The global cloud computing market is anticipated to grow at a substantial CAGR of 15.6% during the forecast period. Cloud computing involves the delivery of hosted services, such as software, servers, storage, analytics, intelligence, and networking over the internet. Cloud computing services are divided into three classes, such as Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), and Platform-as-a-Service (PaaS). The major factors boosting the growth of the market include the rising adoption of cloud-based services and the rising number of small and medium enterprises across the globe. Growing adoption of the cloud platform is attributed to the faster deployment of new capabilities. Cloud-based platform is adopted by the enterprises across the globe as an effective medium for storing and management of the data. With the increasing amount of data generated through IoT, many enterprises have shifted their data to the cloud storage by choosing service providers such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform.
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Furthermore, in the European Union, the demand for cloud-based services among enterprises has been growing significantly. According to the Eurostat, 41 % of EU enterprises used cloud computing in 2021, mostly for e-mail and storage of files. Compared with 2020, the use of cloud computing in the EU increased particularly in the retail trade in 2021. New product developments and launches by market players are further aid in market growth. For instance, in December 2021, Kyndryl signed a new global strategic partnership with Google Cloud to bring a joint offering around artificial intelligence, data, and infrastructure modernization, as well as train the employees around Google technologies. The partnership aims to provide customers with cloud-based access to managed and scalable artificial intelligence and machine learning technologies. Moreover, kyndryl has achieved Google cloud premier partner status and run critical business systems on Google cloud infrastructure.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Cloud Computing Market, by Deployment Model
- Private Cloud
- Public Cloud
- Hybrid Cloud
Global Cloud Computing Market, by Component
- Hardware
- Software
- Services
Global Cloud Computing Market, by Vertical
- Government
- Military & Defense
- BFSI
- Telecom & IT
- Healthcare
- Retail
- Others (Energy and Utilities, Media and Entertainment)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Accenture PLC
- Adobe Inc.
- Akamai Technologies, Inc.
- Alibaba Cloud International
- Amazon Web Services, Inc.
- Apple, Inc.
- AT&T, Inc.
- CenturyLink, Inc.
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Dell, Inc.
- Druva, Inc.
- Faction, Inc.
- Google LLC
- Hewlett Packard Enterprise Development LP
- IBM Corp.
- Intel Corp.
- Internap Corp.
- Microsoft Corp.
- NetSuite, Inc.
- Oracle Corp.
- PhoenixNAP LLC
- Rackspace US, INC.
- Salesforce inc.
- SAP SE
- ServiceNow, Inc.
- SingleHop, LLC
- Verizon Enterprise Solutions
- Webscale Networks, Inc.
- Yahoo, Inc.
- Zerto, Inc.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global cloud computing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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