Meticulous Research®, a renowned global market research firm, has recently released a detailed report titled, ‘Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography - Global Forecast to 2030.’ According to this report, the global cloud computing market is expected to reach $1,402.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 16.8% from 2024 to 2030.

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Key Drivers of the Cloud Computing Market Growth

The expansion of the cloud computing market is fueled by several factors. Among these, the most prominent is the widespread adoption of cloud-based services across diverse sectors, which aims to provide enhanced, personalized customer experiences. Additionally, the rise in demand for artificial intelligence (AI) solutions, coupled with the growing integration of machine learning (ML) and Internet of Things (IoT) technologies, is significantly contributing to the sector’s expansion. As cloud computing becomes increasingly essential for efficient data management, advanced analytics, and scalability, more businesses are investing in these services.

However, there are challenges. Issues surrounding data security and privacy continue to be major concerns for both companies and customers, acting as potential growth deterrents for the cloud computing market. Nonetheless, government initiatives worldwide are pushing for wider adoption of cloud services, with governments promoting digital transformation and enabling supportive frameworks that facilitate the development of cloud infrastructure. Such actions are anticipated to provide substantial growth opportunities for the cloud computing market. Simultaneously, complexities linked to the adoption of multi-cloud models, where businesses rely on multiple cloud service providers, could present challenges for companies seeking to streamline their operations. Among the latest trends in cloud computing are the emergence of cloud gaming and the popularity of serverless computing models.

Market Segmentation

The report segments the global cloud computing market based on service model, deployment mode, organization size, and end user, offering insights into each segment’s current market position and anticipated growth trajectory.

Service Model

In terms of service model, the cloud computing market is segmented into Infrastructure as a Service (IaaS) , Platform as a Service (PaaS) , and Software as a Service (SaaS) .

• Software as a Service (SaaS) dominated the market in 2022, accounting for the largest market share. The widespread adoption of SaaS solutions can be attributed to the growing preference for flexible delivery models and increasing demand for AI-driven applications, which drive efficiencies and streamline operations across various sectors. SaaS offers benefits like flexible costs, easy maintenance, and quick deployment, making it attractive to both small and large businesses. Due to these advantages, the SaaS segment is expected to experience the highest CAGR over the forecast period.
• Infrastructure as a Service (IaaS) provides virtualized computing resources over the internet and is widely adopted due to its scalability and flexibility, catering primarily to enterprises looking to reduce on-site infrastructure costs.
• Platform as a Service (PaaS) , which supports the development, testing, and deployment of applications, is also experiencing growth, especially as companies seek to develop in-house applications to meet specific needs without managing complex infrastructure.

Deployment Mode

The cloud computing market is segmented by deployment mode into public cloud , private cloud , and hybrid cloud .

• Public Cloud services were the largest segment in 2022. The rise of remote work culture and increased reliance on public cloud services among small and medium-sized enterprises (SMEs) are key factors fueling the growth of this segment. Public cloud services provide cost-effective solutions for businesses by offering shared infrastructure.
• Private Cloud deployments offer dedicated infrastructure, which enhances data security and privacy. It’s commonly favored by enterprises in highly regulated industries, such as healthcare and finance.
• Hybrid Cloud , which combines public and private cloud elements, is expected to register the highest growth rate during the forecast period. Hybrid cloud solutions offer flexibility, allowing businesses to optimize IT infrastructure, maintain agility, and innovate more rapidly. This deployment mode provides a balance between cost-efficiency and control, appealing to organizations with diverse requirements for data management, security, and scalability.

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Organization Size

Based on organization size, the cloud computing market is divided into large enterprises and small and medium enterprises (SMEs) .

• Large Enterprises held the largest share of the cloud computing market in 2022. These enterprises often have higher budgets and can invest in advanced cloud computing models tailored to their needs. Furthermore, large organizations benefit from having in-house IT teams skilled in managing complex cloud environments. By adopting sophisticated cloud solutions, large enterprises can effectively retain customers, boost sales, and ensure stability during market disruptions.
• Small and Medium Enterprises (SMEs) , however, are expected to exhibit a higher growth rate over the forecast period. As cloud solutions become more accessible and cost-effective, SMEs are increasingly embracing cloud technology to drive operational efficiencies and enhance customer experience. The flexibility, scalability, and affordability of cloud computing make it particularly advantageous for SMEs aiming to modernize without the expense of on-premises infrastructure.

