Meticulous Research®—a leading global market research firm—has released a comprehensive report titled "Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography - Global Forecast to 2030." This extensive analysis provides crucial insights into the cloud computing industry's trajectory, projecting substantial growth and highlighting key factors influencing market dynamics.
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Market Overview and Forecast
According to Meticulous Research®, the global cloud computing market is expected to surge to $1,402.7 billion by 2030, representing a robust compound annual growth rate (CAGR) of 16.8% from 2024 to 2030. This optimistic forecast is fueled by several factors, including the growing adoption of cloud computing services, personalized customer experiences, increasing demand for artificial intelligence (AI), and the integration of technologies like machine learning (ML) and the Internet of Things (IoT). However, challenges such as data security and privacy concerns could temper market expansion.
Significant growth opportunities are anticipated due to rising government initiatives and the burgeoning adoption of cloud solutions among businesses. Despite these opportunities, the complexity associated with multi-cloud models presents a potential challenge to market growth. The emergence of trends such as cloud gaming and serverless computing is also shaping the global cloud computing landscape.
Market Segmentation and Insights
The report segments the cloud computing market based on service model, deployment mode, organization size, end user, and geography. Each segment presents unique insights into the market's structure and growth potential.
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- Service Model
The market is divided into three primary service models: Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). In 2022, the SaaS segment held the largest market share, driven by its widespread adoption, flexibility in cost, ease of maintenance, and simple deployment. This segment is projected to experience the highest CAGR throughout the forecast period, driven by increasing preferences for SaaS delivery models and growing demand for AI.
- Deployment Mode
Cloud computing services are categorized into public cloud, private cloud, and hybrid cloud. The public cloud segment dominated the market in 2022, attributed to the rising work-from-home trend and the growing reliance on public cloud services among small and medium-sized enterprises (SMEs). Nevertheless, the hybrid cloud segment is forecasted to exhibit the highest growth rate. Hybrid cloud solutions offer businesses agility, IT optimization, and innovation capabilities, making them an attractive option in response to evolving business needs.
- Organization Size
The market is segmented into large enterprises and small & medium enterprises (SMEs). In 2022, large enterprises represented a larger market share due to their substantial spending capabilities, which support increased adoption of cloud computing models and the availability of skilled IT personnel. Large enterprises also leverage cloud computing to enhance customer retention, boost sales, and navigate market disruptions. However, the SME segment is expected to grow at a faster rate during the forecast period, driven by increasing cloud adoption among smaller businesses.
- End User
The cloud computing market is divided into various end-user categories, including BFSI (Banking, Financial Services, and Insurance), healthcare, IT and telecom, government and public sector, retail, manufacturing, energy and utilities, media and entertainment, and others. The BFSI sector held the largest market share in 2022 due to the rising penetration of mobile devices, the growing adoption of public cloud services, and increased reliance on web-based solutions. Conversely, the healthcare sector is anticipated to register the highest CAGR, driven by the sector's expanding need for cloud-based solutions.
- Geography
Geographically, the global cloud computing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America led the market in 2022, owing to the presence of major cloud computing companies such as Microsoft Corporation, IBM Corporation, and Oracle Corporation. The region's high adoption rate of cloud solutions and its focus on leveraging AI technology contribute to its market dominance. Meanwhile, Asia-Pacific is projected to achieve the fastest growth rate during the forecast period, fueled by the rapid development of economies, the expansion of data centers, and growing awareness of cloud computing among SMEs.
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Key Players
The report highlights several key players in the global cloud computing market, include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.) ,Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.). These key players are integral to shaping the future of the cloud computing market, leveraging innovation and strategic initiatives to drive growth and address emerging market needs.
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