GVR Report cover Cloud Computing Market Size, Share & Trends Report

Cloud Computing Market Size, Share & Trends Analysis Report By Service (SaaS, IaaS), By End-use (BFSI, Manufacturing), By Deployment (Private, Public), By Enterprise Size (Large, SMEs), And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-210-5
  • Number of Pages: 130
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global cloud computing market was valued at USD 483.98 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.1% from 2023 to 2030. The market is expected to witness growth due to factors, such as the functional ability of cloud computing to improve business performance in large enterprises, the rising need for hybrid models & Omni-cloud systems, and pay-as-you-go models. In addition, as businesses need to improve their digital activities, cloud services have increased in popularity in developing countries. Various activities by governments to protect data integrity and safety are also contributing to the growth of the industry. In addition, the COVID-19 pandemic has led to an increase in the adoption of hybrid work models and cloud computing.

U.S. cloud computing market size, by service, 2020 - 2030 (USD Billion)

However, rising data privacy and security concerns may hinder the market growth. Large-scale enterprises are increasingly using cloud-based technologies to control and lower their Capital Expenditure (CAPEX) and Operational Expenditure (OPEX), as well as the rising volume of data created 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. Moreover, large-scale businesses are rapidly adopting cloud services due to on-demand availability. For instance, in May 2022, American Airlines migrated customer-facing applications to VMware HCX on IBM Cloud to provide digital self-service tools.

An open and flexible IBM cloud platform enabled American Airlines to update its technology stack and introduce DevOps concepts and increase agility. The adoption of cloud-based system among a large number of small and medium-sized organizations are driving market expansion. In addition, 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 November 2022, the Data Security Council of India (DSCI) and Google Cloud collaborated to demystify cloud security and enable government and private enterprises to adopt cloud computing in India.

Google Cloud and DSCI will collaborate to develop a platform to improve collaboration between government agencies, regulators, small & medium enterprises, and SaaS providers. 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 and enabled multiple lines of businesses to navigate around the tech policies to get things done. Cloud trends are essentially guiding organizations’ investment strategies, digital business decision processes, and vendor and technology selection.

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 industry. For instance, in May 2021, Google Cloud launched three solutions namely Datastream, Analytics Hub, and Dataplex to provide businesses with a uniform data platform, database, and data analytics portfolio.

Data security and privacy are the primary concerns of organizations, wherein storage, use, and transmission of information must be digitally protected. Surveys suggest that about 60% of the business-sensitive information on hard drives is held insecurely. Data encryption, authorization management, access control, cloud integration, communication security, monitoring &auditing, and business continuity services are some of the important security services offered by the vendors. For instance, vendors, such as Google LLP, Microsoft Corp., and Amazon.com Inc., provide 99.9% uptime, which relieves organizations from the burden of creating and maintaining recovery facilities and backup infrastructure.

Service Insights

Based on services, the industry has been further categorized into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). The SaaS segment dominated the industry in 2022 and accounted for the highest share of more than 53.95% of the overall revenue. The segment is estimated to expand further at a steady growth rate retaining its leading position throughout the forecast period. The demand for SaaS can be attributed to its easy maintenance, flexible costs, and easy deployment. A surge in demand for SaaS services is resulting from remote working.

This allows collaborative teams to access data that was previously centralized. It is expected that SaaS products would witness strong growth in the next few years as they will have an equal Total Cost of Ownership (TCO) to on-p solutions. SaaS growth is expected to be fueled by increased cloud-based services and demand for cloud-based delivery models. Pay-as-you-go SaaS offers a flexible, scalable solution and web-based subscriptions for remote access. Software solutions deliver as a service have the potential to reach a large audience.

Deployment Insights

The private deployment segment accounted for the highest share of more than 45.90% of the overall revenue in 2022. A small individual, instead of the general public, has access to private clouds, which offer computing capabilities across a personal network or the internet. It provides businesses with scalability, self-service, elasticity, additional customization, and controls hosted on an on-premise computer system. In addition, private clouds give third-party providers privacy and security by leveraging internal hosting and firewalls to ensure high-level data protection.

Over the projected period, it is expected that the hybrid deployment segment, which consists of an integrated environment with both public and private models, would develop significantly. The hybrid implementation model has become popular across industries. Many businesses emphasize developing hybrid cloud models and smart techniques to help improve business operations, cost optimization, resource usage & consumption, user experience, and application modernization while increasing the benefits. Moreover, one of the key factors for the increased adoption of hybrid cloud models in businesses around the world is edge computing.

Enterprise Size Insights

The large enterprises segment accounted for the highest share of over 51.00% of the overall revenue in 2022. A rise in demand for cloud computing services results from remote working, allowing collaborative teams to access previously centralized data. Variables influencing demand include decreased enhanced teamwork, operating costs, better flexibility, and a shorter time to market. Cloud computing allows large-scale businesses to automate routine tasks to be completed more quickly.

It is expected that large firms will increasingly utilize this technology to streamline processes, which will support the segment’s growth. Demand for cloud computing services will increase as large enterprises expand in developed and developing countries.SMEs are expected to grow at the fastest CAGR during the projected period. SMEs are expected to demand cloud computing services to streamline workflows and reduce operating expenses. Cloud computing reduces costs, stops repetitive tasks, improves teamwork, and sets priorities.

