Cloud Computing Market: Enhanced Data Management Boosts Market CAGR to USD 2220.9 Billion by 2031| SkyQuest Technology
WESTFORD, Mass., July 22, 2024 /PRNewswire/ — According to SkyQuest, the global Cloud Computing Market size was valued at USD 626.4 billion in 2022 and is poised to grow from USD 720.99 billion in 2023 to USD 2220.9 billion by 2031, growing at a CAGR of 15.1% during the forecast period (2024-2031).
Cloud computing transforms data processing, storage, and management operations to cloud computer networks that are developed over the internet instead of using local servers. The transformation of the shared space guarantees the secured storage setting where every device from the network can be accessed instantaneously. This innovative development of cloud computing is due to factors like high digitization of companies, adoption of internet and mobile devices, and the increasing use of big data. As the operation process of industries are evolving, their accessibility and capability to make use of cloud platforms along with digital business solution have become extremely critical. The advent of the latest technologies like the Internet of Things (IoT), edge computing, 5G connectivity, real-time analytics with AI and ML is leading to the evolution of cloud computers in every sector.
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Cloud Computing Market Overview:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$ 720.99 Billion |
|
Estimated Value by 2031 |
$ 2220.9 Billion |
|
Growth Rate |
Poised to grow at a CAGR of 15.1% |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Service, Deployment Mode, Enterprise Size, End-use and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
|
Report Highlights |
Rising adoption of cloud computing to increase business flexibility |
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Key Market Opportunities |
Governments in developing countries are adopting cloud computing |
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Key Market Drivers |
Increasing investment in cloud services to streamline business functions |
Segments covered in Cloud Computing Market are as follows:
- Services
- Software As A Service (Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management, Collaboration And Productivity Suites, Supply Chain Management, Other Saas Service Models), Platform As A Service (Application Development And Platform, Application Testing And Quality, Analytics And Reporting, Integration And Orchestration, Data Management), Infrastructure As A Service (Primary Storage, Disaster Recovery And Backup, Archiving, Compute), Others
- Deployment Mode
- Private Cloud, Public Cloud, and Hybrid Cloud
- Enterprise Size
- Large Enterprises, and Small & Medium Enterprise
- End-Use
- IT & ITES (Devops, Big Data And Analytics, IT Security And Compliance, Others), Telecommunications (Network Function Virtualization, Software Defined Networking, Edge Computing, Others), Retail & Consumer Goods (e-Commerce and Online Marketplaces, Customer Relationship Management, Point of Sale Systems Others), Manufacturing (Supply Chain Management, Product Lifecycle Management, Others), Energy & Utilities (Smart Grid Management Energy, Monitoring and Management, Renewable Energy and Forecasting, Other Energy and Utility Services), Healthcare (Electronic Health Records, Remote Patient Monitoring, Genomic Sequencing and Bioinformatics, Others), Media & Entertainment (Content Storage and Distribution, Media Streaming, Content Production and Post Production, Others), Government & Public Sector (Government Infrastructure Migration, Digital Government and e-Government Services, Open Data and Transparency, Other Government and Public Sector Services), Others
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Combination of AI, Machine Learning, and Big Data with Cloud to Improve Market Development
The combination of AI, Machine Learning, and Big Data with cloud solution improves the data visualization abilities of companies that make disparate data available and actionable. In the procedure of gathering data and training algorithms, massive volumes of computing resources and storage capability are necessary that is cheap and easily procured as-a-service. In recent times, cloud providers have rapidly started using AI for several tasks like managing extensively distributed networks required for the storage services, improving power and cooling systems in data centers, and boosting cybersecurity solutions that secure data. Organizations are using AI-based solutions for getting a competitive edge in the market by automating the present functions for making crucial decisions and increasing productivity. There are also many other advantages of AI like it can reduce repetitive and complex tasks and conduct data analysis without any human touch. Today, it has become easier for IT departments to monitor and control workflows precisely with the help of AI. Moreover, market players such as Google, Amazon, and Microsoft, the main providers of cloud services, started implementing artificial intelligence in their operations. They are trying to offer users effective and affordable solutions.
Rising Implementation of Omni-Cloud Solutions to Efficiently Manage Workforce
Many companies are applying multi-cloud solutions in their operations to manage the workforce through cloud-based platforms. Moreover, the rising durability and flexibility of cloud-based applications such as Gmail, Dropbox, and Facebook are increasing the demand for swift handling cycles in real-time. However, the implementation of disparate cloud infrastructure could lead to reduction in efficiency because of uneven coordination. This is the main reason due to which companies are shifting to omni-cloud solutions to make profit on several advantages like smooth use of data, improved decision-making abilities, real-time scalability, and enhanced data availability.
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Dramatic Shift Towards Digital Transformation is Boosting the Cloud-Computing Market
The cloud computing market is growing at a rapid speed because of the growing digital transformation in several industries, extensive use of innovative technologies like AI, IoT, and big data analytics, and cost-efficient IT solutions. The recent COVID-19 pandemic has also escalated the implementation of cloud services as businesses needed remote working abilities and digital transformation to adjust with the shifting market dynamics.
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