Cloud computing is witnessing significant demand across different industries as it eliminates the requirement for users to plan for provisioning, and further allows enterprises to initiate with small integration and increase resources as per the rise in service demand. Increased return on investment on account of economic efficiency achieved by cloud computing with the advancement in AI and IoT is primarily driving the industry size. Hence, global Cloud Computing will grow at a CAGR of 18% with market size of around USD 1,187 billion by 2028.
Cloud computing introduced a new paradigm for delivering and hosting IT services over the Internet. It is a radically different technology, which utilizes a combination of automation and abstraction to achieve a new level of efficiency. It possesses the capability to separate resources from the underneath infrastructure and utilizes orchestration technologies to manage the configuration and provision of resources. Also, it is shifting the focus of the numerous industries to boost output to suffice demand along with organizations turning toward smart technologies helping to attain productivity and efficiency will proliferate the industry size in the coming years.
Increased return on investment on account of economic efficiency achieved by cloud computing with the advancement in AI and IoT is primarily driving the industry size. Although, security issues at different layers of cloud computing services are hampering technology adoption. However, the emergence of hybrid computing is set to offer lucrative opportunities for the enterprises, which is set to stimulate the business landscape over the forecasted timeframe.
The Cloud Computing market is subdivided into North America, Europe, APAC, Middle East & Africa, and Latin America. North America is has dominated the market the cloud computing software industry, owing to the adoption of the technology by large enterprises and SMEs in this region. Besides, the Asia-Pacific region is anticipated to experience significant growth in the forthcoming years, owing to rising consciousness across different enterprises to leverage benefits from the technology. The growth is further reinforced by the ongoing establishment of different industries about a surge in population index, offering a large market coupled with a positive economic outlook in the region.
The major players of Cloud Computing are Microsoft, Amazon Web Services, IBM Corporations, Oracle, Salesforce, Cisco, and various other players in the market. Most of the players are spread across various regions focusing on inorganic and organic strategies.
Segment Overview of Cloud Computing Market
Deployment Overview, 2018-2028 (USD Billion)
Product Mode Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- IT & Telecom
- Retail and e-commerce
- Government and Utilities
Organization Size Overview, 2018-2028 (USD Billion)
- Large Enterprises
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of Latin America