WESTFORD, Mass., July 22, 2024 /PRNewswire/ — According to SkyQuest, the global cloud computing market size is expected to be valued at USD 626.4 billion in 2022, expanding from USD 720.99 billion in 2023 to USD 222.09 billion by 2031, growing at a CAGR of 15.1% during the forecast period (2024-2031).
Cloud computing transforms data processing, storage, and management operations into a cloud computer network built on the Internet instead of using local servers. The transformation of shared space ensures a secure storage setup that is instantly accessible to all devices in the network. This revolutionary development in cloud computing is due to factors such as advanced digitalization of enterprises, adoption of the Internet and mobile devices, and increasing use of big data. As the operational processes of industries evolve, the accessibility and ability to utilize cloud platforms along with digital business solutions has become crucial. The emergence of modern technologies such as the Internet of Things (IoT), edge computing, 5G connectivity, and real-time analytics with AI and ML has led to the evolution of cloud computing in all sectors.
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Cloud Computing Market Overview:
Report Scope
detail
Market Revenue in 2023
$720.99 billion
Estimated value through 2031
$222.09 billion
Growth rate
Expected to grow at an average annual rate of 15.1%
Forecast Period
2024-2031
Forecast Unit
Value (billion USD)
Report Scope
Revenue Forecast, Competitive Landscape, Growth Factors, Trends
Target segments
Service, deployment mode, company size, end use, region
Target area
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report highlights
Cloud computing adoption increases to increase business flexibility
Key Market Opportunities
Developing nation governments are embracing cloud computing
Key Market Drivers
Increased investment in cloud services to streamline business functions
The segments included in the cloud computing market are:
Services Software as a Service (Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management, Collaboration & Productivity Suites, Supply Chain Management, Other SaaS service models), Platform as a Service (Application Development & Platform, Application Testing & Quality, Analytics & Reporting, Integration & Orchestration, Data Management), Infrastructure as a Service (Primary Storage, Disaster Recovery & Backup, Archiving, Computing), Others Deployment Modes Private Cloud, Public Cloud, Hybrid Cloud Enterprise Size Large Enterprise, SME End Uses IT & ITES (DevOps, Big Data & Analytics, IT Security & Compliance, Others), Communications (Network Function Virtualization, Software Defined Networking, Edge Computing, Others), Retail & Consumer Goods (E-commerce & Online Marketplaces, Customer Relationship Management, POS Systems, Others), Manufacturing (Supply Chain Management, Product Lifecycle Management, Others), Energy & Utilities (Smart Grid Management Energy, Monitoring & Management, Renewable Energy & Forecasting, Other Energy & Utility Services), Healthcare(Electronic Health) Records, Remote Patient Monitoring, Genomic Sequencing and Bioinformatics, etc.), Media and Entertainment (Content Storage and Distribution, Media Streaming, Content Production and Post-Production, etc.), Government and Public Sector (Government Infrastructure Transition, Digital Government and E-Government Services, Open Data and Transparency, Other Government and Public Sector Services), Other
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Combining AI, machine learning, big data and cloud to improve market development
AI, machine learning, and big data combined with cloud solutions can improve a company’s data visualization capabilities and make various data available and actionable. The process of data collection and training algorithms requires a large amount of computing resources and storage capabilities, which are cheap and easily procured as a service. Recently, cloud providers have rapidly started using AI for several tasks, such as managing the widely distributed networks required for storage services, improving data center power and cooling systems, and enhancing cybersecurity solutions to protect data. Organizations are using AI-based solutions to gain a competitive advantage in the market by automating current functions to make important decisions and improve productivity. AI also has many other benefits, such as reducing repetitive and complex tasks and allowing data analysis to be performed without human intervention. Today, it has become easier for IT departments to precisely monitor and control workflows with the help of AI. Moreover, market players such as Google, Amazon, and Microsoft, the leading providers of cloud services, have started implementing artificial intelligence in their operations. They are trying to provide effective and affordable solutions to their users.
Adoption of omni-cloud solutions for efficient workforce management is on the rise
Many businesses are applying multi-cloud solutions in their operations to manage their employees through cloud-based platforms. Moreover, the increasing durability and flexibility of cloud-based applications such as Gmail, Dropbox, Facebook, etc. has increased the demand for quick processing cycles in real time. However, implementing different cloud infrastructures can lead to poor efficiency due to uneven coordination. This is the main reason why businesses are moving towards omni-cloud solutions to benefit from several advantages such as smooth use of data, improved decision-making capabilities, real-time scalability, and better data availability.
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Dramatic shift towards digital transformation fuels cloud computing market
The cloud computing market is growing rapidly due to growing digital transformation across industries, widespread use of innovative technologies such as AI, IoT, and big data analytics, and cost-effective IT solutions. The recent COVID-19 pandemic has also accelerated the implementation of cloud services as businesses require remote work capabilities and digital transformation to adapt to changing market trends.
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About us:
SkyQuest is an intellectual property focused research and investment bank and technology and asset accelerator, providing access to technologies, markets and capital across a range of sectors including life sciences, cleantech, agritech, nanotechnology and information and communications technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, corporations and investors to leverage external R&D resources and also help them optimize the economic potential of their intellectual assets. Our experience in innovation management and commercialization spans North America, Europe, ASEAN and Asia Pacific.
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SOURCE SkyQuest Technology
