Cloud Computing Market to Reach USD 2,321.1 Billion by 2032: Exploring the Diverse Applications of Cloud Computing
According to Market.us, the cloud computing market size is projected to surpass around USD 2,321.1 billion by 2032, and it is poised to reach a registered CAGR of 16% from 2023 to 2032.
March 17, 2023 10:47 ET | Source: Market.Us Follow
-
-
-
-
-
- add_box
- ...
New York, March 17, 2023 (GLOBE NEWSWIRE) -- The global cloud computing market was valued at around USD 546.1 billion in 2022 and is estimated to be worth approximately USD 2,321 billion in 2032, growing at a CAGR of 16% between 2023 and 2032. Cloud computing is a network or model where programs or applications can run that can be accessed from many devices or servers simultaneously. Emerging technologies like Machine Learning and Artificial Intelligence enable cloud growth by allowing companies to tap into AI capabilities.
Get additional highlights on major revenue-generating segments; request a global cloud computing market sample report at https://market.us/report/cloud-computing-market/request-sample/
Key Takeaway:
- By Deployment, in 2022, the private deployment segment has generated a revenue share of 47.2% 2022.
- By Service, the Software as a Service (SaaS) segment has dominated the market with the highest revenue share of 56% in 2022.
- By Enterprise Size, the Large enterprise segment has generated a revenue share of 52.6%.
- By End Use, in 2022, the BFSI segment had the highest revenue share at over 26.4%.
- In 2022, North America dominated the market with the highest revenue share of 41.2%.
The market for cloud computing is expected to be in demand. This is because more companies adopt cloud computing to streamline their operations. Cloud computing services will be in high demand due to the projected rise in large companies in emerging and established countries.
The pandemic has caused a big change in the workplace, as companies use smart tech like mobile supercomputing and IoT. Demand for cloud computing went up in Q3 2020 as businesses moved operations online. Cloud computing is able to help enterprises overcome the challenges of business continuity due to the lockdown and other mandates that have affected the market.
Factors affecting the growth of the Cloud Computing market
Several factors can affect the growth of the cloud computing market industry. Some of these factors include:
- Technologies like artificial intelligence and machine learning: Emerging technologies like Artificial Intelligence and Machine Learning enable cloud growth by allowing companies to tap into AI capabilities. The global economy faces significant challenges due to the COVID-19 pandemic.
- Remote work trend: Remote work has led to a rise in the demand for cloud computing services. This allows collaborative teams to access previously centralized data and analysis.
- Software as a Service (SaaS): SaaS offers organizations more flexibility and options. Along with that it also has the ability to access the program remotely via web-based subscriptions. SaaS is a delivery model that focuses on software solutions that can reach many people.
- Seamless data management and real-time visibility: Cloud services are expected to be adopted by the manufacturing sector as they offer benefits like seamless data management and real-time visibility in the cloud computing market
- Data security and privacy: Vendors offer security services like data encryption, access control, cloud integration, monitoring and auditing, business continuity, and communication security.
- COVID-19 effect: Cloud computing is able to help enterprises overcome the challenges of business continuity. Due to the lockdown and other mandates that have affected the market.
To understand how our Cloud Computing Market report can bring a difference to your business strategy, Inquire