According to a research report "Cloud Computing Market by Service Model (IaaS, PaaS, and SaaS), by Deployment Model, Organization Size, Vertical (BFSI, retail and consumer goods, telecommunications, IT and ITeS, and manufacturing) and Region - Global Forecast to 2027" published by MarketsandMarkets," published by MarketsandMarkets, the global cloud computing market size is expected to grow from USD 545.8 billion in 2022 to USD 1,240.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.9% during the forecast period. The ever-increasing operational overheads and complexities related with on-premises hardware have facilitated the adoption of cloud computing, which is expected to aid companies in cutting down their Operational Expenditure (OPEX) and Capital Expenditure (CAPEX). Cloud offers self-service provisioning, enhanced performance and productivity, and increased speed. Businesses may choose service models completely dependent on business requirements to adhere to these benefits, which is further expected to fuel the market growth.
Browse 409 market data Tables and 63 Figures spread through 353 Pages and in-depth TOC on "Cloud Computing Market by Service Model (IaaS, PaaS, and SaaS), by Deployment Model, Organization Size, Vertical (BFSI, retail and consumer goods, telecommunications, IT and ITeS, and manufacturing) and Region - Global Forecast to 2027"
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As per vertical, the retail and consumer goods segment to expected to grow at the highest CAGR during the forecast period
The cloud computing market is segmented into banking, financial services & insurance (BFSI), telecommunications, IT & ITeS, media & entertainment, government & public sector, manufacturing, healthcare & life sciences, energy & utility, and other verticals. As per vertical, retail and consumer goods is expected to grow at the highest CAGR of 21.2% during the forecast period. The retail and consumer goods vertical have emerged as one of the most dynamic and fast-paced industries in terms of the adoption of advanced technologies. One of the major reasons for the highest growth rate in the retail vertical could be the increasing adoption of big data and analytics technologies by retail and consumer enterprises, resulting in the growing need for adopting cloud services to offer enhanced application quality.
Disaster Recovery and Backup, IaaS service model to grow at the highest CAGR during the forecast period
The infrastructure as a service (IaaS) by-service model is segmented into primary storage, disaster recovery and backup, archiving, and computing. During the forecast period, disaster recovery and backup is projected to grow at the highest CAGR of 23.39% as it can be automated, requiring minimum input, helping organizations reduce their asset downtime. It offers various benefits, such as high scalability, flexibility, and accessibility, and ensures 24/7 support and maintenance, including hardware and software upgrades.
Higher rate of technology adoption helped North America to capture the highest market share
North American countries such as the US and Canada have a strong economic landscape, huge IT budgets, high technology assimilation, and the early adoption of advanced technologies such as AI, ML, big data, data analytics, and IoT which are expected to boost the demand for cloud computing across North American enterprises. North America is a mature market in terms of cloud computing services adoption, owing to a large presence of enterprises with advanced IT infrastructure and the availability of technical expertise. The pandemic has had a positive impact on the cloud computing market in the region. The usage of cloud technologies has aided in conducting business online as the economy slowly starts to recover. Due to the COVID-19 pandemic, the adoption of ML, AI, data analytics, IoT, and big data has increased. As a result, cloud computing is emerging as a strategic option and a brands face.
Some of the major cloud computing market vendors are 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), Virtustream (US), Skytap (US), OVH (France), Bluelock (US), 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), and IFS (Sweden).
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