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 US Cloud Computing Market report segments the industry into By Type (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (SMEs, Large Enterprises), End-User Verticals (Manufacturing, Education, Retail, Transportation and Logistics, Healthcare, BFSI, Telecom and IT, Government and Public Sector, Other End-User Verticals (Utilities, Media & Entertainment, etc.)).

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

Snapshot img

Cloud Computing Market Size 2025-2029

The cloud computing market size is forecast to increase by USD 600.5 billion, at a CAGR of 18.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing trend towards cost savings and the heightened priority placed on data security. Businesses are increasingly turning to cloud solutions to reduce IT expenses and improve operational efficiency by using AI and ML technologies. Simultaneously, the demand for private cloud deployments is surging due to concerns over data security and compliance. However, the adoption of cloud computing is not without challenges. Integration issues persist as organizations grapple with combining various cloud services and on-premises systems. These challenges necessitate a strategic approach from companies seeking to capitalize on the market's potential while effectively navigating obstacles. By focusing on seamless integration and addressing data security concerns, organizations can maximize the benefits of cloud computing and maintain a competitive edge.

What will be the Size of the Cloud Computing Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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Cloud infrastructure continues to evolve, shaping the technological landscape with its dynamic nature. Compliance and security remain paramount, with data encryption being a critical component. Nosql databases and relational databases (RDBMS) coexist, catering to diverse business needs. Cloud cost management is an ongoing concern, as organizations navigate the complexities of public, private, and hybrid cloud environments. Business continuity and disaster recovery are integral to cloud computing adoption. Agile methodologies and serverless computing facilitate swift development and deployment. Virtual machines (VMs) and containerization offer flexibility, while cloud databases power data-driven decision-making. Cloud-native applications, cloud-based monitoring, and cloud-based software development streamline operations.

Cloud computing training and certifications equip professionals with the necessary skills. API management and edge computing expand the reach of cloud services. Cloud computing solutions cater to various sectors, from data warehousing and cloud analytics to cloud gaming and cloud-based productivity suites. Cloud telephony, cloud-based support, and unified communications enhance communication capabilities. Cloud optimization and artificial intelligence (AI) drive efficiency and innovation. Cloud governance ensures compliance with regulations and best practices. Cloud storage, cloud networking, and object storage provide scalable and secure data management. Cloud collaboration tools and file storage facilitate teamwork. Cloud monitoring and data analytics platforms offer insights into operational performance.

The continuous unfolding of market activities reveals evolving patterns, with public cloud, big data analytics, and cloud-based email services gaining traction. Cloud computing consulting and cloud-based training support organizations in their digital transformation journeys. The integration of load balancers, cloud-based testing, and cloud deployment tools further enhances the versatility of cloud infrastructure. In the ever-evolving cloud landscape, cloud computing regulations and business intelligence (BI) solutions emerge to address the unique challenges of the digital age. Cloud gaming, cloud-based productivity suites, and cloud-based support services expand the reach of cloud computing, offering new opportunities for businesses and individuals alike.

The ongoing adoption of cloud computing is marked by the seamless integration of various components, including cloud cost management, virtual machines, data warehousing, and cloud-native applications. The future of cloud infrastructure lies in its ability to adapt and innovate, driven by advancements in AI, ML, and edge computing.

How is this Cloud Computing Industry segmented?

The cloud computing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Deployment

  Public cloud
  Private cloud


Service

  SaaS
  IaaS
  PaaS


Workload

  Application Development & Testing
  Data Storage & Backup
  Resource Management
  Orchestration Services
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan


  South America

    Brazil


  Rest of World (ROW). 

By Deployment Insights

The public cloud segment is estimated to witness significant growth durin

The North America Cloud Computing Market report segments the industry into By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Organization Size (SMEs, Large Enterprises), By End-User Verticals (Manufacturing, Education, Retail, Transportation and Logistics, Healthcare, BFSI, Telecom and IT, Government and Public Sector, Others (Utilities, Media & Entertainment etc)), and By Geography (United States, Canada).

Cloud Computing Market estimated at USD 761 billion in 2024, and is projected to reach USD 2.5 trillion in 2032, will grow at a CAGR of 16.5% till 2032

The Asia-Pacific Cloud Computing Market report segments the industry into Type (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (SMEs, Large Enterprises), End-User Industries (Manufacturing, Education, Retail, Transportation and Logistics, Healthcare, BFSI, Telecom and IT, Government and Public Sector, and more), and Country (China, Japan, India, South Korea, Rest of Asia-Pacific).

The global cloud computing market is calculated at a size of US$ 628.6 billion for 2024 and is projected to increase at a noteworthy CAGR of 14.2% to reach US$ 2,371.6 billion by 2034.

