Cloud Computing Market Size, Share, Trends, Analysis and Forecast by IT Infrastructure, Products and Services (Cloud Management Platforms, IaaS, SaaS, PaaS, Hybrid, Managed and Private Cloud Services), Region and Vertical, 2022-2026
Cloud Computing Market Report Overview
The cloud computing market size was valued at US$ 552.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% during 2022-2026. The inception of big data and the need to efficiently handle, access, and manage it drives the demand for cloud computing platforms/products and services. Additionally, with increasing dependency on IoT devices, data hosting on the cloud is inevitable further propelling the demand for cloud computing.
Cloud Computing Market Outlook, 2021-2026 ($ billion)
View Sample Report for Additional Insights on the Cloud Computing Market Forecast, Download a Free Report Sample
Asia Pacific region acquired the highest market share accounting for more than 27% in the year 2021. The dominance of the region is characterized by the presence of some of the leading cloud computing companies globally such as Alibaba Group Holdings, Tencent Group Holdings and Wipro Ltd among others.
One of the most detrimental factors compelling businesses to switch to cloud computing is rapid digitization. Cloud computing has proved to be helpful to businesses in adopting faster ways to handle large data streams, thereby assisting them to improve the customer experience substantially. Furthermore, with the advent of cloud solutions, organizations can worry less about data security and data loss since cloud computing solutions offer sophisticated security features and data recovery options.
According to GlobalData estimates, the cloud computing market will grow from US$ 552.3 billion in 2021 to US$ 1,119.5 billion in 2026 at a CAGR of 15.2%.
Cloud Computing Market - COVID-19 Impact
The unplanned rush to remote working because of the impact of the COVID-19 pandemic means companies and governments have had to rely on technology to keep their operations running as offices lay empty. Cloud services suppliers – notably Amazon, Microsoft, Google, Alibaba, and IBM – had to step up and bear the brunt of a transformed business landscape.
So far, they have proved equal to the challenge and, in the space of just a few weeks, spurred a change in the way some businesses operate. Companies that would never have contemplated allowing their employees to work from home have been forced to rethink their opposition as cloud services delivered collaboration on a massive scale.
The COVID-19 crisis has highlighted several examples of processes that can be digitized and virtualized. Google has told job seekers that, to protect candidates’ and interviewers’ health and well-being, it will conduct all interviews virtually via Google Hangouts for the foreseeable future. Corporate video conferencing is enabling both legal and medical case discussions, while telemedicine is being used to provide COVID-19 remote diagnosis and treatment. The telemedicine industry, which is wholly enabled by secure cloud technologies, has been kick-started by COVID-19.
Cloud Computing Market Analysis by IT Infrastructure
Cloud computing IT infrastructure primarily includes service and software/application segments. As of 2021, the service segment captured the highest share owing to the inclusion of key services such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). The service segment was valued at US$ 535.7 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 15.2%.
Cloud Computing Market Share by IT Infrastructure, 2021 (%)
Fetch Sample PDF for Segment-Specific Revenues and Shares, Download a Free Report Sample
The software/application segment accounted for 3% of the IT Infrastructure segment accounting for US$ 16.5 billion and is anticipated to grow at a CAGR of 12.5% over the forecast period.
Cloud Computing Market Analysis by Product/Service
The product/service segment includes cloud management platforms, hybrid cloud services, IaaS, managed cloud services, PaaS, private cloud services, and SaaS. The Software as a Service (SaaS) segment captured the largest market share at 38.6% and is anticipated to grow at a CAGR of 16.9% over the forecast period.
Cloud Computing Market Share by Product/Service, 2021 (%)
Cloud Computing Market Outlook Report with Detailed Segment Analysis is Available with GlobalData Now! Download a Free Report Sample
The growth of the SaaS segment is attributed to increased penetration of various software packages such as Enterprise Resource Planning (ERP), Human Capital Management (HCM), and Customer Relationship Management (CRM) among others. The Platform as a Service (PaaS) segment is also anticipated to witness a healthy growth at a CAGR of 16.4% over the forecast period.
