The cloud computing market is poised for rapid expansion, according to MarketsandMarkets. The market is anticipated to grow at a CAGR of 15.1% from 2023 to 2028, reaching a value of $1.26 trillion. This growth is attributed to the rising adoption of mobile devices, IoT, and hybrid and multi-cloud architectures.
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The cloud computing market is expanding, and vendors are adopting a strategic focus to attract customers. Cloud services can be accessed from anywhere with an internet connection, promoting remote work and collaboration. This accessibility enhances productivity and facilitates global business operations. Cloud providers typically have multiple data centers across different geographic locations. This redundancy enhances reliability, ensuring services remain available during hardware failures or disasters. These services are increasing the demand for the cloud computing market.
The SaaS segment holds the largest market size during the forecast period.
Salesforce, Microsoft, Adobe, Google, and IBM are some of the leading companies in the SaaS market. Although the SaaS market has reached a level of maturity and its growth rate is not as rapid as that of IaaS and PaaS, the SaaS market is significantly more extensive and is anticipated to maintain this position until 2023. MnM predicts substantial growth across all SaaS segments and geographic regions. Many businesses were increasingly adopting SaaS solutions, ranging from customer relationship management (CRM) and enterprise resource planning (ERP) to communication and collaboration tools. AI and machine learning are increasingly integrated into SaaS applications to provide advanced analytics, automation, and predictive capabilities. This trend aims to enhance the functionality and intelligence of cloud-based solutions.
Retail & Consumer Goods vertical to record the highest CAGR during the forecast period.
The retail & consumer goods vertical has become one of the most dynamic and fast-paced sectors in adopting cutting-edge technologies. Leading companies in this space include Walmart, Ocado, Tesco, Shapeways, Zara, and Richline Group. In recent years, cloud computing has emerged as a game-changing technology that significantly benefits the industry. For instance, beacons installed in retail stores for facial recognition generate a vast amount of data, which can be processed and analyzed closer to the source using cloud computing rather than sending it to centralized storage, which could be costly and time-consuming; this helps companies identify new revenue sources quickly. The adoption of cloud computing is due to factors such as the rising purchasing power of customers, the need to meet their expectations, and the retention and acquisition of new customers. Online retailing and cloud technologies have disrupted the retail and consumer goods industry, leading to the adoption of cloud computing mainly for storage, backup, and security services.
Cloud computing can significantly help enhance stores’ brand value and lifespan by identifying out-of-stock situations and pricing issues. Retailers and consumer goods companies are also using edge computing to leverage new technologies like IoT and AI for gathering insights into consumer purchase preferences and patterns, thereby improving their business’s overall efficiency. For example, Walmart uses edge computing to leverage IoT data generated from sensors at the store level and backhaul it to Microsoft Azure Cloud for a unified view of customers across the US.
Our analysis shows North America holds the largest market size during the forecast period.
North America is estimated to account for the largest market share in the global cloud computing market in 2023, and this trend will continue during the forecast period. Due to several factors, including numerous businesses with advanced IT infrastructure and the accessibility of technical skills, North America is the market with the most established cloud computing adoption. Factors, such as organizations shifting toward cloud services and the increasing adoption of digital business strategies, are expected to drive the adoption of cloud computing offerings in North America. The region will encourage market growth as large enterprises and SMEs focus on developing innovative cloud computing integrated with technological advancements, such as IoT and predictive maintenance. North America also witnessed the early adoption of cloud and mobility technologies and has an advanced IT infrastructure, which reduces operational expenditure through various technological advancements across verticals. North America is the most significant contributor in terms of revenue compared to the other regions. The cloud computing market in North America will grow steadily during the forecast period as enterprises adopt advanced application development technologies at various levels as a part of their strategy to sustain themselves in the competitive market.
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Unique Features in the Cloud Computing Market
One of the most defining features of cloud computing is its scalability and elasticity. Cloud services allow businesses to scale their resources up or down based on demand. This flexibility helps organizations manage fluctuating workloads and optimize costs by only paying for the resources they use.
Cloud computing provides a global infrastructure that enables businesses to deploy applications and services in multiple regions around the world. This global reach allows companies to reduce latency, improve performance, and meet local regulatory requirements by hosting data in specific regions.
The cloud computing market offers a variety of service models, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). These models provide varying levels of control, customization, and management, allowing businesses to choose the most suitable option for their needs.
Security is a critical feature in cloud computing, with providers offering advanced security measures to protect data, applications, and infrastructure. Cloud providers invest heavily in security technologies, such as encryption, identity and access management (IAM), and threat detection, to ensure the safety of their clients’ data.
