According to Fortune Business Insights, the global Cloud Computing Market Size is projected to reach USD 791.48 billion in 2028, at CAGR of 17.9% during forecast period [2022-2028]; Rising Demand for Improved Virtual Access to Information among Industries to Foster Steady Growth
Pune, India, June 15, 2022 (GLOBE NEWSWIRE) -- The global cloud computing market size is projected to reach USD 791.48 billion by 2028, exhibiting a CAGR of 17.9% during the forecast period. Rising preference for omni-cloud systems will prove highly beneficial for the growth of this market, states Fortune Business Insights™ in its report, titled “Cloud Computing Market Forecast, 2022-2028”
Omni-cloud computing is a cloud solution that allows multiple cloud services to smoothly integrate and streamline their data on a single platform. The omni-cloud system is being increasingly preferred over the multi-cloud system owing to its multiple advantages and leading the cloud computing market trends. For example, an omni-cloud tool makes it possible to access real-time information from any location. In a departmental store, for instance, whenever there is an inventory shortfall, the cloud will send notification to the authorities, who will then take the necessary action. Similarly, storage of data on a unified platform also enables efficient analysis, enhances productivity, and elevates the quality of services. These, along with a few other benefits, are widening the applicability of omni-cloud computing across a variety of industries.
Industry Developments:
- October 2019: SAP SE, the German software company, launched SAP HANA, the company’s integrated cloud service with advanced data and analytics capabilities. The service comprises of the SAP Data Warehouse Cloud solution to enable efficient warehouse management.
- July 2019: Bahrain became the first country in the Middle East where Amazon Web Services (AWS), Amazon’s cloud computing division, introduced its cloud solutions. The company aims at tapping the technological potential of businesses in the Middle East through the launch of its services in the region.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR | 17.9% |
| 2028 Value Projection | USD 791.48 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 219.00 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
Drivers & Restraints-
Urgent Need to Analyze Data-driven Business Strategies will Favor Growth
The integration of innovative technologies, such as machine learning (ML) and artificial intelligence (AI) with cloud computing solutions is increasing globally. It is aiding in analyzing, visualizing, and monitoring data-driven business strategies. At the same time, such integration processes would
allow companies to make complex data accessible and usable over the visual representation, as well as to accelerate their visualization capabilities. However, the rising number of privacy and security concerns regarding unforeseen emergencies, application vulnerabilities, cyber-attacks, and data breaches may hamper the overall cloud computing market growth throughout the forthcoming years.
Potential Risk of Cyber Attacks to Negatively Influence Adoption of Cloud Systems
Today, majority of organizations and many government departments and agencies have shifted their databases onto the cloud to improve efficiency and productivity of resources as well as bring down costs. Unfortunately, this move has exposed sensitive information to hackers, who have frequently launched cyber-attacks to retrieve and misuse data. For instance, the US-based Center for Strategic & International Studies (CSIS) revealed that in April 2020 hackers from Iran attempted to breach personal files of World Health Organization (WHO) staffers while the world was reeling under the coronavirus pandemic. In February 2020, two Chinese hackers were persecuted by the US Department of Justice for performing cryptocurrency laundering activities for North Korean nationals. Such attacks are prompted by the availability of delicate data on cloud platforms and the constant threat of privacy infringement may hinder the cloud computing market growth in the upcoming years.
Regional Insights:
Strong Presence of Tech Bigwigs to Augment the Market in North America
North America is home to some of the biggest technology companies such as Google, Microsoft, and IBM and this factor has enabled the region to boast a market size of USD 78.28 Billion in 2020. Moreover, the regulatory and research environment in the region is extremely favorable for development and adoption of advanced cloud technologies based on Artificial Intelligence (AI) and Machine Learning (ML). As a result, North America is slated to dominate the cloud computing market share during the forecast period. Increasing penetration of the internet and rising usage of smartphones will aid Asia-Pacific register a high CAGR, while rapid deployment of 5G will favor market growth in Latin America and Middle East & Africa.
North America to Remain at Forefront Owing to Presence of Amazon, IBM, & Apple
Regionally, in 2019, North America generated USD 58.10 billion in terms of revenue. The region is anticipated to lead the market fueled by the presence of several prominent cloud computing service providers, namely, Apple Inc., IBM Corporation, and Amazon Web Services in the region. Asia Pacific, on the other hand, is set to exhibit an astonishing growth in the near future backed by the rapid digitalization and rising internet penetration. Europe would show a substantial CAGR because of the high expenditure on cloud-based technologies in the region.
To get to know more about the short-term and long-term impact of COVID-19 on this Cloud Computing Market Report,
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The Report Includes?
- Detailed research into the factors driving the market growth;
- In-depth study of the roadblocks facing the market;
- Comprehensive analysis of the segments of the market; and
- Thorough assessment of the competitive developments and regional landscape of the market.
Segmentation:
Government Initiatives to Support Data Safety & Integrity will Drive BFSI Segment
Based on industry, the banking, financial services, and insurance (BFSI) segment procured 16.1% in terms of cloud computing market share in 2019. This growth is attributable to the rising initiatives by the government to support data safety and integrity. The IT & telecommunications segment is likely to remain dominant in the coming years owing to the increasing usage of these services to manage and store vast amounts of data in the industry.
| Segmentation | By Type
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By Service
| |
By Industry
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Competitive Landscape
Advent of IoT to Create Numerous Innovation Opportunities for Market Players
The market leaders such as Oracle and SAP are directing their research and investment energies toward efficiently utilizing the opportunities generated by the Internet of Things (IoT) phenomenon. Most of the players in this market are focused of making their products and services smarter and more streamlined using IoT-based tools.
Companies Covered in the Cloud Computing Market Report
- Amazon Web Services (AWS) (Washington, United States)
- Oracle Corporation (California, United States)
- IBM Corporation (New York, United States)
- Alibaba Group Holding Limited (Hangzhou, China)
- Microsoft Corporation (New Mexico, United States)
- VMware, Inc. (California, United States)
- Alphabet Inc. (Google LLC) (California, United States)
- Rackspace Technology, Inc. (Texas, United States)
- SAP SE (Walldorf, Germany)
- Apple Inc. (California, United States)
- Salesforce.com, Inc. (California, United States)
- HCL Technologies Limited (Noida, India)
- Hewlett-Packard Company (HPE) (California, United States)
- Sprint Corporation (Kansas, United States)
- Verizon Wireless (New York, United States)
- Red Hat, Inc. (North Carolina, United States)
- Ooma Inc. (California, United States)
- Paytm (Uttar Pradesh, India)
- Adobe, Inc. (California, United States)
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Major Table of Content for Cloud Computing Market:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Market Share Analysis and Matrix, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Value)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Service (Value)
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Industry (Value)
- BFSI
- IT and Telecommunications
- Government
- Consumer Goods and Retail
- Healthcare
- Manufacturing
- Others (Education, etc.)
- By Region (Value)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (Value)
- North America Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Type (Value)
- Public Cloud
- Private Cloud
- Hybrid Cloud
- By Service (Value)
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
- By Industry (Value)
- BFSI
- IT and Telecommunications
- Government
- Consumer Goods and Retail
- Healthcare
- Manufacturing
- Others (Education, etc.)
- By Country (Value)
- United States
- Canada
- By Type (Value)
- Global Cloud Computing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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