According to the latest research report titled, “Cloud Computing Market Report (2023 – 2028)” by Mordor Intelligence, the market is estimated at USD 0.58 trillion in 2023 and growing at a CAGR of 16.40% during the forecast period.
Companies are moving to a hybrid cloud for their business. The main benefit of a hybrid cloud is agility. Companies are combining public cloud, private cloud, and on-premises resources to gain agility and competitive edge. To that extent, in May of 2023, the company announced IBM hybrid cloud mesh, a software-as-a-service (SaaS) offering that is designed to help enterprises gain control over their hybrid multiple-cloud infrastructures. Focused on “Application-Centric Connectivity,” IBM Hybrid Cloud Mesh automates the process, manages, and tracks application connectivity across public cloud and private cloud infrastructures to enable modern enterprises to run their infrastructures across hybrid multilayer and heterogeneous infrastructures.
The market is also seeing several investments that are driving cloud adoption. For example, Amazon announced in May 2023 that Amazon Web Services, Amazon’s cloud computing unit, plans to invest USD 12.7 billion in India’s cloud infrastructure by 2030. The goal is to meet the growing demand for cloud services in India. AWS estimates that this investment will support on average 131,700 full-time equivalent jobs yearly in Indian businesses.
Report Summary
- Market Size (2023): USD 0.58 Trillion
- Market Size (2028): USD 1.24 Trillion
- CAGR (2023 – 2028): 16.40%
- Study Period: (2018-2028)
- Fastest Growing Market: Asia-Pacific
- Largest Growing Market: North America
- Forecast Units: Value (USD Trillion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Market Drivers: Robust Shift Towards Digital Transformation Across the World and Post-Pandemic Remote Work-Related Policies are Positively Impacting the Cloud Market
Which are the Top Companies in the Cloud Computing Market?
The cloud computing market is currently very competitive as several players in the market are constantly striving to innovate and bring new advancements to the market. A few big players are entering into partnerships and expanding their presence to strengthen their position in the market. In October 2022: Oracle announced the creation of a new Oracle Interconnect for the Microsoft Azure site in Johannesburg, South Africa, to provide direct connectivity between the Oracle Cloud Johannesburg area and the Microsoft Azure South Africa region.
Prominent players in the Cloud Computing Market are:
- Amazon.com, Inc. (AWS)
- Google LLC
- Microsoft Corporation
- Alibaba Cloud
- Salesforce, Inc
- Adobe Group
- Oracle Corporation
- IBM Corporation
- DXC Group
- SAS
- SAP SE
Other Reports that Might be of Your Interest
- Finance Cloud Market Report: The Finance Cloud Market size is estimated at USD 22.43 billion in 2023, and is expected to reach USD 66.89 billion by 2028, growing at a CAGR of 20.05% during the forecast period (2023-2028).
- Hybrid Cloud Market Report: The Hybrid Cloud Market size is estimated at USD 129.43 billion in 2023 and is expected to reach USD 348.53 billion by 2028, growing at a CAGR of 21.91% during the forecast period.
Key Highlights from the Cloud Computing Market Report
1. Business Integration with Cloud Boosting Digitalization Across Industries
- Digital transformation is given an extra dimension by cloud computing, which transforms it from simply adopting new technology to a complete rebuilding of processes, tools, and experiences in a remote, virtual environment.
- Cloud computing has emerged as a game-changer for businesses looking to develop Supply Chain Management (SCM) swiftly and successfully.
- As part of a multi-year partnership started in June 2022, Google Cloud and Connecticut-based XPO Logistics work together to enhance the movement of commodities throughout supply chains.
- XPO will utilize Google Cloud’s data analytics, machine learning, and artificial intelligence (AI) capabilities to build quicker, more effective supply chains with improved visibility.
- Several companies like Amazon, Google, and Oracle offer robust cloud infrastructure and services to cater to the evolving and complex requirements of consumers.
- According to Flexera Software’s State of Cloud Report 2023, 75% of enterprise respondents indicated adopting Microsoft Azure for public cloud usage.
2. North America Holds the Largest Market Share in the Cloud Computing Market
Over the past few years, North America has held the major shares in the Cloud Computing Market. Companies in the U.S. prioritize digital transformation. The country’s organizations are working together to grow their operations and maintain a strong global presence in the global marketplace. Opportunities for US organizations are predicted to increase due to organizations investing more in IT infrastructure and cloud services and the country’s promotion of Cross Border Privacy Rules (CBPR).
The region is also witnessing several innovations that cater to the requirements of technologically advanced consumers. In June 2023, Hewlett Packard Enterprise Co. announced that it is rolling out a cloud computing service designed to power artificial intelligence systems similar to ChatGPT. HPE’s high-performance computing and artificial intelligence unit said the company would use its experience in supercomputers to offer a service specifically for what are called large language models, the technology behind services like ChatGPT.
What are the Latest Developments in the Cloud Computing Market?
- In April 2023: Alibaba Cloud unveiled cheaper options for its Elastic Compute Service and Object Storage Service and a large language model to keep pace with the demand for cloud services. The new ECS Universal is claimed to offer the same stability as ECS while reducing costs by up to 40%. It is suited for running web applications and websites, enterprise office applications, and offline data analysis.
- In November 2022: AWS opened India’s Second Infrastructure Region. The second AWS Region enables Indian customers to have more alternatives to execute workloads with better resilience and availability, store data securely, and give end users even lower latency. By 2030, it is anticipated that the new AWS Asia Pacific (Hyderabad) region will provide more than 48,000 full-time employees annually, attributed to an investment of more than USD 4.4 billion in India.
Mordor Intelligence Report on the Cloud Computing Market segments the market based on product type, application, and geography:
- By Computing Type (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- IaaS
- SaaS
- PaaS
- By End-user Verticals (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- IT & Telecom
- BFSI
- Retail & Consumer Goods
- Manufacturing
- Healthcare
- Media & Entertainment
- By Geography (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Nordics
- Benelux
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of the Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the cloud computing industry. Get a glance at the Cloud Computing Market Report (2023 – 2028)
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