Report Attributes	Details
Cloud Computing Market Size (2024E)	US$ 628.6 Billion
Forecasted Market Value (2034F)	US$ 2,371.6 Billion
Global Market Growth Rate (2024 to 2034)	14.2% CAGR
South Korea Market Value (2034F)	US$ 126.6 Billion
Key Companies Profiled	Google LLC IBM Corporation Oracle Corporation Salesforce Adobe Inc. Microsoft Corporation SAP SE Workday, Inc. Alibaba Group Holding Limited Amazon Inc.

Country-wise Analysis

Attribute	United States
Market Value (2024E)	US$ 66.9 Billion
Growth Rate (2024 to 2034)	14.7% CAGR
Projected Value (2034F)	US$ 262.8 Billion

Attribute	China
Market Value (2024E)	US$ 68.9 Billion
Growth Rate (2024 to 2034)	14.2% CAGR
Projected Value (2034F)	US$ 260.2 Billion

Category-wise Analysis

Attribute	Large Enterprises
Segment Value (2024E)	US$ 352 Billion
Growth Rate (2024 to 2034)	13.6% CAGR
Projected Value (2034F)	US$ 1256.9 Billion

Attribute	BFSI
Segment Value (2024E)	US$ 114.6 Billion
Growth Rate (2024 to 2034)	12.6% CAGR
Projected Value (2034F)	US$ 474.3 Billion

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 size is recorded to be USD 766 billion in 2024 and is expected to reach USD 3,500 billion by 2035, at a CAGR of 14.623%

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.

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 UK Cloud Computing Market report segments the industry into By Type (Public Cloud, Private Cloud, Hybrid Cloud), Organization Size (SMEs, Large Enterprises), End-user Industries (Manufacturing, Education, Retail, Transportation and Logistics, Healthcare, BFSI, Telecom and IT, Government and Public Sector, and more). Get five years of historical data alongside five-year market forecasts.

Global Cloud Computing market size is expected to reach $1481.2 billion by 2029 at 15.5%, segmented as by public cloud, infrastructure as a service (iaas), platform as a service (paas), software as a service (saas), cloud storage services

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 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.

The North America cloud computing market, valued at $248.07 million in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 15.23% from 2025 to 2033. This expansion is fueled by several key factors. Increased digital transformation initiatives across various sectors, including manufacturing, healthcare, and BFSI (Banking, Financial Services, and Insurance), are creating a surge in demand for cloud-based solutions. The enhanced scalability, cost-effectiveness, and improved security offered by cloud services are compelling businesses of all sizes, from SMEs to large enterprises, to adopt cloud technologies. Furthermore, the growing adoption of hybrid cloud models, which combine the benefits of public and private clouds, is accelerating market growth. Government and public sector initiatives promoting digital infrastructure are also contributing significantly. The major players, including Amazon Web Services (AWS), Google Cloud, Microsoft Azure, and Salesforce, are further stimulating the market through continuous innovation and competitive pricing strategies. The market segmentation reveals significant opportunities across various sectors. The public cloud segment (IaaS, PaaS, SaaS) dominates, followed by hybrid and private cloud deployments. Large enterprises currently hold a larger market share compared to SMEs, but the latter segment is showing strong growth potential as cloud adoption becomes more accessible and affordable. Geographically, the United States represents the largest market share within North America, with Canada exhibiting steady growth. While specific regional data for the United States and Canada are unavailable, industry analysis suggests the US holds a significantly larger portion of the overall North American market given its larger economy and higher technology adoption rate. The continued expansion of 5G networks and the Internet of Things (IoT) will further fuel the demand for cloud computing services in the coming years, supporting continued expansion of the market throughout the forecast period. Recent developments include: June 2024: Apple unveiled its cloud intelligence system, Private Cloud Compute (PCC), tailored for cloud-based artificial intelligence (AI) tasks, prioritizing privacy preservation. PCC aims to transfer complex, power-intensive requests to the cloud while guaranteeing that data remains confidential and is never exposed to any third party, including Apple., May 2024: VPS AI unveiled its decentralized cloud computing solutions. The launch of VPS AI marks a significant shift in the cloud computing landscape. VPS AI provides a decentralized solution for establishing virtual private servers and containerized nodes, enabling individuals and enterprises to liberate themselves from the dominance of major tech corporations.. Key drivers for this market are: Robust Shift Towards Digital Transformation Across North America, Advancement of AI and Big Data Analytics. Potential restraints include: Robust Shift Towards Digital Transformation Across North America, Advancement of AI and Big Data Analytics. Notable trends are: Robust Shift Towards Digital Transformation Across North America.

The global Cloud Computing market size reached USD 486.75 Billion in 2022 registering a CAGR of 14.2%. Discover the latest trends and analysis on the Cloud Computing Market. Our report provides a comprehensive overview of the industry, including key players, market share, growth opportunities, and m...

The Europe cloud computing market is being driven by the rising adoption of SaaS segment and increasing consumer demand. The market is expected to grow at a CAGR of 9.00% in the forecast period of 2025-2034 to reach a value of approximately USD 115.38 Billion by 2034.