Cloud Computing Market Rising With Growth In New Technology Trends Research By 2030

Author : Mrudula Karmarkar | Published On : 22 Jan 2024

San Francisco, 22 January 2024: The Report Cloud Computing Market Size, Share & Trends Analysis Report By Service (SaaS, IaaS), By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

The global cloud computing market size is expected to reach USD 1,554.94 billion by 2030, registering a CAGR of 14.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The main factors driving the market growth include the rising adoption of cloud-native applications by several business sectors, such as banking and supply chain automation. Additionally, they allow businesses to develop, manage, and roll out web applications quickly. For instance, in June 2023, First Abu Dhabi Bank (FAB), an international bank based in UAE, partnered with International Business Machines Corporation to migrate applications to the cloud. The cloud migration will enable the bank to optimize technology infrastructure and offer a seamless digital experience to the customers.

Increased adoption of advanced and innovative technologies such as Artificial Intelligence (AI), Machine Learning (ML), and 5G technologies and their rapid implementation within business applications is anticipated to drive market growth. Enterprises can efficiently store, access, and manage vital data owing to cloud computing technologies. With the increasing use of smartphones, computers, and the internet, businesses now need to store and process enormous amounts of data to provide their consumers and clients with services centered on their needs. This is attributed to the rise in demand for the market during the forecast period.

Machine learning, edge computing, and personalization are currently significant trends across several businesses across the globe. To perform the complicated computations frequently required for personalization, such as to generate tailored suggestions, the cloud lowers the technological barriers associated with doing so. For instance, in March 2023, NVIDIA Corporation, a provider of graphics processing units (GPUs), announced cloud services for businesses to refine, operate, and build custom large language and generative AI models. The NVIDIA AI Foundations services span language, images, video, and 3D used by Morningstar, Inc.; Getty Images Holdings, Inc.; Shutterstock; and Quantiphi.

Market vendors focus on launching new cloud solutions, services, and workloads, as well as enhancing the capabilities of their current ones to increase their position in the market. Various prominent players in the market are expanding their reach into different countries by opening data centers and bringing digital transformation to those countries. For instance, in June 2023, Microsoft Corporation, a Cloud computing provider, announced the availability of its first Italian cloud region, which provides organizations in Italy with scalable, resilient, and available cloud services. The cloud region consists of three data centers in the Lombardy region which help boost digital transition across public entities and enterprises in Italy.

The market is expected to increase due to factors such as the functional ability of cloud computing to improve business performance in large enterprises, hybrid models and Omni-cloud systems, and pay-as-you-go models. Additionally, as businesses need to improve their digital activities, cloud services have increased in popularity in developing countries. Moreover, large businesses are rapidly adopting cloud services due to on-demand availability. For instance, in April 2023, Accenture plc and Microsoft Corporation together with joint venture named Avanade, completed the migrations of business operations over the cloud for Unilever, a consumer goods company, helps Unilever to meet the changing consumer needs faster, market products and services faster, and allocate resources more effectively.

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Large enterprises increasingly use cloud-based technologies to control and lower Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), as well as optimize data generation through websites and mobile apps. Moreover, Pay-as-you-go models, which let companies pay for cloud services depending on how frequently users use them and lead to cheaper costs, are available on the cloud. However, data privacy and security risks as increased use of cloud computing constrain market growth.

Cloud Computing Market Report Highlights

• The Infrastructure as a Service segment is expected to register the highest CAGR from 2023 to 2030, owing to the rising IaaS adoption which is fueled by the growing need to simplify IT complexities, find qualified workers to manage IT infrastructures and lower the cost of deploying data centers
• The small- and medium-sized business segment is expected to grow at the highest rate due to lower prices for IT software and hardware, increased processing power and storage elasticity, and increased mobility in accessing data and services. Over the forecast period, the market growth is likely to be driven by the growing usage of cloud technology across SMEs in developing regions
• The hybrid deployment segment is anticipated to emerge as the fastest-growing segment. To improve their cost optimization, business model, application development, operational efficiency, and user experience, industries are increasingly adopting hybrid models. In the coming years, it is anticipated that the rapid adoption of edge computing will increase demand among companies worldwide for hybrid clouds
• The manufacturing end-use segment is expected to register the highest growth rate from 2023 to 2030. The segmental growth can be attributed to its advantages, such as seamless data management and real-time visibility. The manufacturing industry's increasing use of cloud services for data storage, managing the supply chain, and organizing enterprise resources is anticipated to fuel the segment's growth over the forecasted period
• Asia Pacific is anticipated to experience the market's fastest growth due to SMEs and large businesses' increased attention on enhancing their digital activities

Adoption of cloud-based system among a large number of small and medium-sized organizations are driving the cloud computing market expansion.  Additionally, governments in many developing nations are investing in cloud computing delivery models due to cloud computing's ability to stream technological operations and boost government productivity. For instance, in June 2023, UAE’s Ministry of Economy (MoE) partnered with Amazon Web Services, Inc., a provider of cloud computing platforms, to launch the AWS Connected Community initiative supporting digitization of small and medium enterprises (SMEs). The initiative would help SMEs expand and grow in local and international markets with the help of virtual workshops and sessions to enhance digital economy and technology capabilities, such as cloud computing, IoT, digital media, smart applications, Blockchain, robots, digital databases, and storage.

Cloud computing offers more efficient and faster ways to adapt and run business operations according to changing market environments. It streamlines the consumerization of technology. It has unleashed unprecedented possibilities to create highly engaging customer experiences. Cloud has driven a behavioral change among people and businesses, enabling multiple lines of businesses to navigate around the tech policies to get things done. Cloud trends essentially guide organizations’ investment strategies, digital business decision processes, and vendor and technology selection.

Cloud Computing Market Report Scope

Rapid digitization is compelling organizations to modernize their application and infrastructure landscape to drive cost efficiency and business agility. By adopting cloud solutions and services, organizations can support their key business activities effectively, move business workloads to a cloud platform, and avoid the latency of the network. Major vendors are launching new cloud solutions, services, and workloads and enhancing the capabilities of their current ones to increase their position in the market. For instance, in February 2023, Airtel India, a provider of communication services based in India, partnered with Vultr, a cloud computing company, to offer cloud solutions for enterprises in India, including Cloud GPU and fractionalized GPU, Cloud Compute, and Optimized Cloud Compute.

List Of Key Players in the Cloud Computing Market

• Adobe Inc.
• Alibaba Group Holding Limited
• Amazon.com Inc.
• Google LLC
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com Inc.
• SAP SE
• Workday, Inc.