A recently published Fact.MR report on the global cloud computing market estimates the industry is expected to secure a value of $1.9 billion by 2032 while expanding at a compound annual growth rate (CAGR) of 15% in the forecast period from 2022 to 2032. Rapid digitization of workplaces and the growing demand for SaaS-based solutions are further broadening prospects.
From 2015 to 2021, sales of cloud computing solutions flourished at a CAGR of 12%. The outbreak of COVID-19 further encouraged adoption of cloud computing, as work-from-home directives were issued by enterprises. For instance, the number of Microsoft Teams platforms increased to 44 million due to the high demand for collaboration solutions. In addition, the growing usage of platforms, such as Apple TV, Netflix, Hulu, and Amazon Prime, has played a salient role in driving the market.
As business operations continue to expand, business entities are looking to leverage the most economical yet highly effective information storage and assimilation capabilities. Hence, there is extensive reliance on IaaS-, SaaS-, and PaaS-based solutions, providing significant impetus to market growth for cloud computing.
Key Takeaways from the Market Study
- The global cloud computing market to secure a value of $482 billion in 2022
- Cloud computing solutions to accumulate 40% of global revenue in North America
- Asia-Pacific to exhibit a CAGR of 18% with regard to cloud computing solutions
- By enterprise size, large enterprises to accumulate 55% revenue in 2022
- Cloud computing solutions for the banking, financial services, and insurance (BFSI) industry to emerge strongest, procuring 25% of global revenue
“The growing digitization of various end-user sectors, such as health, BFSI, and others, is likely to boost the market. Further, the outbreak of COVID-19 has posed a significant opportunity of expansion to the market,” said an analyst at Fact MR.
The players of the global cloud computing market adopt various strategies to secure a prominent position and enhance their influence in the global market. Some of the recent developments among the key players include the following.
- In January 2020, IBM Corp. launched the Advertising Accelerator with Watson. It is a predictive solution that utilizes AI and helps Watson by providing campaigns that could aid marketers and advertisers in understanding the customers’ behavior.
- In February 2022, IBM disclosed its plan to team up with SAP to provide technology to clients to adopt a hybrid cloud approach and move mission critical workloads from SAP solutions to the cloud for regulated and nonregulated industries.
- In October 2020, Microsoft Corp. disclosed its partnership with Zeiss Group to offer advanced care to patients and develop manufacturing quality through data solutions. According to the partnership, Zeiss Group adopted Microsoft Azure as its cloud platform to offer digital experiences to its German counterpart.
The study reveals essential insights on the basis of enterprise size (small-, medium-, and large-sized enterprises), end use (BFSI, IT and telecom, retail and consumer goods, manufacturing, energy and utilities, health care, media and entertainment, government and public sector, and others), deployment (public, private, and hybrid), and service (IaaS, PaaS, and SaaS) across five major regions (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).