In the modern era, cloud computing has evolved as a buzzword. In simple words, cloud computing refers to delivering computing services over the internet. It includes services such as networking, storage, analytics, and database. It enables businesses to lower their operational cost and facilitate faster scaling. That is why the market share of cloud computing is expanding at a rapid pace.
Are you interested in learning more about cloud computing? In that case, enrolling in a certification course can be beneficial. However, make sure to gain information about the Cloud Computing course fees before applying. In this article, you will learn about the cloud computing market size and everything relating to it. Let us take a look!
What is the Cloud Computing Market Size?
Simply put, the cloud computing market size means how big is the cloud computing market. It provides comprehensive knowledge about the size of the industry. For businesses delivering cloud computing services, having an idea of the cloud service market size is important. It enables them to prepare strategies accordingly and stand out in the competitive market. Moreover, individuals who are interested in making a career in cloud computing must also have an idea of the cloud computing industry size. It will enable them to prepare better and succeed in the field efficiently.
How Big is the Cloud Computing Market 2024?
The global cloud computing market size was evaluated to be USD 368.97 billion in 2021. It is anticipated to experience significant growth at a CAGR of about 15.7% from 2022 to 2030. The industry size is likely to reach USD 923.46 billion by 2027. That speaks a lot about how big the cloud computing industry is.
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Is Cloud Computing a Growing Market?
Cloud computing is undoubtedly a growing market. There are a number of reasons for the increasing demand for cloud computing in recent times. Some of the main reasons are listed below.
1. Easy Storage
In the present day, the amount of data that businesses have to deal with keeps growing continuously. Access to more data enables businesses to make better decisions. However, storage of such huge volumes of data always becomes a problem. That is exactly where cloud computing comes into the picture. The data storage services of cloud computing solve the issue of insufficient storage space for businesses. No matter how much data businesses want to store, cloud computing makes it quite simple and easy.
2. Increased Ease of Scaling
One of the prominent reasons for the growing demand for cloud computing is its ability to enable businesses to scale efficiently. On-demand scaling was not possible for businesses in the past. However, with the evolution of cloud computing, it has become easy. The ability to scale IT solutions quickly and easily provides businesses with several benefits.
3. Increased Reliability
In comparison to traditional computing, cloud computing is much more reliable. It allows efficient management of different operations of enterprises in a hassle-free manner. It also ensures increased safety and security of the data stored on the cloud servers.
Why is Cloud Computing Market Size Growing?
Several factors facilitate the growth of the cloud computing market. Here are some of the prominent drivers of cloud computing market growth.
1. Increased ROI with Lower Storage and Infrastructure Costs
The implementation of cloud computing enables organizations to lower their storage and infrastructure costs while enhancing returns. With the adoption of cloud computing, enterprises do not have to worry about setting up infrastructure for storing huge volumes of data. Moreover, the pay-as-you-go model of the cloud allows enterprises to pay only for the cloud services they use. All these factors contribute to the cloud computing industry’s growth significantly.
2. Increased Adoption of Hybrid Cloud
Another factor that contributes to the growth of the cloud-based computing market size is the increasing adoption of hybrid cloud. Hybrid cloud services provide several benefits to enterprises. The most significant benefits include increased compliance and security, efficient integration, and better workload management. Moreover, it also offers greater flexibility to switch to the cloud platform. Therefore, there has been an increase in the hybrid cloud market growth in recent times.
Who dominates the Cloud Market?
There are several cloud service providers existing in the competitive market. As per the latest cloud computing market forecast, Amazon Web Services, Google Cloud, and Microsoft Azure dominate the cloud market. Amazon Web Services occupies the largest share of the global cloud computing market.
Restraints and Challenges of Cloud Computing Market Size
No doubt, there are several factors that will accelerate the growth of the cloud computing market size in 2024. However, some factors limit growth. Here are some major factors that impede the growth of the cloud computing market.
1. Cybersecurity Attacks
One of the major limiting factors is the increase in cybersecurity attacks around the globe. Cloud computing provides plenty of benefits to businesses. It also has appropriate measures in place to secure the important data of the enterprises in the best possible way. However, the data that are stored on the cloud are prone to potential cyberattacks. Some prominent cyberattacks include cloud malware injection attacks, service hijacking, Meltdown, Spectre, and man-in-the-cloud attacks. All these cyberattacks can make enterprise data vulnerable and incur a huge loss for businesses. That is why many businesses are not willing to adopt cloud computing owing to the security of their data.
2. Complex Regulatory and Compliance Needs
In recent times, it has become mandatory for businesses to meet the increasing compliance and regulatory needs. However, the compliance and regulatory requirements have become more complex over the years. It becomes difficult for businesses to meet compliance needs. Therefore, many enterprises show reluctance to adopt cloud computing to avoid legal penalties.
Cloud Computing Market Ecosystem
The cloud computing market ecosystem consists of several segments. The global market of cloud computing is divided based on deployment, end-use, enterprise size, and region.
Because of deployment, the cloud computing market is divided into private deployment and hybrid deployment. As per the cloud computing growth forecast, the revenue share of the private deployment segment was more than 46% in the year 2021. The hybrid deployment segment is anticipated to experience significant growth in the coming years.
Since end-use, the cloud computing market has been divided into IT & Telecom, BFSI, manufacturing, government and public sector, retail and consumer goods, energy and utilities, healthcare, and media and entertainment.
Based on the enterprise size, the global cloud computing market is divided into large enterprises and small and medium-sized enterprises.
On the basis of region, the global market of cloud computing includes North America, South America, Europe, Middle East & Africa, and Asia Pacific region. North America is expected to dominate the global market owing to the early adoption of the latest technologies in the region.
Cloud Computing Market Key Players
There are several key players in the global market of cloud computing. The most prominent players in the industry are:
- SAP SE
- Amazon, Inc.
- Microsoft Corporation
- IBM Corporation
- Google LLC
- Oracle Corporation
- Salesforce, Inc.
- VMware, Inc.
- Alibaba Group Holding Limited
- Rackspace Technology, Inc.
Conclusion
By now, you must be aware of the cloud provider market share trend. The cloud computing industry will continue to grow rapidly in the coming years. Now that you know about the global industry and the market size, it is time to upskill yourself and stand out. Want to make a successful career in cloud computing? If yes, KnowledgeHut can be the best platform for you. Inquire about KnowledgeHut’s Cloud Computing course fees and enroll in the course today.
