Cloud Computing Market Growth | Industry Analysis, Size & Forecast Report

Dataset updated: Jun 27, 2024

Dataset authored and provided by: Mordor Intelligence

License: https://www.mordorintelligence.com/privacy-policy

Time period covered: 2019 - 2029

Area covered: Global

Variables measured: CAGR, Market size, Market share analysis, Global trends, Industry forecast

Description: The Cloud Computing Market size is estimated at USD 0.68 trillion in 2024, and is expected to reach USD 1.44 trillion by 2029, growing at a CAGR of 16.40% during the forecast period (2024-2029).

Report Attribute

Study Period	2019-2029
Market Size (2024)	USD 0.68 Trillion
Market Size (2029)	USD 1.44 Trillion
CAGR (2024 - 2029)	16.40%
Fastest Growing Market	Asia Pacific
Largest Market	North America

Quantitative Units: Revenue in USD Billion, Volumes in Units, Pricing in USD

Regions and Countries Covered:

North America	United States, Canada
Europe	Germany, United Kingdom, Italy, France, Russia, and Rest of Europe
Asia-Pacific	India, China, Japan, South Korea, and Rest of Asia-Pacific
Latin America	Brazil, Mexico, Argentina, and Rest of Latin America
Middle East and Africa	Brazil, Mexico, Argentina, and the Rest of Middle East and Africa

Industry Segmentation Covered:

By Cloud Computing: IaaS, SaaS, PaaS

By End-User: IT and Telecom, BFSI, Retail and Consumer Goods, Manufacturing, Healthcare, Media and Entertainment

Market Players Covered: Amazon Web Services, Google LLC, Microsoft Corporation, Alibaba Cloud, and Salesforce

In 2024, the global public cloud services market is expected to grow by approximately 20.4 percent, which amounts to about 675 billion U.S. dollars. While the growth of cloud services is relatively rapid, it still represents a small percentage of the global IT services market, which is forecast to cross 1.5 trillion U.S. dollars in 2024. What is a public cloud? A public cloud is a type of cloud computing through which a service provider makes resources, such as applications, virtual machines, or storage capabilities, available to the public via the internet. Clients pay for these resources through a pay-as-you-go model or by subscription. The kind of resources offered vary by cloud provider, which is why organizations that want to migrate their data and workloads to the cloud need to develop a migration strategy beforehand. Public cloud as part of the IT infrastructure solution Today’s clouds used by organizations are usually not deployed as standalone solutions. Rather, they are an integral part of a heterogeneous mix of information technology (IT) network solutions and environments. Ultimately, organizations seek to increase performance and security while lowering costs and ensuring a wider availability of their services and applications by deploying public clouds.

The cloud system infrastructure services (IaaS) segment is forecast to grow by 24.8 percent in 2025 compared to 2024. The public cloud services market as a whole is expected to grow by aroun 22 percent in 2025. Cloud computing as a service The cloud-based “as-a-service” market is a relatively new tech phenomenon where cloud computing resources are rented from large providers. These service companies provide businesses of all sizes with cloud capabilities without the need to purchase and maintain their own hardware and software. The software as a service (SaaS) market size alone is expected to surpass 247 billion dollars in 2024. Cloud service providers Over 75 percent of surveyed technical professionals from industries around the world stated that their organization was currently running apps using the as a service platform Amazon Web Services, and many of the world’s largest tech firms are quickly incorporating cloud service packages into their offerings. Microsoft’s intelligent cloud segment, which includes the Microsoft Azure cloud offerings, has grown rapidly, rivaling even the company’s long-established personal computing segment in terms of revenue generation.

The cloud service market is expected to be valued at US$ 624.8 billion in 2024. The cloud service technologies are predicted to rise at a staggering CAGR of 15.7% from 2024 to 2034. The global market is anticipated to reach US$ 2,686.06 billion by 2034.

