Cloud computing market forecast at $1,554.94B by 2030

The global cloud computing market size is expected to grow from USD 445.3 billion in 2021 to USD 947.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period, according to Research and Markets. Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic. The sudden shutdowns of offices, schools and enterprises have increased the demand for cloud solutions and services. The cloud market in verticals such as IT, telecom, BFSI, and media and entertainment has impacted positively due to the work from the home initiative. Employees are using cloud collaboration platforms for communicating and consuming OTT streaming services heavily as they need to stay at home amidst lockdowns.

Infrastructure as a Service (IaaS) to help enterprises in enhancing infrastructure scalability and performance
IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhances collaboration to help enterprises focus on their core businesses. The increasing internet access through smartphones and other devices has spurred the digitalization trend among enterprises that generate large volumes of business data daily. These factors have increased the enterprises’ concerns over losing the focus on core business operations and meeting the demand for clients. IaaS helps in reducing the cost of deploying IT infrastructure, hardware, and in hiring skilled resources. These benefits, in turn, are expected to drive the adoption of IaaS.

Retail and consumer goods vertical to grow at the highest rate during the forecast period
The retail and consumer goods vertical is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks. Various factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations leading to the existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services.

North America to hold the largest market size and the Asia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of cloud computing services adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for cloud computing vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt cloud computing services.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.

CT Bureau