Cloud Computing Market To Reach USD 1,954.7 Billion By 2032 Says DataHorizzon Research
A Comprehensive Analysis of the Cloud Computing Market Report.
Fort Collins, Colorado, Oct. 27, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Cloud Computing Market was valued at USD 523.4 Billion in 2022 and is expected to have a market size of USD 1,954.7 Billion by 2032 with a CAGR of 14.2%.
Cloud Computing is the delivery of various services via the Internet. These resources include data storage, servers, databases, networking, and software. Instead of storing files on a proprietary hard drive or local storage device, cloud-based storage allows them to be saved to a remote database. Cloud computing saves money by removing the need for businesses to invest considerably in upfront infrastructure and maintenance. Businesses can utilize cloud services to scale resources up or down based on their needs, paying only for what they use. The pay-as-you-go strategy saves capital expenditures and helps organizations to more effectively deploy additional resources.
Several industries are undergoing digital transformation with projections to increase competitiveness and operational efficiency. Cloud computing enables digital transformation by offering the infrastructure, platforms, and software applications needed for creativity, agility, and collaboration.
The proliferation of IoT devices and apps generates enormous volumes of data that must be collected, processed, and analyzed in real-time. Cloud computing provides the infrastructure required to support IoT installations by providing scalable storage, processing power, and networking services. Therefore, cloud computing relays the potential to handle IoT-generated data, which has been predominant for organizations to adopt cloud-based solutions.
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The global cloud computing market has been segmented into type, service, end-use, and region. In terms of type, the private segment dominates the overall market. Private cloud computing services are provided to a limited number of users. Due to the increased acceptance of cloud-based computing among small and medium-sized businesses, the IT & telecommunications category leads the market based on end-use.
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Cloud Computing Market Report Highlights:
- The global cloud computing market growth is anticipated at a CAGR of 14.2% by 2032.
- Cloud computing allows an organization to scale its resources swiftly. It offers the adaptability to meet corporate demands such as software upgrades, improving processing power, increasing storage space, or introducing a new in-house technology. Because of their potential to scale, businesses can take advantage of market opportunities better.
- The healthcare sector is anticipated to develop at the highest CAGR throughout the forecast period.
- The Software as a Service (SaaS) segment is expected to have the biggest market share. This expansion can be attributed to its ease of deployment, cheap maintenance expenses, and low cost of ownership.
- Some prominent players in the cloud computing market report include Adobe Inc., Alibaba Group Holding Ltd., Amazon.com Inc., Google LLC, IBM Corp., Microsoft Corp., Oracle Corp., Salesforce.com Inc., SAP SE, and Workday, Inc.
Industry Trends and Insights:
- Helio, a Zurich-based cloud computing startup, has raised €4.9 million in seed funding. QBIT Capital is leading the round, which includes Uebermorgen Ventures, seed+speed Ventures, Combination VC, and others.
- VMware has extended collaboration with Oracle to assist customers with modernizing VMware workloads on Oracle Cloud Infrastructure (OCI).
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Cloud Computing Marke Segmentation:
- By Type: Public, private, hybrid.
- By Service: SaaS, IaaS, PaaS.
- By End-use: BFSI, IT, Government, Healthcare, Manufacturing, Retail, Others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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