The global cloud computing market size is projected to witness the growth of USD 696.25 billion by 2025, registering a fastest growing CAGR over the forecast period. The major factor driving market growth is cost-effectiveness. With the increasing deployment of cloud computing services, organizations can save more than 35% of the annual operating costs. Moreover, the other factor includes all the functional capabilities, which augment the business performances of the organizations.
The market research report on the global cloud computing market learns the market demand and scenario for the period ranging from 2015 to 2025. Moreover, the report delivers a key highlight of the historical trends from 2015 to 2017 and market forecast from 2019 to 2025. The report studies in-depth learning about the current status and future prospects of the market at a global level. The global cloud computing market is majorly segmented into deployment, product, organization size, applications, and geography.
The report covers several qualitative aspects of the global cloud computing market industry in market drivers, market restraints, and key industry trends. Furthermore, the report is a potential delivery of the market competition with company profiles of global as well as local manufacturers.
The primary challenge in the cloud computing market is the concern of data security. The security of data on the cloud creates a sense of distrust among the organizations and it's observed that the organizations hesitate in adopting the technology. However, the influence of data security would no longer be considered into existence due to the availability of optimum solutions for the data security errors and advancement of cloud computing technology.
In terms of deployment, the global cloud computing market is segmented into the public cloud, private cloud, and hybrid cloud. The organizations are preferring public and hybrid cloud over private cloud due to higher returns and better security capabilities.
On the basis of organizational size, the global cloud computing market is fragmented into small, medium, and large size business. Based on the applications, the global cloud computing market is segregated into IT & Telecom, Manufacturing, BFSI, Healthcare, Government & Utilities, Retail, Consumer Electronics, Aerospace & Defense, and Consumer Electronics. BFSI holds 7.5% of the market share in the global cloud computing market as it is considered one of the most rapidly developing technologies. The banking sector is experiencing a heavy wave of digital transformation and cloud is playing a critical role in this transformation. The BFSI sector is leveraging multiple advantages of the cloud, such as faster service, lower costs, and higher security.
Looping on the regional view, the global cloud computing market is a wide range to North America, Europe, APAC, Central & South America, and the Middle East and Africa. The cloud computing market is expected to grow significantly in APAC primarily driven by China and India, two thriving economies in the region. Leading Players of the global cloud computing market include Google Cloud Platform, Amazon Web Services, Salesforce, Aliyun, SAP, Rackspace, Microsoft Azure, IBM, Oracle, VMware, and Dell EMC.
Key segments of the global cloud computing market
Deployment Overview, 2015-2025 (USD Million)
- Public Cloud
- Private Cloud
- Hybrid Cloud
Product Overview, 2015-2025 (USD Million)
Organization size Overview, 2015-2025 (USD Million)
Application size Overview, 2015-2025 (USD Million)
- IT & Telecom
- Aerospace & Defense
- Government & Utilities
- Consumer Electronics
Regional Overview, 2015-2025 (USD Million)
- North America
- Central & South America
- Middle East and Africa