MarketsandMarkets forecasts the global cloud computing market size is expected to grow from USD 626.4 billion in 2023 to USD 1,266.4 billion by 2028 at a CAGR of 15.1% during the forecast period. The rise of mobile devices, IoT, hybrid cloud, and multi-cloud strategies would drive the growth of the cloud computing market.
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The cloud computing market is expanding, and vendors are adopting a strategic focus to attract customers. Cloud services can be accessed from anywhere with an internet connection, promoting remote work and collaboration. This accessibility enhances productivity and facilitates global business operations. Cloud providers typically have multiple data centers across different geographic locations. This redundancy enhances reliability, ensuring services remain available during hardware failures or disasters. These services are increasing the demand for the cloud computing market.
The SaaS segment holds the largest market size during the forecast period.
Salesforce, Microsoft, Adobe, Google, and IBM are some of the leading companies in the SaaS market. Although the SaaS market has reached a level of maturity and its growth rate is not as rapid as that of IaaS and PaaS, the SaaS market is significantly more extensive and is anticipated to maintain this position until 2023. MnM predicts substantial growth across all SaaS segments and geographic regions. Many businesses were increasingly adopting SaaS solutions, ranging from customer relationship management (CRM) and enterprise resource planning (ERP) to communication and collaboration tools. AI and machine learning are increasingly integrated into SaaS applications to provide advanced analytics, automation, and predictive capabilities. This trend aims to enhance the functionality and intelligence of cloud-based solutions.
Unique Features in the Cloud Computing Market
Developers may concentrate on building code instead of worrying about maintaining the underlying infrastructure with serverless computing. It lowers operational complexity by scaling automatically in response to demand.
By bringing computer power closer to the data source, edge computing lowers latency and permits real-time processing. This is especially helpful for applications that need quick answers.
Applications may operate reliably across different environments thanks to containerisation, which makes use of technologies like Docker. Containerised apps are orchestrated by Kubernetes, which makes deployment, scalability, and management easier.
When demand changes, serverless database solutions scale automatically and don’t need human involvement. With infrastructure provisioning taken care of, organisations can now manage databases more effectively.
On-premises infrastructure and public or private cloud services are combined in hybrid cloud solutions. Using services from several cloud providers to improve flexibility and prevent vendor lock-in is known as a multi-cloud strategy.
Major Highlights of the Cloud Computing Market
Growing acceptance across a wide range of industries and sizes of organisations propelled the cloud computing market’s sustained rapid expansion.
Utilising a combination of on-premises, private cloud, and public cloud services for flexibility and optimisation, hybrid cloud and multi-cloud methods are becoming increasingly popular.
A greater emphasis on edge computing to lower latency and enable real-time application processing by bringing computer resources closer to the data creation point.
Continued use of serverless computing models will result in cost savings and enhanced agility by freeing developers to concentrate on developing code rather than maintaining underlying infrastructure.
Extensive use of orchestration tools like Kubernetes and containerisation technologies like Docker for effective application deployment, scaling, and management.
The market players have adopted various organic/inorganic strategies, such as partnerships, collaborations, acquisitions, agreements, and product launches & enhancements, to expand market presence in the cloud computing market. New product launches, collaborations, and product enhancements have been the most adopted strategies by significant players in the last few years, which helped companies innovate their offerings and widen their customer base.
Amazon Web Services (AWS) is a business unit of Amazon.com that provides a range of cloud computing services. The company offers tailored solutions to meet the unique business requirements of its customers. The services provided by AWS include storage and content delivery, computing, networking, database, deployment, management, application services, and analytics. AWS stands out from other cloud computing providers due to its extensive range of services such as data lakes, analytics, ML AI, IoT, and security. AWS provides cloud computing services on a pay-as-you-go basis; customers can acquire technology services like computing power, storage, and databases without purchasing, owning, and maintaining physical data centers and servers. AWS offers highly scalable and cost-effective Infrastructure as a Service (IaaS), with data center locations in the US, Brazil, Singapore, Japan, and Australia. AWS operates in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America through its partner network. The company caters to various industries, including automotive, consumer goods, energy, financial services, gaming, education, government, healthcare & life sciences, manufacturing, media & entertainment, retail, telecom, travel & hospitality, and power & utilities.
Google, a company specializing in Internet-related services and products, was founded in 1998 and is headquartered in California, US. In 2015, Alphabet became the parent company of Google. The company primarily focuses on web-based search engines, desktop and mobile operating systems, advertising and tools, and enterprise solutions. Google offers diversified cloud services that are available globally, including cutting-edge products such as computing, storage, database, data analytics, AI, ML, networking, and developer tools. The company’s cloud computing services are powered by its Google Cloud Platform (GCP), which includes core products such as Google Compute Engine, Google Cloud Storage, Google App Engine, and Google Container Engine.
Additionally, Google offers cloud products such as G Suite, Google Maps Platform, Cloud Identity, and Android Enterprise. Google provides its services to a large customer base spread across the globe through a global network of service providers, distributors, and cloud resellers. The company caters to various industry verticals such as retail, consumer-packed goods, financial services, healthcare & life sciences, media & entertainment, telecom, gaming, manufacturing, supply chain & logistics, government, and education.
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