The Cloud Computing market size is expected to grow from USD 626.4 billion in 2023 to USD 1,266.4 billion by 2028 at a CAGR of 15.1% during the forecast period. The rise of mobile devices, IoT, hybrid cloud, and multi-cloud strategies would drive the growth of the cloud computing market. The market players have adopted various organic/inorganic strategies, such as partnerships, collaborations, acquisitions, agreements, and product launches & enhancements, to expand market presence in the cloud computing market. New product launches, collaborations, and product enhancements have been the most adopted strategies by significant players in the last few years, which helped companies innovate their offerings and widen their customer base.
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The SaaS segment holds the largest market size during the forecast period.
Salesforce, Microsoft, Adobe, Google, and IBM are some of the leading companies in the SaaS market. Although the SaaS market has reached a level of maturity and its growth rate is not as rapid as that of IaaS and PaaS, the SaaS market is significantly more extensive and is anticipated to maintain this position until 2023. MnM predicts substantial growth across all SaaS segments and geographic regions. Many businesses were increasingly adopting SaaS solutions, ranging from customer relationship management (CRM) and enterprise resource planning (ERP) to communication and collaboration tools. AI and machine learning are increasingly integrated into SaaS applications to provide advanced analytics, automation, and predictive capabilities. This trend aims to enhance the functionality and intelligence of cloud-based solutions.
Retail & Consumer Goods vertical to record the highest CAGR during the forecast period.
The retail & consumer goods vertical has become one of the most dynamic and fast-paced sectors in adopting cutting-edge technologies. Leading companies in this space include Walmart, Ocado, Tesco, Shapeways, Zara, and Richline Group. In recent years, cloud computing has emerged as a game-changing technology that significantly benefits the industry. For instance, beacons installed in retail stores for facial recognition generate a vast amount of data, which can be processed and analyzed closer to the source using cloud computing rather than sending it to centralized storage, which could be costly and time-consuming; this helps companies identify new revenue sources quickly. The adoption of cloud computing is due to factors such as the rising purchasing power of customers, the need to meet their expectations, and the retention and acquisition of new customers. Online retailing and cloud technologies have disrupted the retail and consumer goods industry, leading to the adoption of cloud computing mainly for storage, backup, and security services.
Cloud computing can significantly help enhance stores’ brand value and lifespan by identifying out-of-stock situations and pricing issues. Retailers and consumer goods companies are also using edge computing to leverage new technologies like IoT and AI for gathering insights into consumer purchase preferences and patterns, thereby improving their business’s overall efficiency. For example, Walmart uses edge computing to leverage IoT data generated from sensors at the store level and backhaul it to Microsoft Azure Cloud for a unified view of customers across the US.
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Unique Features in the Cloud Computing Market
Function as a Service (FaaS), another name for serverless computing, lets programmers distribute code as functions without having to worry about maintaining the underlying server infrastructure. By only billing for the resources used to carry out the service, this approach provides automatic scaling, decreased operational overhead, and cost optimisation.
Edge computing lowers latency and boosts performance for applications that need real-time processing by moving computation and data storage closer to the site of data production. Edge computing processes data locally on edge devices or edge servers to support use cases like IoT, content distribution, and immersive experiences.
In order to capitalise on the advantages of many cloud providers and preserve flexibility, scalability, and resilience, organisations are progressively implementing multi-cloud and hybrid cloud strategies.
Applications and microservices may run in lightweight, portable, isolated environments thanks to containers like Docker and Kubernetes. Applications lifecycle management and effective resource utilisation are made possible by container orchestration platforms, which automate the deployment, scaling, and maintenance of containerised apps.
Numerous artificial intelligence (AI) and machine learning (ML) services, such as pre-trained models, automated ML pipelines, and specialised hardware accelerators, are provided by cloud providers. These services give developers the tools they need to create intelligent apps, examine huge datasets, and apply AI and ML algorithms to produce useful insights.
Major Highlights of the Cloud Computing Market
The market for cloud computing is still expanding quickly due to the rising need for affordable, scalable, and flexible IT services and infrastructure. Workloads are being moved to the cloud by businesses of all sizes in order to take advantage of its flexibility, scalability, and innovation.
Hybrid and multi-cloud methods are being adopted by many organisations, which combine on-premises infrastructure with public and private cloud services from various providers. With the flexibility, resilience, and workload portability that hybrid and multi-cloud environments provide, businesses may fulfil a variety of business needs, minimise vendor lock-in, and maximise performance.
With enterprises from all sectors utilising cloud services for a variety of use cases, such as data storage, application development, collaboration, analytics, and artificial intelligence (AI), cloud computing has become a mainstream practice in the enterprise space.
The three most popular cloud service models are Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). By offering virtualized infrastructure resources—such as networking, storage, and processing—IaaS enables businesses to develop and implement applications without having to worry about maintaining actual hardware. PaaS provides platforms, tools, and services for application development and deployment, testing, and construction. SaaS removes the requirement for on-premises software installation and maintenance by delivering software applications via the internet on a subscription basis.
The industry for cloud computing is still dominated by public cloud providers like Google Cloud Platform (GCP), Microsoft Azure, and Amazon Web Services (AWS). These companies draw both startups and large corporations with their extensive range of cloud services, worldwide infrastructure, and cutting-edge capabilities.
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Top Companies in the Cloud Computing Market
Amazon Web Services (AWS) is a business unit of Amazon.com that provides a range of cloud computing services. The company offers tailored solutions to meet the unique business requirements of its customers. The services provided by AWS include storage and content delivery, computing, networking, database, deployment, management, application services, and analytics. AWS stands out from other cloud computing providers due to its extensive range of services such as data lakes, analytics, ML AI, IoT, and security. AWS provides cloud computing services on a pay-as-you-go basis; customers can acquire technology services like computing power, storage, and databases without purchasing, owning, and maintaining physical data centers and servers. AWS offers highly scalable and cost-effective Infrastructure as a Service (IaaS), with data center locations in the US, Brazil, Singapore, Japan, and Australia. AWS operates in North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America through its partner network. The company caters to various industries, including automotive, consumer goods, energy, financial services, gaming, education, government, healthcare & life sciences, manufacturing, media & entertainment, retail, telecom, travel & hospitality, and power & utilities.
Google, a company specializing in Internet-related services and products, was founded in 1998 and is headquartered in California, US. In 2015, Alphabet became the parent company of Google. The company primarily focuses on web-based search engines, desktop and mobile operating systems, advertising and tools, and enterprise solutions. Google offers diversified cloud services that are available globally, including cutting-edge products such as computing, storage, database, data analytics, AI, ML, networking, and developer tools. The company’s cloud computing services are powered by its Google Cloud Platform (GCP), which includes core products such as Google Compute Engine, Google Cloud Storage, Google App Engine, and Google Container Engine.
Additionally, Google offers cloud products such as G Suite, Google Maps Platform, Cloud Identity, and Android Enterprise. Google provides its services to a large customer base spread across the globe through a global network of service providers, distributors, and cloud resellers. The company caters to various industry verticals such as retail, consumer-packed goods, financial services, healthcare & life sciences, media & entertainment, telecom, gaming, manufacturing, supply chain & logistics, government, and education.
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