Cloud Computing Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (Private Cloud, Hybrid Cloud, Public Cloud); Service (SaaS, PaaS, IaaS); Industry (Banking and Financial Services, Information and Communication Technology, Government, Consumer Goods and Retail, Healthcare, and Others); and Region and Country
The Cloud Computing Market is predicted to grow at a CAGR of ~17% during the forecast period, reaching around USD 1,000 billion by 2027. Key factors influencing the growth of the cloud computing market are the increasing adoption of AI and big data technologies, the need for massive data storage requirements, and organizational agility & flexibility. With the increasing demand for data security, cost of computation devices, and massive and steadily increasing data storage requirements, the demand for cloud computing is increasing. The world generated 64.2 zettabytes of data in 2020, and this number is expected to rise by producing 181 zettabytes of data in 2025. All this data needs to be stored somewhere, however, it is extremely costly and insecure to store data in physical data storing devices. Cloud computing provides cloud storage that is cheaper and easier to manage than storage devices. Security walls in cloud storage are extremely difficult to be penetrated by hackers hence the chances of data loss are extremely low. Thus, creating tremendous opportunities for players offering cloud computing services.
Insights Presented in the Report
“Amongst type, private cloud category held prominent market share in 2020”
Based on type, the market is segmented into public cloud, private cloud, and hybrid cloud. In 2020, private cloud accounted for a significant share of the global cloud computing market. The private cloud (also known as the internal or corporate cloud) is a cloud computing environment in which all hardware and software resources are dedicated exclusively to, and accessible only by, a single user organization. The private cloud provides a high level of data security and privacy through firewalls and internal hosting.
“Amongst services, SaaS category held prominent market share in 2020”
On the basis of service, the market is categorized into SaaS, PaaS, and IaaS. Among these, SaaS held a prominent revenue share of the overall cloud computing market in 2020 and is expected to witness strong growth during the forecast period. Cost-effectiveness, flexibility, data security, and scalability are some of the most prominent factors driving the category’s growth. Furthermore, SaaS is a way of delivering applications over the internet as a service, organizations can access the application through the internet, SaaS releases organizations from complex software and hardware management.
“North America held the prominent share in 2020”
North America dominated the global cloud computing market in 2020. This can be attributed to the strong emphasis on digital transformation and the trend of being adopters of next-generation technologies. Many businesses in North America are making a transition or have completely transitioned toward the hybrid work model. Moreover, numerous vendors such as Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and International Business Machines Corporation and the high propensity to adopt new technologies are expected to drive the growth of the cloud computing market in this region.
Some of the major players operating in the market include Amazon.com Inc., Microsoft Corporation, Google LLC, International Business Machines Corporation, Oracle Corporation, VMware Inc., Salesforce Inc., Alibaba Group Holding Limited, Hewlett Packard Enterprise, and SAP SE among others.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive country-level analysis of the industry
Customization Options:
The global cloud computing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for Global Cloud Computing Market Analysis (2019-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of cloud computing, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the cloud computing industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of cloud computing through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cloud computing market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type, service, and industry. Further regional and country-level analyses were conducted to evaluate the overall adoption of cloud computing globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of cloud computing. Further, we conducted factor analysis using dependent and independent variables such as the easy maintenance and data security & backup. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the cloud computing industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global cloud computing market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of cloud computing across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the cloud computing market. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global cloud computing market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type, service, and industry.
The main objective of the cloud computing market study
The current & future market trends of global cloud computing were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of cloud computing in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segment in the study include the area of type, service, and industry
- Defined analysis of the regulatory framework for the cloud computing industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of cloud computing for the major countries
- Major regions/countries analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
- Company profiles of the cloud computing market players and the growth strategies adopted by them to sustain in the growing market
- Deep dive country-level analysis of the industry
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