Cloud Computing Market Analysis by Vertical
Based on vertical, the cloud computing market is categorized into BFSI, information technology, manufacturing, retail, energy, government, transport & logistics, and others. The Banking Finance Services and Insurance (BFSI) segment captured the largest market share at 16% valued at US$ 87.9 billion in the year 2021. The generation of immense user data daily, transaction records, and need of service delivery through cloud computing platforms are the primary reasons behind the BFSI vertical acquiring the largest market share.
Based on vertical, the cloud computing market is categorized into BFSI, information technology, manufacturing, retail, energy, government, transport & logistics, and others. The Banking Finance Services and Insurance (BFSI) segment captured the largest market share at 16% valued at US$ 87.9 billion in the year 2021. The generation of immense user data daily, transaction records, and need of service delivery through cloud computing platforms are the primary reasons behind the BFSI vertical acquiring the largest market share.
The retail segment is anticipated to witness healthy growth at a CAGR of 15% over the forecast period. Information technology and energy segments are anticipated to grow at a CAGR of 15.3% & 15.2% respectively from 2022 to 2026.
Cloud Computing Market Analysis by Region
Asia Pacific’s cloud computing market value was the highest in 2021, capturing over 27% of the overall market size. The regional demand was led by rapid adoption of cloud computing solutions in countries such as China, India, Singapore, and Japan among others.
Asia Pacific Cloud Computing Market Share by Country, 2021 (%)
View Sample Report for Additional Regional Insights on the Cloud Computing Market Size Projections, Download a Free Report Sample
North America is projected to surpass the Asia Pacific by 2026 accounting for over 25% of the global cloud computing market value, with a forecasted growth rate exceeding 15% from 2022 to 2026. The North American region is characterized by a strong inclination towards rapid digital transformation and implementation of technologies such as AI, ML, IoT, and VR among others. The adoption of next-gen technologies coupled with advanced telecommunication technologies such as 5G and LTE is anticipated to drive regional growth over the forecast period.
Cloud Computing Market - Competitive Landscape
The cloud computing industry is moderately fragmented. However, with the growth of start-ups and new venture launches the competition is gradually intensifying. Key players in the cloud computing market include Amazon Web Services, Google, and International Business Machines Corporation (IBM), among others. Mergers and acquisitions form a major part of the cloud computing competitive environment, since many of the vendors collaborate on project basis to deliver specific solutions.
GlobalData’s report on cloud computing analyzes market competition on regional basis. For instance, the Americas cloud computing market is characterized as consolidated with major competitors acquiring more than 55% of the market share, whereas Asia Pacific and Europe & Middle East & Africa regions are fairly fragmented due to the presence of more players catering to cloud services.
Leading Players in the Cloud Computing Market
- Microsoft Corp
- Alphabet Inc
- com Inc
- Alibaba Group Holdings Ltd
- Tencent Holdings Ltd
- Oracle Corp
- Cisco Systems Inc
- Salesforce Inc
- International Business Machines Corp (IBM)
- SAP SE
Other Cloud Computing Market Vendors Mentioned
Dell, VMWare, TIBCO Software, Inspur, Veeva Systems, Hewlett Packard Enterprise, Huawei, Rackspace, and Wipro.