Attributes	Key Insights
Estimated Market Size in 2024	US$ 624.8 billion
Projected Market Value in 2034	US$ 2,686.06 billion
Value-based CAGR from 2024 to 2034	15.7%

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Forecast Projections

Historical CAGR from 2019 to 2023	14.9%
Forecast CAGR from 2024 to 2034	15.7%

Country-wise Analysis

Countries	Forecast CAGRs from 2024 to 2034
The United States	12.6%
Germany	15.2%
Japan	16.9%
China	16.2%
Australia and New Zealand	19.2%

Category-wise Insights

Category	Market share in 2024
Software as a Service (SaaS)	56.1%
Public Cloud	60.4%

Report Scope

Attributes	Details
Estimated Market Size in 2024	US$ 624.8 billion
Projected Market Valuation in 2034	US$ 2,686.06 billion
Value-based CAGR 2024 to 2034	15.7%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in US$ billion
Key Regions Covered	North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia Middle East and Africa
Key Market Segments Covered	Service Type Deployment Enterprise Size Industry Region
Key Countries Profiled	The United States Canada Brazil Mexico Germany The United Kingdom France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel
Key Companies Profiled	IBM Corporation Dell Technologies SAP Google Oracle Corporation Cisco System Inc. AWS Fujitsu Global Rackspace Technologies Inc. Microsoft

The Report Covers Germany Cloud Computing Companies and the Market is Segmented by Type (Public Cloud, Private Cloud, Hybrid Cloud), Organization Type (SMEs, Large Enterprises), End-User Industries (Manufacturing, Education, Retail, Transportation, and Logistics, Healthcare, BFSI, Telecom, and IT, Government and Public Sector). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The ANZ (Australia and New Zealand) cloud computing market exhibits robust growth, mirroring the global trend. While precise ANZ-specific data isn't provided, extrapolating from the global CAGR of 22.42% and considering the region's strong digital adoption and economic development, we can project significant expansion. The $8.81 billion global market size in the specified year (assuming this is the 2025 value) suggests a substantial ANZ market share, likely in the hundreds of millions. Drivers such as increasing digital transformation initiatives by enterprises (particularly large enterprises and SMEs in sectors like BFSI, telecommunications, and government), rising demand for enhanced data security and scalability, and the increasing adoption of hybrid and multi-cloud strategies are key factors propelling this growth. The market is segmented by cloud deployment models (public, private, hybrid), organizational size, and industry verticals, with public cloud services (IaaS, PaaS, SaaS) experiencing the most rapid growth. Competitive dynamics are intense, with global giants like Microsoft, AWS, Google, and IBM alongside significant regional players vying for market share. While challenges exist such as data sovereignty concerns and cybersecurity risks, the overall trajectory points to sustained expansion in the coming years, fueled by ongoing technological advancements and evolving business needs. Growth is expected to be particularly strong in areas such as artificial intelligence, machine learning, and big data analytics within the cloud environment. The ANZ cloud computing market's growth trajectory is expected to remain positive throughout the forecast period (2025-2033). Sustained investment in digital infrastructure, government initiatives promoting cloud adoption, and the increasing maturity of cloud-native applications will contribute to this expansion. However, potential restraints include the need for skilled professionals, the complexities of managing multi-cloud environments, and the need for robust data privacy and security frameworks. Nonetheless, the long-term outlook remains optimistic, with significant opportunities for cloud providers and businesses alike to leverage the power of cloud technologies to achieve business objectives. We anticipate continuous innovation within cloud services, leading to further market segmentation and specialization in niche areas. This report provides a comprehensive analysis of the ANZ Cloud Computing Market, offering invaluable insights for businesses operating within or considering entry into this dynamic sector. Covering the period from 2019 to 2033, with a focus on 2025, this study meticulously examines market size, growth drivers, challenges, and future trends, enabling informed strategic decision-making. The report leverages a robust methodology, incorporating extensive primary and secondary research to deliver accurate and actionable intelligence. Recent developments include: August 2024: the TEAM Cloud platform announced that it would provide more than 100 Oracle Cloud Infrastructure (OCI) services. These services are designed to help New Zealand organizations comply with regulatory and data sovereignty mandates, ensuring sensitive data stays within the nation's borders. Consequently, this guarantees that all data is securely housed and safeguarded within New Zealand, bolstering both data residency and digital sovereignty.July 2024: Microsoft Corporation partnered with CCL, establishing Microsoft's first large-scale cloud in the upcoming New Zealand cloud region. As a result of this collaboration, CCL is expected to lead the large-scale migration of customers to Microsoft's North Cloud region in New Zealand.January 2024: Macquarie Cloud Services, in collaboration with Microsoft and Dell Technologies, unveiled "Macquarie Flex." This newly launched hybrid solution would use the power of Microsoft Azure Stack HCI (Hybrid Cloud Infrastructure) and Dell Technologies' APEX Cloud Platform for Microsoft Azure. The company also aims to offer workload flexibility, a unified management interface, a consistent user experience, round-the-clock mission-critical support, and continuous compliance across public, private, and hybrid cloud environments.. Key drivers for this market are: Growth of Cloud-Native Technologies, Rising Enterprise Demand for Cloud Services. Potential restraints include: Growth of Cloud-Native Technologies, Rising Enterprise Demand for Cloud Services. Notable trends are: Growing Demand of Hybrid Cloud in Australia and New Zealand.