End User

The report categorizes the cloud computing market by end user, which includes sectors such as Banking, Financial Services, and Insurance (BFSI) , Healthcare , IT and Telecom , Government and Public Sector , Retail , Manufacturing , Energy and Utilities , Media and Entertainment , and other industries.

• Banking, Financial Services, and Insurance (BFSI) was the largest end-user segment in 2022, primarily due to the BFSI sector’s need for secure, scalable, and reliable IT infrastructure. The rise of mobile banking, increased adoption of public cloud solutions, and the proliferation of fintech startups are all driving growth in this segment. Cloud computing also offers the BFSI sector the flexibility to innovate and adapt quickly to changing market demands.
• Healthcare is projected to have the highest growth rate in cloud adoption over the coming years. The healthcare sector is increasingly relying on cloud computing to store and manage sensitive patient data, facilitate telemedicine, and enhance data interoperability across healthcare systems. This shift is driven by the need for efficient healthcare services, especially in light of the COVID-19 pandemic, which highlighted the importance of digital healthcare infrastructure.
• IT and Telecom industries are also significant users of cloud computing, as these sectors continuously innovate to support global communication networks and the growing demand for data services. The telecom sector, in particular, utilizes cloud technology for managing vast data streams and optimizing network functions.
• Government and Public Sector institutions are adopting cloud solutions to improve service delivery, increase transparency, and achieve cost savings in the administration. As governments continue to digitalize, cloud computing solutions are anticipated to play an increasingly critical role.
• Retail , Manufacturing , Energy and Utilities , and Media and Entertainment are among other sectors utilizing cloud computing to enhance data management, streamline supply chains, improve customer engagement, and innovate product delivery.

Geographic Analysis

The report analyzes the cloud computing market across five major regions: North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa .

• North America led the market in 2022, accounting for the largest share. The dominance of North America in the global cloud computing market is attributed to the presence of leading cloud service providers, including Microsoft Corporation, IBM Corporation, and Oracle Corporation, among others. The rapid adoption of cloud technologies to upgrade IT infrastructure and capitalize on advancements in AI, ML, and IoT further drives this region’s growth.
• Asia-Pacific is expected to record the fastest growth rate during the forecast period, driven by rapid digital transformation in developing economies, burgeoning data centers, and growing awareness of cloud computing among SMEs. Countries such as China and India are making substantial investments in cloud infrastructure to foster innovation and support growing data demands.
• Europe also represents a significant portion of the cloud computing market, with the European Union implementing supportive policies to encourage digital transformation and strengthen data security. Cloud adoption in sectors like manufacturing, finance, and public services continues to grow across the region.
• Latin America and the Middle East & Africa are emerging markets for cloud computing. While adoption rates are currently lower compared to other regions, investments in cloud infrastructure and digital transformation initiatives are expected to drive future growth.

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Leading Companies in the Cloud Computing Market

The competitive landscape of the cloud computing market is highly dynamic, with key players constantly innovating to maintain a competitive edge. Some of the prominent companies in the cloud computing market include:

• Microsoft Corporation (U.S.)
• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Amazon Web Services, Inc. (U.S.)
• SAP SE (Germany)
• Google LLC (U.S.)
• Salesforce, Inc. (U.S.)
• Workday, Inc. (U.S.)
• Alibaba Group Holding Limited (China)
• VMware, Inc. (U.S.)
• DXC Technology (U.S.)
• Nutanix, Inc. (U.S.)
• Cisco Systems, Inc. (U.S.)
• ZYMR, INC. (U.S.)
• SAS Institute, Inc. (U.S.)

These companies are expanding their product offerings, investing in research and development, and pursuing mergers and acquisitions to strengthen their market positions. The competitive environment in cloud computing is marked by the constant evolution of services and a focus on addressing data security challenges, scalability, and ease of use.

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