To Know More About Leading Cloud Computing Market Players, Download a Free Report Sample
Cloud Computing Market Research Overview
| Market Size 2021 | US$ 552.3 billion |
| Market Size 2026 | US$ 1,119.5 billion |
| CAGR | 15.2% from 2021 to 2026 |
| Forecast Period | 2022-2026 |
| Historic Period | 2019-2021 |
| Report Scope & Coverage | Revenue Forecast, Competitive Index, Company Market Share, Growth Trends |
| IT Infrastructure Segment | Service, Software/Application |
| Product/Service Segment | Cloud Management Platforms, Hybrid Cloud Services, IaaS, Managed Cloud Services, PaaS, Private Cloud Services, and SaaS. |
| Vertical Segment | BFSI, Information Technology, Manufacturing, Retail, Energy, Government, Transport & Logistics, and Others |
| Leading Companies | Amazon Web Services, Google, and International Business Machine Corporation (IBM), Microsoft Corp, Alibaba Holdings Ltd, Tencent Holdings Ltd, Oracle Corp, Salesforce Inc, SAP SE, Cisco Systems Inc |
Cloud Computing Market Scope
GlobalData Plc has segmented the cloud computing market report by IT infrastructure, product/service, vertical, and region:
Cloud Computing IT Infrastructure Outlook (Revenue, USD Million, 2019-2026)
- Service
- Software/Application
Cloud Computing Product/Service Outlook (Revenue, USD Million, 2019-2026)
- Cloud Management Platforms
- Hybrid Cloud Services
- IaaS
- Managed Cloud Services
- PaaS
- Private Cloud Services
- SaaS
Cloud Computing Vertical Outlook (Revenue, USD Million, 2019-2026)
- BFSI
- Information Technology
- Manufacturing
- Retail
- Energy
- Government
- Transport & Logistics
- Others
Cloud Computing Regional Outlook (Revenue, USD Million, 2019-2026)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Singapore
- Rest of Asia Pacific
- South & Central America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South & Central America
- Middle East & Africa
- United Arab Emirates (UAE)
- Kingdom of Saudi Arabia (KSA)
- South Africa
- Rest of Middle East & Africa
The market intelligence report provides an in-depth analysis of the following –
- Cloud computing market outlook: analysis as well as historical figures and forecasts of revenue opportunities from the channel type, business model, spend category, and regional segments.
- The competitive landscape: an examination of the positioning of leading players in the cloud computing market.
- Company snapshots: analysis of the market position of leading service providers in the cloud computing market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
Reasons to Buy
- This market intelligence report offers a thorough, forward-looking analysis of the global cloud computing market by channel type, business model, spend category, and key opportunities in a concise format to help executives build proactive and profitable growth strategies.
- Accompanying GlobalData’s Forecast products, the report examines the assumptions and drivers behind ongoing and upcoming trends in cloud computing markets.
- Porter’s five forces analysis: demonstrates the strength of suppliers and buyers along with market competition in the market.
- The report also highlights key IT infrastructure segments (Service, Software/Application)
- The report also highlights key product/service segments (Cloud Management Platforms, Hybrid Cloud Services, IaaS, Managed Cloud Services, PaaS, Private Cloud Services, and SaaS.
- The report also highlights key vertical segments (BFSI, Information Technology, Manufacturing, Retail, Energy, Government, Transport & Logistics, and Others)
- With more than 20 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides an easily digestible market assessment for decision-makers built around in-depth information gathered from local market players, which enables executives to quickly get up to speed with the current and emerging trends in cloud computing markets.
- The broad perspective of the report coupled with comprehensive, actionable detail will help BFSI stakeholders, service providers, and other cloud computing players succeed in growing the cloud computing market globally.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The cloud computing market size was valued at US$ 552.3 billion in 2021.
The cloud computing market size is expected to reach US$ 1,119.5 billion by 2026.
The cloud computing market is expected to grow at a CAGR of 15.2% during the forecast period (2021-2026).
The inception of big data and the need to efficiently handle, access, and manage it drives the demand for cloud computing products and services. Additionally, with increasing dependency on IoT devices, data hosting on the cloud is inevitable further propelling the demand for cloud computing.
IT Infrastructure: Service, Software/Application
Product/Service: Cloud Management Platforms, Hybrid Cloud Services, IaaS, Managed Cloud Services, PaaS, Private Cloud Services, and SaaS.
Vertical: BFSI, Information Technology, Manufacturing, Retail, Energy, Government, Transport & Logistics, and Others
The leading cloud computing companies are Amazon Web Services, Google, and International Business Machine Corporation (IBM), Microsoft Corp, Alibaba Holdings Ltd, Tencent Holdings Ltd, Oracle Corp, Salesforce Inc, SAP SE, and Cisco Systems Inc.
Get in touch to find out about our multi-purchase discounts
reportstore@globaldata.com
Tel +44 (0) 20 7947 2960
Every customer’s requirement is unique. We understand that and can customize the report basis your exact research requirements pertaining to market insights, innovation insights, strategy and planning, and competitive intelligence. You can also avail the option of purchasing stand-alone sections of the report or request for a country specific report.
Still undecided about purchasing this report?
Testimonial
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