In 2023, the worldwide cloud computing market achieved a valuation of US$ 579.58 billion, and it is anticipated to expand at a steady pace of 13.5% between 2023 and 2033, ultimately reaching an impressive value of US$ 2,062.26 billion by 2033.

Attributes	Details
Cloud Computing Market Value (2023)	US$ 579.58 billion
Cloud Computing Market Value (2033)	US$ 2,062.26 billion
Cloud Computing Market Growth Rate (2023 to 2033)	13.5 %.

What is the Performance of the Cloud Computing Industry in Different Geographical Regions?

Regions	CAGR (2023 to 2033)
The United Kingdom (UK)	12.5%
China	13.7%
India	13.1%

The worldwide public cloud computing market continues to grow and is expected to reach an estimated 723.42 billion U.S. dollars in 2025. This encompasses business processes, platform, infrastructure, software, management, security, and advertising services delivered by public cloud services. A public cloud is a cloud deployment model that offers computing services over the internet. The physical hardware of this cloud model is shared by multiple companies. The services offered to customers include storage, bandwidth, or CPU cycles. Public clouds are cost-effective Among the many benefits of a public cloud is that services are offered to the customer through a pay-as-you-go model. This means that no upfront investments must be made, which otherwise lead to running costs for maintaining on-premise hardware and application infrastructure. Instead, the cloud service provider ensures proper management and maintenance of the system and the customer only pays for services consumed. AWS, Azure, and Google are dominating the market Key companies offering public cloud platforms to customers are Amazon Web Services, Microsoft Azure, and Google Cloud. Their preeminence on the market is demonstrated by organizations’ plans to continually migrate their data to the cloud and use cloud applications for their business operations on a global scale.

The Brazil cloud computing market size reached USD 15.13 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 86.03 Billion by 2033, exhibiting a growth rate (CAGR) of 19.60% during 2025-2033. The market is experiencing significant growth, driven by the widespread adoption of cloud computing across sectors including finance, healthcare, and retail. Companies leverage cloud solutions for scalability, digital transformation, and enhanced data management. Government support and regulatory frameworks are also contributing positively to the Brazil cloud computing market growth across the country.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 15.13 Billion
Market Forecast in 2033	USD 86.03 Billion
Market Growth Rate (2025-2033)	19.60%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on service, deployment, workload, enterprise size, and end-use.

The Cloud Computing Market is projected to grow at 15.5% CAGR, reaching $1481.2 Billion by 2029. Where is the industry heading next? Get the sample report now!

The global cloud computing market size is expected to reach USD 2283.40 billion by 2032 according to a new study by Polaris Market Research.

