Cloud Computing Market (Updated Version Available)

Cloud Computing Market Size, Share & Trends Analysis, By Service (PaaS, IaaS, and SaaS), Deployment Mode (Public, Private, and Hybrid), Industry Vertical (BFSI, Healthcare, Retail, IT and Telecommunication, Government, and Others), By Region, Forecast Period 2023 - 2030

Report ID : RI_673807 | Date : March 2023 | Format : ms word ms Excel PPT PDF

This Report Includes The Most Up-To-Date Market Figures, Statistics & Data
Key Market Overview:

Cloud Computing Market is estimated to reach over USD 1693.17 Billion by 2030 from a value of USD 450.26 Billion in 2022, growing at a CAGR of 18.01% from 2023 to 2030

Cloud computing is a model for delivering computing resources over the internet, such as servers, storage, databases, software, and networking. In cloud computing, users access the services and resources on demand, without the need for the user\'s own hardware or infrastructure. Therefore, cloud computing resources are accessible from anywhere with an internet connection that allows for remote work, collaboration, and data sharing. Also, cloud providers offer high levels of availability, reliability, and disaster recovery options ensuring that critical applications and data are always available.

Cloud computing offers great scalability as cloud providers have the ability to pool and abstract resources across the infrastructure, making the resources available on-demand to users. Cloud providers also use technologies such as virtualization and containerization to create flexible computing environments that are scaled up or down as needed. Virtualization allows multiple virtual machines to run on a single physical server, while containerization allows for the deployment of software applications in a standardized, portable format that runs in multiple environments. For instance, according to the 2022 ABA Legal Technology Survey Report, in 2021, 70% of respondents reported the use of cloud computing, up from 60% in 2021, and for solos, cloud users moved from 52% to 84% in just one year.

Cloud Computing Report Coverage:

Report AttributesReport Details
Study Timeline2017-2030
Market Size in 2030 (USD Billion)1693.17 Billion
CAGR (2022-2030)18.01 %
Base Year2022
By ServicePaaS, IaaS, and SaaS
By Deployment ModePublic, Private, and Hybrid
By Industry VerticalBFSI, Healthcare, Retail, IT and Telecommunication, Government, and Others
By Geography
  • Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

  • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]

  • North America [United States, Canada, Mexico]

  • Middle East & Africa [GCC, North Africa, South Africa]

  • South America [Brazil, Argentina, Columbia, Chile, Peru]
  • Key PlayersAdobe Inc., Alibaba Group Holding Limited, Amazon Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce Inc., SAP SE, Workday, Inc.

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    Market Dynamics:


    Cloud computing provides access to powerful data analytics and machine learning tools and services, such as data warehousing and big data processing allowing organizations to extract valuable insights from large datasets. Also, cloud-based tools and services enable real-time communication, document sharing, and project management, that helps to drive greater productivity and creativity which in turn boosts the growth of the market. For instance, in February 2021, Accenture launched a new business group with VMware to help organizations move to the cloud faster. The collaboration allows for building modern apps more rapidly and using the cloud as a foundation for innovation and new business models.


    One of the main concerns with cloud computing is the security of data and applications that are hosted on the cloud. Cloud computing involves several third parties outsourcing the abilities and adding functionality, such as backup and analytics that results in security and confidentiality concerns. Also, cloud providers use a multi-tenancy model, in which multiple customers share the same physical infrastructure which further increases the security threats. Although cloud providers try to keep each customers data separate, the data is still manipulated by attackers which is the major restraint for the security of the cloud system.


    The expansion of AI and machine learning in cloud computing is expected to create lucrative opportunities for the market growth. AI and machine learning is used to analyze large amounts of data and identify patterns that are difficult to spot manually. Therefore, AI and machine learning are expected to serve as powerful tools that help businesses to make smarter decisions and work more efficiently. Cloud providers use the combination of AI and machine learning to create services specifically designed to meet the needs of businesses. For instance, cloud providers are projected to offer access to high-performance computing resources and specialized GPUs helping organizations deploy AI and machine learning applications faster and more efficiently.

    Cloud Computing Market Segmentation:

    By Service:

    The service segment is trifurcated into Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS), and Software-as-a-Service (SaaS). The SaaS segment dominates the market and provides software applications as a service over the internet. SaaS is widely used in businesses as SaaS offers a range of business applications, such as email, collaboration, customer relationship management (CRM), and enterprise resource planning (ERP) software. SaaS providers manage the underlying infrastructure and handle maintenance and updates, allowing businesses to focus on using the software to run the operations. For instance, in March 2022, Microsoft launched Azure Health Data Services, to unify health data and power AI in the cloud. Azure Health Data Services is a platform as a service (PaaS) providing organizations with a platform to support both transactional and analytical workloads from the same data store.

