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Cloud Computing Market Size, Share Global Analysis Report, 2022–2028

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Cloud Computing Market By Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a service (SaaS)), By IaaS (Primary Storage, Disaster Recovery and Backup, Archiving, Compute), By PaaS (Application Development and Platforms, Application Testing and Quality, Analytics and Reporting, Integration and Orchestration, Data Management), By SaaS (Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Human Capital Management (HCM), Content Management, Collaboration and Productive Suites, Supply Chain Management (SCM), Others), By Deployment Model (Public Cloud, Private Cloud), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Verticals (Banking, Financial Services, and Insurance (BFSI), Telecommunications, IT and ITeS, Government and Public Sector, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others), and By Region - Global Industry Overview, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2022–2028

Industry Insights

[219+ Pages Report] According to Facts and Factors, the global cloud computing market was valued at USD 429.5 billion in 2021 and is predicted to increase at a CAGR of 15.80% to USD 1025.7 billion by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.

Global Cloud Computing Market Size

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logoMarket Overview

Cloud computing enables businesses to store, manage, and process critical data by utilizing remote servers hosted on the internet. The increasing volume of data generation in websites and mobile apps, the growing emphasis on delivering customer-centric applications to drive customer satisfaction, and the growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are just a few of the factors driving the growth of emerging technologies. Emerging technologies such as big data, artificial intelligence (AI), and machine learning (ML) are gaining traction, propelling the global cloud computing market forward. The growth of cloud computing services is being driven by major factors such as data security, faster Disaster Recovery (DR), and meeting compliance requirements.

The upfront and continuing costs of hosting data on-premises are a source of concern for businesses. Furthermore, electricity costs, employee expenses, and downtime issues are a few additional concerns for businesses. The current competitive environment and global economic conditions have hastened the adoption of cost-effective measures to restructure business models. The increasing shift of enterprises toward digital transformation and the acceleration of customer experience are a few more factors driving the adoption of cloud computing services, ultimately lowering enterprise costs. In addition, the cloud offers a pay-as-you-go model, which allows businesses to pay for cloud services based on how often they use them, resulting in lower prices. Due to the benefits such as on-demand availability, startups and SMEs are increasingly turning to cloud services.

logo COVID-19 Impact Analysis

The COVID-19 pandemic has arisen as a huge economic danger over the world. Cloud computing can help businesses survive the business continuity challenges posed by lockdown, work from home, social distancing, and other market mandates. However, as a result of the pandemic, businesses, managers, and employees are increasingly opting for remote working. Remote working has emerged as the latest trend and is expected to continue in the long term. One of the most significant workplace transformations is expected as a result of the pandemic. It is changing how businesses use smart technologies like mobile supercomputing, IoT, big data, and artificial intelligence to accelerate Industry 4.0, or the fourth industrial revolution.

The complete research study looks at both the qualitative and quantitative aspects of the cloud computing market. Both the demand and supply sides of the market have been investigated. The demand side study examines market income in various regions before comparing it to all of the major countries. The supply-side research examines the industry's top rivals, as well as their regional and global presence and strategies. Each major country in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America is thoroughly investigated.

logoSegmentation Analysis

The global Cloud Computing market is segregated based on the service model, IaaS, PaaS, SaaS, deployment model, organization size, and verticals.

By service model, the highest revenue share was accounted for by the Software as a Service (SaaS) segment. The popularity of SaaS can be attributed to its low costs, ease of maintenance, and ease of deployment. According to industry estimates, the number of businesses moving to the cloud is increasing, with enterprises migrating the majority of their applications to the SaaS platform. Remote working has increased demand for SaaS services that allow collaborative teams to access previously centralized data and analytics.

By deployment model, the private deployment segment dominated the cloud computing market, accounting for the lion's share of the revenue. Private clouds provide computing capabilities over a personal network or the internet to a small group of users rather than the general public. It provides enterprises with scalability, self-service, and elasticity, as well as additional customization and controls hosted on on-premise computer infrastructure. Furthermore, by utilizing internal hosting and firewalls to ensure high-level data protection, private clouds provide a higher level of privacy and security for third-party providers.

logoReport Scope

Report Attribute


Market Size in 2021

USD 429.5 Billion

Projected Market Size in 2028

USD 1025.7 Billion

CAGR Growth Rate

15.80% CAGR

Base Year


Forecast Years


Key Market Players

Microsoft (US), AWS (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), IBM (US), and Others

Key Segment

By Service Model, IaaS, PaaS, SaaS, Deployment Model, Organization Size, Verticals, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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logoRegional Landscape

During the forecast period, APAC is expected to provide significant growth opportunities. A few factors driving cloud computing adoption in this region are the increasing availability of skilled labor and the keen focus provided by SMEs and large enterprises to enter and grow in this region.

Notably, as enterprises seek to improve their digital initiatives, public cloud services have gained significant traction in APAC. With the pressure to achieve greater business agility and customer satisfaction, cloud computing has become the foundation of how many businesses operate today.

logoCompetitive Landscape

List of Key Players in the Global Cloud Computing Market:

  • Microsoft (US)
  • AWS (US)
  • Salesforce (US)
  • Oracle (US)
  • SAP (Germany)
  • Google (US)
  • Workday (US)
  • Adobe (US)
  • IBM (US)

The global cloud computing market is segmented as follows:

logoBy Service Model Segment Analysis

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

logoBy IaaS Segment Analysis

  • Primary Storage
  • Disaster Recovery and Backup
  • Archiving
  • Compute

logoBy PaaS Segment Analysis

  • Application Development and Platforms
  • Application Testing and Quality
  • Analytics and Reporting
  • Integration and Orchestration
  • Data Management

logoBy SaaS Segment Analysis

  • Customer Relationship Management (CRM)
  • Enterprise Resource Management (ERM)
  • Human Capital Management (HCM)
  • Content Management
  • Collaboration and Productive Suites
  • Supply Chain Management (SCM)
  • Others (Business Intelligence (BI) and Analytics, PPM and operations and manufacturing applications)

logoBy the Deployment Model Segment Analysis

  • Public Cloud
  • Private Cloud

logoBy Organization Size Segment Analysis

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

logoBy Verticals Segment Analysis

  • Banking, Financial Services, and Insurance (BFSI)
  • Telecommunications
  • IT and ITeS
  • Government and Public Sector
  • Retail and Consumer Goods
  • Manufacturing
  • Energy and Utilities
  • Media and Entertainment
  • Healthcare and Life Sciences
  • Others (education, travel and hospitality, and transportation and logistics)

logoBy Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Industry Major Market Players

  • Microsoft (US)
  • AWS (US)
  • Salesforce (US)
  • Oracle (US)
  • SAP (Germany)
  • Google (US)
  • Workday (US)
  • Adobe (US)
  • IBM (US)