UAE Cloud Computing Market Report is Segmented by Type (Public Cloud [IaaS, Paas, Saas], Private Cloud, Hybrid Cloud ), by Organization Size ( SMEs, Large Enterprises), by End-User Industries ( Manufacturing, Education, Retail, Transportation and Logistics, Healthcare, BFSI, Telecom and IT, Government and Public Sector. The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

According to Cognitive Market Research, the global private cloud services market size will be USD 125421.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 30.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 50168.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 28.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 37626.36 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 28846.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 32.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 6271.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 29.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 2508.42 million in 2024 and will grow at a compound annual growth rate (CAGR) of 30.2% from 2024 to 2031.
The large enterprises category is the fastest growing segment of the private cloud services industry

Market Dynamics of Private Cloud Services Market

Key Drivers for Private Cloud Services Market

Increasing Emphasis on Compliance with Regulations to Boost Market Growth

The private cloud services market has experienced growth because of the growing focus on privacy and adherence to regulations. Businesses are forced to make sure that their information stays inside certain regional bounds and is governed by regional protection laws as privacy legislation becomes stricter across numerous industries and geographies. Because they allow organizations to maintain authority over the storage and accessibility of their information, private cloud services are a practical solution that also helps them comply with legal obligations. This advantage not only promotes the use of private cloud services by enterprises but also increases trust in the dependability and security of information management practices, which drives the market's overall expansion. For instance, Hewlett Packard Enterprise (HPE) is a key leader in the private cloud market. The business prides itself on its ability to provide customized private cloud solutions that combine infrastructure tools and cloud apps to meet the specific requirements of each customer. After that, businesses can incorporate this platform into a multi-cloud or hybrid platform.

Rising Need for Storage of Data to Drive Market Growth

The private cloud services market has witnessed steady growth due to the increasing requirement for data storage. File storage is becoming more and more necessary as more people choose to save and share their photos, documents, collections, and other belongings. All kinds of enterprises can now use inexpensive, flexible tools, facilities, and storage thanks to cloud computing. Private cloud services provide ways to save costs while enhancing the proficiency and flexibility of information technology. Statistics have applications in both the personal and professional spheres. The need for data storage in the cloud has increased. As a result, a lot of cloud storage companies provide limitless data storage. The expanded capacity, instant accessibility, and archive backup capabilities of consumer computers and handheld gadgets are driving the need for private cloud computing.

Restraint Factor for the Private Cloud Services Market

High Charges & Upfront Expenses, will Limit Market Growth

One factor impeding the expansion of the private cloud services industry is the upfront fees and deployment expenses. Private clouds provide more customization and protection, but the infrastructure setup and migration of legacy applications can be costly. These upfront fees may be exorbitant for small to mid-sized organizations, particularly those with tight budgets. Furthermore, the continuous costs for upkeep and administration may be high. The market's overall expansion may be slowed down if some firms are discouraged from implementing private cloud services by these financial constraints.

Impact of Covid-19 on the Private Cloud Services Market

The private cloud services business was greatly affected by the COVID-19 pandemic. Organizations expanded their use of techn...

The global healthcare cloud computing market size reached USD 51.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 156.4 Billion by 2033, exhibiting a growth rate (CAGR) of 12.61% during 2025-2033. The increasing prevalence of various health conditions, rising need for improved patient care, streamlined operations, and enhanced data-driven decision-making, and the introduction of mobile health (mHealth) applications are some of the major factors propelling the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 51.0 Billion
Market Forecast in 2033	USD 156.4 Billion
Market Growth Rate (2025-2033)	12.61%

IMARC Group provides an analysis of the key trends in each segment of the global healthcare cloud computing market report, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on service model, cloud deployment model, application, and end user.

Experience substantial growth in the UAE Cloud Computing Market, with an estimated CAGR of approximately 36.12% anticipated from 2024 to 2030.

In 2018, the public cloud computing market is projected to be worth around 141 billion U.S. dollars. The market has seen massive growth over the past decade, skyrocketing from a value of less than six billion dollars a decade ago. What is cloud computing? Cloud computing is a technology which allows users to take advantage of computing services, storage space, and processing power through the internet, without the need for their own hardware and software. The ability of cloud computing to provide access to computing power that would otherwise be extremely expensive has made the technology popular among companies of all sizes in addition to billions of individual personal cloud storage users. What is the public cloud? The public cloud refers primarily to cloud vendors such as Microsoft and Amazon, who offer cloud resources to any person or company who wishes to purchase them, as opposed to many big corporations who operate their own private internal cloud. A major share of technical executives and managers from around the world report that their company is either using or plans to use public cloud platforms in their operations.

