Cloud Computing Market is Predicted to Grow at a Robust CAGR of 13.7% from 2022 – 2032 | FMI

The Cloud Computing Market is projected to grow at a robust CAGR of 13.7% and is predicted to reach from US$ 517.9 Billion in 2022 to US$ 1.9 Trillion in 2032.

While?Asia Pacific’s?technology expenditure has surged, a setback owing to the recent COVID-19 pandemic is on the horizon.?Cloud technology?usage is likely to expand in areas where the WFH effort is assisting in the maintenance of corporate business processes. The emergence of developing technologies such as?Artificial Intelligence (AI)?and?machine learning?facilitates?cloud?expansion by allowing businesses to tap into AI capabilities.

The COVID-19 pandemic has emerged as a major threat to the?global?economy.?Cloud computing?may help businesses overcome the business continuity difficulties posed by lockdown, work from home, social distance, and other?cloud computing market?demands.

However, as a result of the pandemic, firms, managers, and workers are increasingly opting for?remote working.?Remote working?has emerged as the current trend and is predicted to remain in the long run.

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Cloud computing?is used in many applications via the?Infrastructure as a Service,?Platform as a Service, and?Software as a Service model; the high initial and ongoing costs remain a barrier to the?cloud computing?business.

Cloud computing?compels enterprises to deal with the same?network?security?models and physical?security?constraints for more remote servers, where?security?footprints and traffic patterns are visible to everyone, compromising?database security?and posing a problem.

Key Takeaways:

• The?solutions?from the?cloud computing market?are expected to grow at the fastest CAGR of 15.1% in the component sector.
• Public cloud?is expected to grow at a high rate in the?deployment type?sector of?the cloud computing market, with a CAGR of 15.0%.
• The?market size?for?cloud computing?in the?United States?is expected to reach US$ 6 Billion by 2032, growing at a CAGR of 15.0% during the research period.
• United Kingdom?is expected to reach a?market size?of US$ 693.9 Million in?cloud computing?by 2032, with a CAGR of 13.9% during the research period.
• China’s cloud computing market?is expected to be worth US$ 1.2 Billion by 2032, with a CAGR of 14.5% over the forecast period.
• Japan?is expected to have a?market size?for?cloud computing?of US$ 1 Billion by 2032, with a CAGR of 13.4% during the research period.
• By 2032,?South Korea?is expected to reach a?market size?of US$ 606.7 Million in?cloud computing, with a CAGR of 13.0% during the research period.

Significantly, as organizations attempt to improve their digital activities,?public cloud services?have acquired significant popularity in?the Asia Pacific. With the need to attain better company agility and customer satisfaction,?cloud computing?has become the foundation of how many firms function today.

As the benefits such as on-demand?availability and cheap cost, start-ups, and?SMEs?are increasingly turning to?cloud services. Additionally, they free up workers’ time to focus on other mission-critical duties. These incentives are encouraging?businesses?to rapidly embrace?cloud computing services.

List of Key Players Covered in Cloud Computing Market are:

• AWS
• Microsoft
• IBM
• Salesforce
• Google
• Oracle
• SAP
• Alibaba Cloud
• Adobe
• Workday

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To expand their?cloud computing market?offers, asset performance management vendors have employed a variety of organic and inorganic development tactics, such as new product releases in?the cloud computing market, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions. AWS, Microsoft, IBM, Salesforce, Google, and others dominate the?cloud computing sector.

The current competitive environment and?global economic?conditions have hastened the adoption of cost-effective ways to reorganize company models. The rising movement of organizations toward digital transformation and the acceleration of?customer?experience are a few more factors driving the use of?cloud computing services, eventually lowering corporate costs.

Furthermore, the?cloud?has the benefit of a pay-as-you-go approach, which allows organizations to pay for?cloud services?based on their utilization, resulting in lower costs.

Key Segments

By Service Model:

• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)

By Deployment Model:

• Public Model
• Private Cloud

By Organization Size:

• Small and Medium-Sized Enterprises
• Large Enterprises

By Vertical:

• BFSI
• Telecommunications
• IT and ITeS
• Government and Public Sector
• Retail and Consumer Goods
• Manufacturing
• Energy and Utilities
• Media and Entertainment

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By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)