Global Cloud Computing Market to Reach $1.9B by 2032
Growing at a compound annual growth rate of 15%
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.