The global cloud computing market is experiencing robust growth, projected to reach $18.47 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 12.9% from 2025 to 2033. This expansion is driven by several key factors. Increased digital transformation initiatives across various industries are fueling the demand for scalable and flexible cloud solutions. The rising adoption of cloud-native applications and services, particularly Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS), is a significant contributor. Furthermore, the ongoing shift towards hybrid and multi-cloud strategies enhances operational efficiency and resilience for businesses, further bolstering market growth. Cost optimization, improved data security, and enhanced collaboration capabilities are also significant factors driving cloud adoption. The market segmentation reveals strong growth across service models (SaaS, IaaS, PaaS) and deployment models (public, private cloud). While public cloud currently dominates, private cloud deployments are experiencing significant growth, driven by stringent data security and regulatory compliance requirements in certain sectors. Competitive landscape analysis indicates that leading companies like Amazon, Microsoft, Google, and others are actively investing in innovation, strategic partnerships, and acquisitions to maintain market leadership. Despite the positive outlook, challenges remain, including concerns about data security breaches, vendor lock-in, and the need for skilled professionals to manage cloud infrastructure effectively. The market's future trajectory is influenced by technological advancements such as edge computing, serverless computing, and artificial intelligence (AI) integration within cloud platforms. The continuous evolution of cloud technologies and the increasing reliance on digital solutions will drive continued market expansion.

According to Cognitive Market Research, the global hybrid cloud computing market size is USD 98142.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 18.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 39256.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 29442.66 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 22572.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.0% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 4907.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1962.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031.
The solution held the highest hybrid cloud computing market revenue share in 2024.

Market Dynamics of Hybrid cloud computing Market

Key Drivers for Hybrid cloud computing Market

Rising Scalability and Flexibility to increase the demand globally

The rising demand for scalability and flexibility in IT infrastructure is driving the global adoption of hybrid cloud computing. Organizations are increasingly seeking solutions that can dynamically adjust to fluctuating workloads and business needs. Hybrid cloud environments provide the perfect blend of private and public cloud capabilities, enabling businesses to scale resources up or down efficiently. This adaptability is crucial for managing peak demand periods, optimizing costs, and ensuring continuous service delivery. Additionally, hybrid cloud offers the flexibility to run workloads in the most suitable environment, whether for performance, security, or compliance reasons. As businesses continue to prioritize agility and cost-effectiveness, the ability of hybrid cloud to seamlessly integrate and manage diverse IT resources will further fuel its global demand.

Increasing awareness about Security and Compliance to propel market growth

Increasing awareness about security and compliance is significantly propelling the growth of the hybrid cloud computing market. Businesses today face stringent regulatory requirements and heightened cybersecurity threats, making data protection and regulatory adherence paramount. Hybrid cloud solutions offer robust security features and compliance tools, enabling organizations to safeguard sensitive information while meeting diverse regulatory standards. This heightened focus on security and compliance ensures that businesses can leverage the scalability and cost-efficiency of public cloud services without compromising on data integrity. Additionally, hybrid cloud environments provide the flexibility to store critical data on private clouds, further enhancing security measures. As awareness of these benefits spreads, more organizations are adopting hybrid cloud solutions, driving substantial market growth and fostering a secure, compliant digital landscape.

Restraint Factor for the Hybrid cloud computing Market

Complexity in Integration to Limit the Sales

The complexity in integrating hybrid cloud environments poses a significant challenge that can limit sales in this market. Merging on-premises infrastructure with public and private clouds requires sophisticated orchestration and seamless interoperability, which can be difficult to achieve. This complexity often necessitates specialized skills and substantial investment in time and resources, deterring some organizations from adopting hybrid cloud solutions. Additionally, the risk of integration failures and subsequent disruptions to business operations can create hesitation among potential customers. Without a clear strategy and robust tools to manage this complexity, organizations may struggle to realize the full benefits of hybrid cloud, leading to slower adoption rates. Consequently, vendors must address these integration challenges to unlock the market’s full potential and drive broader adoption.

Impact of Covid-19 on the Hybrid cloud computing Market

The COVID-19 pandemic has pos...

The global cloud computing market is anticipated to achieve $2283.40 billion by 2032 from $950.9 million in 2023, exhibiting a robust CAGR of 15.4%.

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