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Cloud Computing Sales to Grow 4x, Creating US$1.949 Billion Market Opportunity by 2032

Cloud computing market will register 15% CAGR while BFSI sector accounts for 1/4e total sales

The cloud computing market analysis offered by Fact.MR examines the key growth variables influencing sales. The research offers detailed information on factors such as drivers, opportunities, key competitor strategies, and demand forecasts. In addition to this, the study analyzes the latest trends in various segments such as end-use, deployment, service, company size, and region.

NEW YORK, August 26, 2022 /PRNewswire/ — The global cloud computing market is expected to be worth 482 billion US dollars in 2022. Cloud computing allows companies to store, manage and process essential data using remote servers located on the Internet.

According to Fact.MR, the demand for cloud computing solutions has increased by 12% between 2015 and 2021, due to the increased virtualization of many industries such as IT and telecommunications, BFSI and others. The growing need to streamline procedures has spurred this transition to the virtual world.

Moreover, emerging technologies such as big data, artificial intelligence (AI) and machine learning (ML) are gaining acceptance, propelling the global cloud computing industry forward. The expansion of cloud computing services is driven by issues such as data protection, faster disaster recovery (DR), and meeting compliance standards.

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The desire to reduce risk, achieve scalability and flexibility in moving and storing data, reduce storage and infrastructure challenges, and increase business efficiency is expected to drive the market . Therefore, companies are investing in cloud platforms to increase their efficiency. For example, industry giants such as Microsoft and Amazon have increased the use of cloud platforms to maintain their reign in the industry.

The current competitive environment and global economic conditions have accelerated the adoption of cost-effective ways to revamp business models. Thanks to these factors, sales in the cloud computing market are expected to quadruple by the end of 2032.

Key points to remember:

  • Sales in the cloud computing market are expected to reach $1.949 billion by 2032
  • The APAC market is expected to be the fastest growing region, registering a CAGR growth of 18% during the forecast period (2022-2032).
  • North America The cloud computing market is expected to represent nearly 40% of global revenues.
  • The large enterprise sector is expected to account for the majority of the market share in 2022 at 55%.
  • In terms of end use, the BFSI sector is expected to represent approximately 25% of global revenue in 2022

Growth drivers:

  • The increased adoption of hybrid cloud computing is expected to present substantial potential for market development.
  • The inclination of industries towards automation coupled with the proliferation of work from home across the globe is creating lucrative growth opportunities for the market.
  • Growing demand for personalization and personalization for better customer experience is enhancing the demand in the market.

Constraints:

  • System complexity and compatibility with BFSI business and industry systems, especially in emerging economies, could limit market growth.
  • Rising number of cyber attacks restricting business operations might hamper the growth of the market.

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Competitive Landscape:

The market is expected to be fragmented as leading companies design and invent consumer solutions. They also focus on constant updating and incorporating innovations in cloud products to gain competitiveness. Moreover, some of the companies like Meta and Google are venturing into OTT and other online platforms to carve out a niche and expand their customer base.

For instance,

  • In May 2022, Accenture and SAP SE announced a joint solution to help large organizations derive new value from business innovation and cloud services. The new offering combines RISE with SAP solution and SOAR with Accenture services to provide a single platform for transformation services delivered through a unified architecture as a service.
  • In April 2022, Salesforce has introduced customer relationship management (CRM) analytics to every industry. It is a PaaS-based, Al-powered data and analytics solution that enables Salesforce customers across many industries to deliver predictive insights. Customers can enter any data in the CRM center.
  • In December 2020, Alibaba Group Holding Limited announced a new hybrid cloud strategy to strengthen security.

Main companies profiled by Fact. M

  • Adobe Inc.
  • Alibaba Group Holding Limited
  • Amazon.com Inc.
  • Google LLC
  • IBM Corporation
  • Microsoft Corporation
  • Oracle Corporation
  • Salesforce.com Inc.
  • SAP SE
  • Workday, Inc.

More Valuable Insights into the Cloud Computing Market

In the latest study, Fact.MR offers a detailed study of the Global Cloud Computing Market for the forecast period 2022 to 2032. This study also highlights the key drivers driving Cloud Computing sales through detailed segmentation as follows :

By end use:

  • IT & Telecom
  • Government and public sector
  • Energy and Utilities
  • Retail and consumer goods
  • Manufacturing
  • BFSI
  • Health care
  • Media and Entertainment
  • Other end uses

Per deployment:

By Service:

  • Infrastructure as a Service (IaaS)
  • Platform as a Service (PaaS)
  • Software as a Service (SaaS)

By business size:

  • Large companies
  • Small and medium enterprises

By region:

  • North America
  • AEM
  • Latin America
  • Europe
  • Asia Pacific

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Key Questions Covered in the Cloud Computing Market Report

  • What is the projected value of the cloud computing market in 2022?
  • How fast will the global cloud computing market grow up to 2032?
  • What are the factors hindering the growth of the cloud computing market?
  • Which region is expected to lead the global cloud computing market during the period 2022-2032?
  • What are the factors driving the cloud computing market during the forecast period?
  • What is the expected market value of the cloud computing market during the forecast period?

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About Fact.MR

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