The global cloud computing market size was estimated at USD 602.31 billion in 2023 and is expected to grow at a CAGR of 21.2% from 2024 to 2030. The market is on a fast track to expansion, fueled by a confluence of factors. Large enterprises are realizing the transformative power of cloud computing. By migrating to the cloud, they can streamline operations, improve agility, and unlock new levels of efficiency. This translates to significant performance gains across the organization.

The rise of hybrid and multi-cloud solutions is providing businesses with the flexibility and control they crave. Companies can now leverage the strengths of different cloud providers, creating a customized infrastructure solution that perfectly aligns with their specific needs. Furthermore, pay-as-you-go pricing models eliminate the upfront costs associated with traditional IT infrastructure, making cloud computing an attractive proposition for businesses of all sizes. This is particularly true in developing countries, where businesses are actively seeking ways to enhance their digital capabilities and compete on a global scale.

Gather more insights about the market drivers, restrains and growth of the Cloud Computing Market

Cloud Computing Market Report Highlights

• Based on services, the Infrastructure as a Service (IaaS) segment is expected to grow at the fastest CAGR of around 22% over the forecast period. This surge is attributed to several factors. Businesses are increasingly turning to IaaS solutions to streamline their IT infrastructure, a trend fueled by the growing complexity of IT systems and the difficulty of finding qualified personnel to manage them

• Based on workload, the application development and testing segment is expected to witness the highest growth rate over the forecast period. The application development and testing workload in the market is experiencing significant growth due to several factors. Cloud platforms offer agility and scalability, allowing developers to provision and deploy resources needed for application creation quickly, which translates to faster development cycles and reduced time-to-market

• Based on deployment, the hybrid cloud deployment model is expected to be the frontrunner for growth in the market. Businesses across various industries are increasingly recognizing the benefits of hybrid models, including cost optimization, improved business models, faster application development, enhanced operational efficiency, and superior user experience

• The market is witnessing a surge in adoption among small and medium-sized businesses (SMEs). This segment is projected to experience the fastest growth, driven by several factors. Firstly, cloud solutions eliminate the need for expensive upfront investments in IT hardware and software, making them a budget-friendly option for SMEs. Secondly, cloud computing offers unparalleled scalability, allowing businesses to easily adjust their processing power and storage capacity as their needs evolve

• The manufacturing sector is anticipated to be the fastest-growing segment within the market from 2024 to 2030. 0This surge is driven by the numerous advantages cloud solutions offer manufacturers. Cloud-based systems enable seamless data management, providing real-time visibility into operations, inventory, and supply chain logistics. This empowers manufacturers to make data-driven decisions, optimize production processes, and ensure efficient resource allocation

• The Asia Pacific region is experiencing the most explosive growth in the market, fueled by a confluence of factors. Rapid economic development, surging internet penetration, and a tech-savvy population are creating a massive demand for digital solutions

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Cloud Computing Market Segmentation

Grand View Research has segmented the global cloud computing market based on service, deployment, workload, enterprise size, end-use, and region:

Cloud Computing Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Infrastructure as a service (IaaS)

• Platform as a service (PaaS)

• Software as a service (SaaS)

Cloud Computing Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Public

• Private

• Hybrid

Cloud Computing Workload Outlook (Revenue, USD Billion, 2018 - 2030)

• Application Development & Testing

• Data Storage & Backup

• Resource Management

• Orchestration Services

• Others

Cloud Computing Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Cloud Computing End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI

• IT & Telecom

• Retail & Consumer Goods

• Manufacturing

• Energy & Utilities

• Healthcare

• Media & Entertainment

• Government & Public Sector

• Others

Cloud Computing Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o UK

o Germany

o France

• Asia Pacific

o China

o Japan

o India

o South Korea

o Australia

• Latin America

o Brazil

• Middle East & Africa (MEA)

o United Arab Emirates (UAE)

o Saudi Arabia

o South Africa

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