Cloud Computing Global Market Report 2024

The cloud computing market size has grown rapidly in recent years. It will grow from $631.39 billion in 2023 to $735.45 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth observed in the historical period can be attributed to several factors, including the emphasis on data security and compliance, the ongoing process of digital transformation, the adoption of containerization and microservices architectures, the increasing demand for remote collaboration tools, and the globalization of businesses requiring scalable and flexible computing solutions.

The cloud computing market size is expected to see rapid growth in the next few years. It will grow to $1.27 trillion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The anticipated growth in the forecast period can be attributed to several factors, including the integration of artificial intelligence (AI) and machine learning (ML) technologies, the increasing demand for Internet of Things (IoT) solutions, ongoing advancements in cybersecurity measures, the promotion of cross-cloud interoperability, and the integration of quantum computing capabilities. Major trends expected during this period include the expansion of edge computing, the maturity of serverless computing models, deeper integration of AI and machine learning technologies, and the evolution of hybrid and multi-cloud architectures.

The proliferation of the Internet of Things (IoT) is poised to drive substantial growth within the cloud computing sector. IoT, characterized by interconnected devices exchanging data with each other and the cloud, is gaining traction due to its capacity to bolster operational efficiency, connectivity, and data-driven decision-making across diverse industries. This trend promises heightened productivity, cost efficiencies, and innovative solutions. Collaboration between IoT and cloud computing facilitates the development of robust and scalable frameworks for data collection, storage, analysis, and actionable insights. According to projections by DataProt in February 2024, the number of active IoT devices is forecasted to exceed 25.4 billion by 2030, with an anticipated rate of 152,200 IoT devices connecting to the internet per minute by 2025. Consequently, the accelerated adoption of IoT is anticipated to propel the expansion of the cloud computing market.

Key players in the cloud computing arena are investing in pioneering technologies such as hybrid cloud mesh to bolster their market competitiveness. Hybrid cloud mesh seamlessly integrates on-premises, private, and public clouds, optimizing resource allocation and scalability. This technology aims to furnish organizations with a versatile and efficient infrastructure, enabling them to strike a balance between performance, security, and cost-effectiveness across varied cloud environments. For example, in May 2023, International Business Machines Corporation introduced an advanced hybrid cloud mesh solution fortified with enhanced security features. This innovative Software as a Service (SaaS) offering empowers enterprises to reassert authority over their hybrid multi-cloud infrastructure by offering application-centric connectivity. Moreover, it delivers comprehensive insights on leveraging automated, intelligent, and optimized networking for seamless operations across public cloud infrastructure. The IBM hybrid cloud mesh seeks to mitigate complexities and facilitate multi-cloud strategies, serving as a unified platform for CloudOps and DevOps collaboration. This approach accelerates the deployment of new applications and services, thereby reducing time to market and aligning with overarching business objectives.

In July 2023, DigitalOcean Inc., a cloud infrastructure provider headquartered in the United States, completed the acquisition of Paperspace for approximately $111 million. This strategic move is aimed at expanding DigitalOcean's AI offerings, allowing customers to streamline the testing, development, and deployment of AI applications. Through this acquisition, DigitalOcean and Paperspace intend to offer smaller businesses and startups a comprehensive suite of cloud services, advanced networking capabilities, and the flexibility to leverage GPU and CPU resources as demand for AI/ML technologies grows and evolves. Paperspace, also based in the United States, specializes in cloud computing and deep learning development platforms, providing solutions that feature GPU infrastructure and machine learning capabilities.

Major companies operating in the cloud computing market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Alibaba Group Holding Limited, Tencent Holdings Limited, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., ServiceNow Inc., Workday Inc., Infor Inc., OpenText Corporation, Citrix Systems Inc., Rackspace Technology Inc., Sage Group plc, Lumen Technologies Inc., IFS AB, Epicor Software Corporation, OVH SAS, DigitalOcean LLC, Upland Software Inc., Navisite LLC, Skytap Inc., Joyent Inc.

North America was the largest region in the cloud computing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud computing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud computing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Cloud computing involves delivering services over the internet, enabling users to access and utilize a wide array of computing resources without the need for local infrastructure or hardware. This model allows for flexible, scalable, and cost-efficient computing compared to traditional on-premises setups.

The primary types of cloud computing include public cloud, private cloud, and hybrid cloud. Public cloud services are provided by third-party providers over the internet, with resources such as servers and storage shared among multiple users. These services encompass infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Public cloud finds applications across various sectors including banking, financial services, and insurance (BFSI), energy utilities, government and public sector, retail and consumer goods, manufacturing, media and entertainment, healthcare and life sciences, and others.

The cloud computing market research report is one of a series of new reports that provides cloud computing market statistics, including cloud computing industry global market size, regional shares, competitors with cloud computing market share, detailed cloud computing market segments, market trends, and opportunities, and any further data you may need to thrive in the cloud computing industry. This cloud computing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cloud computing market consists of revenues earned by entities by providing management services, security and identity services, machine learning and AI services, database as a service (DBaaS), and function as a service (FaaS). The market value includes the value of related goods sold by the service provider or included within the service offering. The cloud computing market also includes of sales of computing systems and parts. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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