IoT, and 5G. Amidst data security concerns, industry players could inject funds into data centers to make them more secure.

Key Industry Development

  • July 2021 – Google Cloud inked a deal with SAP SE to boost business systems by helping migrate and transform to the cloud.


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Report Scope & Segmentation

Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 19.9%
2029 Value Projection USD 1,712.44 billion
Base Year 2021
Cloud Computing Market Size in 2021 USD 405.65 billion
Historical Data for 2018 to 2020
No. of Pages 140
Segments covered Type, Service, Industry and Geography
Cloud Computing Market  Growth Drivers Integration of Big Data, AI, and ML with Cloud to Spur to Market Growth
Data Privacy and Information Security Concerns Associated with Cloud Solutions to Impede Growth


Investment in Cloud Infrastructure Triggered Innovations

Although the onslaught of the COVID-19 pandemic did not bode well for the industry outlook, cloud computing gained considerable traction. Leading companies have upped investments in the solutions to tap into markets. For instance, in September 2020, Accenture Solutions invested USD 3 billion to rollout Cloud First to boost cloud adoption and digital transformation. Besides, in April 2020, Amazon.Com Inc. established a cloud data center in Italy to offer support to remote learning and boost research.


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Drivers and Restraints

Expanding Footfall of AI and Big Data to Usher in Innovation

The cloud computing market growth will witness an appreciable gain due to AI, Big Data, and machine learning trends. Industry participants are expected to trigger investments in AI and ML to reduce data storage issues and augment data usage. Lately, leading enterprises have exhibited a preference for AI-powered cloud computing to offer insightful, efficient, and strategic services. Industry players have also witnessed an increased investment from the healthcare sector. The trend for wearables, cloud-based services, and smart devices will remain prominent in the ensuing period. However, security and data privacy concerns could dent the industry growth. The pervasive nature of cyber-attacks may challenge leading companies to boost their portfolios.

Report Coverage

The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.

Segments

Hybrid Cloud to Grow at the Fastest Rate due to Increasing Preference for Cloud-based Solutions

In terms of type, the market is segmented into public cloud, hybrid cloud, and private cloud. The hybrid cloud segment could expand at the fastest rate in the wake of the rising use of cloud-based solutions to boost productivity.

Software-as-a-Service (SaaS) to Remain Dominant Due to Low Maintenance Cost

With respect to service, the market is segregated into Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The SaaS segment will grow with the growing need for low maintenance costs, ease of deployment, and reduced cost of ownership.

Healthcare to Grow at the Highest CAGR with Rising Deployment of Wearable Devices

With respect to industry, the market is classified into healthcare, IT & telecommunications, BFSI, consumer goods & retail, manufacturing, government, and others. The healthcare segment will witness the highest CAGR during the forecast period. The growth outlook is majorly linked to the trend for wearable devices and deployment of cloud-based software.


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Cloud Computing Market Segments 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 Industry
  • BFSI
  • IT and Telecommunications
  • Government
  • Consumer Goods and Retail
  • Healthcare
  • Manufacturing
  • Others


Regional Insights

North America to Witness Investment Galore with Strong Adoption of Advanced Technologies

Stakeholders expect the U.S. and Canada to provide lucrative opportunities following the adoption of cloud, IoT, robotics, and AI. North America market size stood at USD 262.44 billion in 2021 and will grow with robust investments from cloud providers. For instance, in July 2020, Rackspace Technology teamed up with Amazon Web Services to offer cloud services to customers.

The Europe cloud computing market share will be noticeable during the assessment period. The regional growth is partly attributed to robust adoption of cloud across government and private enterprises. Advanced economies could foster innovation in cloud platforms for better data processing. To illustrate, in February 2022, SAP SE rolled out a sovereign cloud platform for data processing domestically.

Industry players expect Asia Pacific to account for a considerable share of the global market due to robust adoption from the healthcare sector. Cloud-based solutions will highly be sought-after in smart electric vehicles across China and India. Moreover, rising internet penetration and digitalization trend will augur well for the regional growth.

Major Players Profiled in the Report:

•             Amazon.com Inc. (U.S.)

•             Oracle Corporation (U.S.)

•             IBM Corporation (U.S.)

•             Alibaba Group Holding Limited (China)

•             Microsoft Corporation (U.S.)

•             VMware, Inc. (U.S.)

•             Google LLC (U.S.)

•             Rackspace Technology, Inc. (U.S.)

•             SAP SE (Germany)

•             Salesforce, Inc. (U.S.)


Quick Buy - Cloud Computing Market Research Report:

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Major Table of Contents:

  • Global Cloud Computing Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Type (USD)
      • Public Cloud
      • Private Cloud
      • Hybrid Cloud
    • By Service (USD)
      • Infrastructure as a Service (IaaS)
      • Platform as a Service (PaaS)
      • Software as a Service (SaaS)
    • By Industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Consumer Goods and Retail
      • Healthcare
      • Manufacturing
      • Others
    • By Region (USD)
      • North America
      • Latin America
      • Europe
      • Middle East & Africa
      • Asia Pacific
  • North America Cloud Computing Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Type (USD)
      • Public Cloud
      • Private Cloud
      • Hybrid Cloud
    • By Service (USD)
      • Infrastructure as a Service (IaaS)
      • Platform as a Service (PaaS)
      • Software as a Service (SaaS)
    • By Industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Consumer Goods and Retail
      • Healthcare
      • Manufacturing
      • Others
    • By Country (USD)
      • U.S.
        • By Industry
      • Canada
        • By Industry
  • Latin America Cloud Computing Market Size Estimates and Forecasts, By Segments, 2018-2029
    • Key Findings
    • By Type (USD)
      • Public Cloud
      • Private Cloud
      • Hybrid Cloud
    • By Service (USD)
      • Infrastructure as a Service (IaaS)
      • Platform as a Service (PaaS)
      • Software as a Service (SaaS)
    • By Industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Consumer Goods and Retail
      • Healthcare
      • Manufacturing
      • Others
    • By Country (USD)
      • Brazil
        • By Industry
      • Mexico
        • By Industry
      • Rest of Latin America

TOC Continued…!


About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

US: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

Email: sales@fortunebusinessinsights.com


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