End-use Insights

The BFSI segment accounted for the highest share of more than 24.75% of the overall revenue in 2022. The BFSI industry has seen a surge in online banking activity, leading money lenders to embrace the digital revolution, with cloud computing playing a crucial part in this strategy. Cloud computing has aided businesses in the BFSI sector by fostering innovation, lowering costs, enhancing flexibility, and enhancing client relationships. In the wake of the COVID-19 pandemic, communication, and interaction practices have changed significantly. The use of cloud computing services for storing and managing customer data is a key factor for the industry's growth. Services, including funds transfer capabilities, payment gateways, unified customer experiences, and digital wallets, would significantly support the BFSI sector’s transition to the cloud.

Global cloud computing market share, by end-use, 2022 (%)

The manufacturing sector is anticipated to be the leading user of cloud services due to advantages including seamless data management and real-time visibility. Incorporating various technology like sensors, AI, ML, big data analytics, and the Internet of Things (IoT) would enable cloud service models to significantly benefit manufacturers. In addition, the manufacturing industry uses computing services for enterprise resource planning, supply chain management, and data archiving. The manufacturing sector can effectively analyze, access, and exchange information using cloud computing services. In addition, cloud services provide platforms for ongoing innovation, business focus, availability, scalability, flexibility, and cost reductions that are further anticipated to increase.

Regional Insights

North America dominated the global industry in 2022 and accounted for the largest share of more than 39.45% of the total revenue. The U.S. business community prioritizes digital transformation and is often considered an early adopter of technologies, such as big data analytics, Augmented Reality (AR), Artificial Intelligence (AI), Virtual Reality (VR), machine learning, 4G, 5G, and LTE technologies. U.S. companies are increasingly embracing various technologies, helping the cloud computing sector to grow. The region is anticipated to maintain its position in the industry due to the presence of multiple suppliers, including Oracle Corp., Microsoft Corp., International Business Machines Corp., and Amazon.com Inc.

Cloud Computing Market Trends by Region

Asia Pacific is anticipated to register the fastest CAGR over the projected period. Rapid economic growth of India and China and the emergence of local firms like Alibaba Group accelerated the regional market growth. The demand for cloud computing has expanded in India due to initiatives, such as Make in India, which has made large investments in the manufacturing sector. Furthermore, hyper-scale cloud providers like Amazon.com Inc., Google LLP, and Microsoft Corp. are building data centers in regions like Thailand and Indonesia to meet government data sovereignty demands.

Key Companies & Market Share Insights

Partnerships, strategic mergers, and acquisitions are projected to be the most efficient ways for companies to increase technological capabilities and obtain speedy access to growing markets. For instance, in May 2021, Barco decided to use Salesforce to improve the partner, customer, and employee experience and set up the business for future expansion. Barco would streamline business processes and best practices throughout the organization by utilizing Salesforce's Sales Cloud and Service Cloud, Field Service Lightning, Experience Cloud, and Commerce Cloud. In addition, it is anticipated that improvements in product diversification and upgrades, as well as the expansion of services, would help businesses succeed in the market.

For instance, in April 2022, Oracle unveiled Oracle ME, an employee experience platform to assist businesses in boosting employee engagement and guaranteeing employee success. Oracle ME, which is a component of Oracle Fusion Cloud Human Capital Management (HCM), enabled HR and business management to boost talent retention by creating a friendly and trusting work environment. It also helped employees complete difficult jobs with enhanced productivity. Some of the prominent players in the global cloud computing market include:

  • Adobe Inc.

  • Alibaba Group Holding Ltd.

  • Amazon.com Inc.

  • Google LLC

  • International Business Machines Corp.

  • Microsoft Corp.

  • Oracle Corp.

  • Salesforce.com Inc.

  • SAP SE

  • Workday, Inc.

Cloud Computing Market Report Scope

Report Attribute


Market size value in 2023

USD 619.01 billion

Revenue forecast in 2030

USD 1,554.94 billion

Growth rate

CAGR of 14.1% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Service, deployment, enterprise size, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; Japan; China; India; Brazil; Mexico

Key companies profiled

Adobe Inc.; Alibaba Group Holding Ltd.; Amazon.com Inc.; Google LLC; International Business Machines Corp.; Microsoft Corp.; Oracle Corp.; Salesforce.com Inc.; SAP SE; Workday, Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Cloud Computing Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global cloud computing market report based on service, deployment, enterprise size, end-use, and region:

  • Service Outlook (Revenue, USD Billion, 2018 - 2030)

    • Infrastructure As A Service (IaaS)

    • Platform As A Service (PaaS)

    • Software As A Service (SaaS)

  • Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

    • Public

    • Private

    • Hybrid

  • Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

    • Large Enterprises

    • Small & Medium Enterprises

  • End-use Outlook (Revenue, USD Billion, 2018 - 2030)

    • BFSI

    • IT & Telecom

    • Retail & Consumer Goods

    • Manufacturing

    • Energy & Utilities

    • Healthcare

    • Media & Entertainment

    • Government & Public Sector

    • Others

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • Japan

      • China

      • India

    • Latin America

      • Brazil

      • Mexico

    • MEA

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