    The Infrastructure-as-a-Service (IaaS) segment is expected to register the fastest CAGR during the forecast period and provides virtualized computing resources, such as servers, storage, and networking, as a service over the internet. IaaS providers offer highly reliable infrastructure that is used to create cloud-based disaster recovery solutions. Infrastructure as a Service (IaaS) has great application in businesses especially at the time of disaster as IaaS allows businesses to recover important systems and data quickly and easily. For instance, in September 2021, Cashfree Payments published a new report titled ‘IaaS: New-Age Payments Solutions through Card Issuing-as-a-Service\' where IaaS platforms play a key role in simplifying compliance and reducing card issuance risk.

    By Deployment Mode:

    The deployment mode is segmented into public, private, and hybrid. The public segment dominates the market as public cloud providers offer highly cost-effective computing resources, which is ideal for businesses seeking to optimize infrastructure costs. With a public cloud, businesses avoid the upfront costs of purchasing and maintaining the own infrastructure. Public cloud providers also offer highly scalable computing resources that are easily scaled up or down as needed which is ideal for businesses that need to handle large and fluctuating workloads. For instance, in Jan 2023, Suncorp signs a three-year Azure deal to complete multi-cloud migration by 2024. As part of the company\'s multi-cloud strategy, Suncorp is winding down its on-premise data centers and is aiming to migrate 90% of workloads to the cloud by the end of 2023.
    The hybrid segment is expected to register the fastest CAGR during the forecast period as the hybrid cloud offers a high degree of flexibility, allowing businesses to choose which workloads and data are placed in the public or private cloud. This allows businesses to optimize infrastructure costs while maintaining control over sensitive data. Also, the hybrid cloud offers several enhanced security features and compliance controls such as data encryption, identity, and access management (IAM) services, and network security that is customized to meet the unique needs of the business.

    By Industry Vertical:

    The industry vertical segment is categorized into BFSI, healthcare, retail, IT and telecommunication, government, and others. The BFSI segment dominates the market as cloud computing is used to develop fraud detection solutions that help BFSI organizations to identify and prevent fraud. This is done by leveraging cloud-based machine learning and analytics tools such as Business Intelligence (BI) tools and data mining tools that analyze large amounts of data and identify patterns and anomalies that indicate fraud. For instance, in May 2022, Huawei debuts digital banking solutions in TCF comprising cloud migration solutions that cover the entire process of planning, building, migration, management, and optimization, making cloud transformation more reliable.

    The IT and telecommunication segment is projected to register the fastest CAGR as cloud computing allows IT and telecommunications companies to store, process, and analyze large amounts of data that help companies to gain valuable insights into customer behavior, market trends, and operational performance. Cloud computing also provides a scalable and secure environment for IT and telecommunications companies to build, test, and deploy mobile applications that aid companies to increase the speed and efficiency of mobile app development. For instance, in November 2020, IBM Corporation introduced IBM Cloud for telecommunications with 35+ partners committed to joining IBM\'s ecosystem and helping drive business transformation. The launch will assist the telecommunication industry to enhance digital client engagement by modernizing the enterprise applications and infrastructure to unlock the power of 5G and edge.

    By Region

    North America dominates the market and holds the largest share in 2022 due to the well-developed IT infrastructure which favors early adoption of technologies such as robotics, artificial intelligence, cloud, and IoT. Also, North America is encompassing worlds leading technology companies, such as Adobe Inc., Amazon Inc., Oracle Corporation, and Google LLC which are at the forefront of cloud computing innovation and drive the growth of the market. For instance, in February 2023, Oracle announced to invest USD 1.5 Billion to meet cloud computing demand in Saudi Arabia thereby, expanding its feet in the cloud computing market.

    Asia-Pacific is expected to register the highest CAGR during the forecast period due to the easy availability of labor that promotes the growth of the manufacturing industry which in turn drives the demand for cloud computing. Cloud computing provides a platform for manufacturers to optimize the supply chain by sharing data and collaborating with suppliers, distributors, and other partners. This helps manufacturers to reduce costs, improve efficiency, and increase visibility across the supply chain. For instance, in November 2022, Lumen Technologies announced the launch of edge services for the Asia Pacific region to provide access to the company\'s distributed edge network of high-capacity bare-metal cloud servers.

    Cloud Computing Market Competitive Landscape:

    The Cloud Computing Market is highly competitive, with a large number of vendors posing an extensive range of solutions. The vendors are competing on a range of factors, including pricing, service quality, innovation, and customer support, and are investing heavily in research and development to improve the offerings and gain a competitive advantage. Crucial players are:-

    • Adobe Inc.
    • Alibaba Group Holding Limited
    • Amazon Inc.
    • Google LLC
    • International Business Machines Corporation
    • Microsoft Corporation
    • Oracle Corporation
    • Salesforce Inc.
    • SAP SE
    • Workday, Inc.

    Recent Developments

    • In September 2022, Alibaba Cloud, the digital technology and intellectual backbone of Alibaba Group announced the latest international strategic roadmap at the 2022 Alibaba Cloud Summit and an investment of USD 1 billion for a global partner ecosystem upgrade.

    • In September 2022, Bharti Airtel launched a new Cloud portfolio in India to offer specialized products for multiple business segments, as the company plans to roll out 5G services in the country.
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