An informative report titled as Cloud Computing Market recently has been published by Absolute Markets Insights. This measurable information offers a top to bottom investigation by thinking about a few fragments, like sort, size, innovation and applications. Diverse exploratory procedures, for example, subjective and quantitative investigation have been utilized to give information precisely. For better comprehension of the clients, it utilizes powerful graphical show procedures, like diagrams, outlines, tables just as pictures.

The major key pillars for global Cloud Computing market are listed below: Amazon Web Services, Akamai Technologies, Cisco Systems Inc., Google Inc., IBM Corp., HP Development Company, L.P, Dell Inc, Microsoft., VM-Ware and Yahoo Inc. Salesforce, Oracle cloud, SAP, Verizon Cloud, Rackspace, Adobe, ScienceSoft,  Kamatera.

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In terms of revenue, the global cloud computing market was estimated to be US$ 109,456.3 Mn. in 2020 and is expected to reach US$ 460,846.7 Mn. by 2030 growing at a CAGR of 19.7% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which has been further bifurcated into countries.

Service Type Outlook: 

In terms of service type the global cloud computing market can be bifurcated into four major segments - Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS) which can be further bifurcated into, Mobile backend as a service (MBaaS), Application as a Service (AaaS) and the last service type is function-as-a-service (FaaS)/ serverless computing. The SaaS is presently dominating the segment due to the major technology company’s presence such as, Amazon Web Service, Salesforce, Microsoft, and Oracle remain atop the list of SaaS providers, and expected to lead the table in terms of revenue by end of the forecasted year.

On other side, demand for applications has continued to fuel the growth of PaaS services to improve developer productivity. The upcoming technologies like containers and serverless computing are changing the delivery and consumption model of PaaS services. As more and more companies are demonstrating value for the platforms, the adoption rates will remain high in the near future thus increasing the market size of global cloud computing market.

Type of Deployment Outlook: 

In terms of type of deployment the global cloud computing market can be divided into three major segments including public, private, and hybrid cloud. The hybrid can be further divided into three sub-categories and those are community cloud, multi cloud/poly cloud, distributed cloud. The Public cloud is dominating the total market size of cloud deployment and is expected to lead the segment by end of the forecasted year. The public cloud segment is growing rapidly owing to the proliferation of low cost Software as a Service (SaaS) solutions.

On the other hand, Hybrid Cloud market is expected to grow with significant compounding growth rate due to the rise in rise in adoption of hybrid cloud computing services among major industries to tackle their complex digital transformations and security related concerns across the regions the increasing the size of global cloud computing market.

End User Industry Outlook:

In terms of end user industry outlook the global cloud computing market is segmented into banking, financial service and insurance (BFSI), IT and telecommunication, government, retail and consumer goods, manufacturing and other industries such as energy, healthcare, media and entertainment. Within the end user industry outlook the IT and telecommunication industry is retaining the highest amount of   market share and expected to lead the market due to more IT spending, directly or indirectly. In various organizations cloud computing is used in adopting new technologies including internet of things (IoT), big data & predictive analytics, artificial intelligence (AI) among others. The BFSI industry is a prominent industry in adoption of cloud computing. The hybrid cloud deployment model helps banks and financial institutions to maintain their critical customer data in-house, keep their legacy system and also take advantages of economies of scale      

On the other side, manufacturing sector is showing a prominent growth rate in upcoming years due to the increased demand for the consumer goods and to handle the volume manufacturing companies are continuously investing on cloud computing solutions hence the industry is showing a positive sign to grow with higher rate thus increasing the size of global cloud computing market.

Global Cloud Computing Market:

By Service Type

  • Infrastructure as a Service (IaaS)
  • Platform as a Service (PaaS)
  • Software as a Service (SaaS)
  • Mobile backend as a service (MBaaS)
  • Application as a Service (AaaS)
  • Function-as-a-Service (FaaS)/ Serverless Computing

By Type of Deployment

  • Public
  • Private
  • Hybrid
  • Community Cloud
  • Multi Cloud/Poly Cloud
  • Distributed

By End User Industry

  • Banking, Financial Service, Insurance (BFSI)
  • IT and Telecommunication
  • Government and Public Sector
  • Retail and Consumer Goods
  • Manufacturing
  • Others (Energy, Healthcare, Media and Entertainment)

By Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • Latin America

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