Cloud computing offers significant cost savings by eliminating the need for businesses to invest in and maintain physical infrastructure. The pay-as-you-go pricing model allows organizations to manage their IT budgets more effectively, reducing capital expenditures and operational costs.
Major Highlights of the Cloud Computing Market
The cloud computing market has experienced significant growth over the past decade, driven by the increasing adoption of digital transformation strategies by businesses across various industries. This growth is expected to continue as more organizations migrate their operations to the cloud to take advantage of its scalability, flexibility, and cost-efficiency.
Many organizations are adopting multi-cloud and hybrid cloud strategies to optimize their cloud investments. By leveraging multiple cloud providers, businesses can avoid vendor lock-in, enhance redundancy, and optimize costs by selecting the best services from each provider.
As more critical business operations move to the cloud, security and compliance have become top priorities for organizations. Cloud providers are investing heavily in advanced security technologies, such as encryption, identity and access management (IAM), and threat detection systems, to protect their clients’ data.
Artificial intelligence (AI) and machine learning (ML) are becoming integral components of cloud computing services. Cloud providers are offering AI and ML tools as part of their platforms, enabling businesses to harness the power of these technologies without investing in expensive infrastructure or specialized expertise.
Edge computing is emerging as a significant trend in the cloud computing market, driven by the need for real-time processing and low-latency applications. By processing data closer to the source—at the “edge” of the network—businesses can reduce latency and improve performance for applications such as IoT, autonomous vehicles, and remote monitoring systems.
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Top Companies in the Cloud Computing Market
The prominent players across all service types profiled in the cloud computing market’s study include AWS (US), Microsoft (US), IBM (US), Google (US), Alibaba Cloud (China), SAP (Germany), Salesforce (US), Oracle (US), Adobe (US), Workday (US), Fujitsu (Japan), VMware (US), Rackspace (US), DXC (US), Tencent Cloud (China), NEC (Japan), DigitalOcean (US), Joyent (US), Skytap (US), OVH (France), Navisite (US), CenturyLink (US), Infor (US), Sage (UK), Intuit (US), OpenText (Canada), Cisco (US), Box (US), Zoho (US), Citrix (US), Epicor (US), Upland Software (US), ServiceNow (US), IFS (Sweden), App Maisters (US), Zymr (US), JDV Technologies (India), Tudip Technologies (India), Visartech (US), Cloudflex (Nigeria), Cloudways (Malta), Vultr (US), and pCloud (Switzerland).
Amazon Web Services (AWS)
Amazon Web Services (AWS) is a business unit of Amazon.com that provides a range of cloud computing services. The company offers tailored solutions to meet the unique business requirements of its customers. The services provided by AWS include storage and content delivery, computing, networking, database, deployment, management, application services, and analytics. AWS stands out from other cloud computing providers due to its extensive range of services such as data lakes, analytics, ML AI, IoT, and security. AWS provides cloud computing services on a pay-as-you-go basis; customers can acquire technology services like computing power, storage, and databases without purchasing, owning, and maintaining physical data centers and servers. AWS offers highly scalable and cost-effective Infrastructure as a Service (IaaS), with data center locations in the US, Brazil, Singapore, Japan, and Australia. AWS operates in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America through its partner network. The company caters to various industries, including automotive, consumer goods, energy, financial services, gaming, education, government, healthcare & life sciences, manufacturing, media & entertainment, retail, telecom, travel & hospitality, and power & utilities.
Google (US)
Google, a company specializing in Internet-related services and products, was founded in 1998 and is headquartered in California, US. In 2015, Alphabet became the parent company of Google. The company primarily focuses on web-based search engines, desktop and mobile operating systems, advertising and tools, and enterprise solutions. Google offers diversified cloud services that are available globally, including cutting-edge products such as computing, storage, database, data analytics, AI, ML, networking, and developer tools. The company’s cloud computing services are powered by its Google Cloud Platform (GCP), which includes core products such as Google Compute Engine, Google Cloud Storage, Google App Engine, and Google Container Engine.
Additionally, Google offers cloud products such as G Suite, Google Maps Platform, Cloud Identity, and Android Enterprise. Google provides its services to a large customer base spread across the globe through a global network of service providers, distributors, and cloud resellers. The company caters to various industry verticals such as retail, consumer-packed goods, financial services, healthcare & life sciences, media & entertainment, telecom, gaming, manufacturing, supply chain & logistics, government, and education.
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