Market Overview:

The Cloud Computing Market size is estimated to reach $1,933 billion by 2030, growing at a CAGR of 17.3% during the forecast period of 2023–2030, according to the latest report published by IndustryARC. Rapid digitization has compelled various organizations to digitize and modernize their infrastructural landscape to boost cost efficiency and agility. These are the major Cloud Computing Market trends.

Read the full report by IndustryARC here - "Cloud Computing Market By Component Type (IaaS, Paas, SaaS), By Deployment Model (Public Cloud, Private Cloud, Hybrid), By Organization Size (Small and Medium Business, Large Enterprise), By End Users (Banking, Financial Services, and Insurance (BFSI), Telecommunications, IT, Government and Public Sector, Retail, Manufacturing, Energy and Utilities, Media and Entertainment, Healthcare and Life Sciences, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030."

North America accounted for a significant market share in 2022:

In 2022, North America held the largest Cloud Computing Market share, accounting for 35.9% of the total market. The rapid popularity of cloud computing services is a result of the growing focus on adopting cutting-edge digital technology by North American enterprises to improve operations and cut costs. The region's manufacturing, BFSI and healthcare industries have all quickly adopted cloud computing technologies, creating a tremendous demand for these services. The expansion of government efforts and the presence of robust ICT in the area has significantly aided the market for cloud computing. In the coming years, the Cloud Computing market growth is anticipated to be helped by the region's expanding tech major involvement.

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Cloud Computing Market Drivers:

Cloud computing is growing as a result of the deployment of cutting-edge innovative technologies like artificial intelligence and machine learning:

Digital technologies are being developed more swiftly than ever. Numerous industries, such as advanced robots, driverless vehicles and medical diagnostic technology, are experiencing significant advancements. These significant technological developments have one thing in common, they are all fueled by cloud computing and associated disciplines like artificial intelligence and machine learning. In addition, increasing digital transformation among businesses, increasing internet and mobile device users worldwide and increased Big Data consumption are the key factors boosting market progress. According to a report by The World Bank, internet traffic was approximately 150,000 GB of traffic per second, which was a 1000-fold increase compared to 156 GB in 2002. A cloud platform could become essential to exhibit the digital business capabilities of next-generation industrial solutions, including software as a service.

Government support for encouraging cloud consumption is driving the market growth:

According to Press Information Bureau (PIB), the rise of cloud computing has increased the collection and usage of data and this has increased demand for data servers and data centers. There were around 8,000 data centers worldwide as of January 2021, according to information gathered by Cloud Scene from 110 countries. About 64% of data centers are found in NATO members, whereas nearly 77% are found in OECD members. In addition, with practical solutions already in the cloud, government agencies are no longer required to develop their individuality. The adoption of AI and other new technologies in government could expand with the use of SaaS solutions that incorporate artificial intelligence techniques into the software. By the Indian government, organizations are at various stages of development and are constantly looking for innovative methods to improve the services they offer while also lowering their costs so that they do not cross their budgeted cost.

Scope of Report:

Report Metric


Base Year Considered


Forecast Period




Market Size 

$1,933 billion 

Segments Covered

By Component Type, Deployment Model, By Organization Size, End-user and Region

Geographies Covered

North America (the US, Canada and Mexico), Europe (Germany, France, the UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and the Rest of South America) and Rest of The World (the Middle East and Africa).

Key Market Players

1. Amazon Web Services

2. Google LLC

3. Microsoft Corporation

4. International Business Machines Corporation


6. Alibaba Group Holding Limited

7. Adobe Inc.,

8. Oracle Corporation

9. Salesforce, Inc.

10. Workday, Inc.

 Recent Developments:

  1. In November 2022, Wipro and VMware partnered to provide cloud services. Wipro may train up to 5,000 professionals in VMware's cross-cloud services, which would focus on industries like banking, financial services and insurance (BFSI), healthcare and consumer and retail services while providing multi-cloud business solutions.
  2. In February 2022, SAP SE partnered with Arvato Systems to invest in a new German company that is providing sovereign cloud infrastructure for the German public sector. This partnership represents a floor strategy for cloud-based innovation.

Cloud Computing Market: Competitive Landscape

Key companies profiled in the Cloud Computing Market are Alibaba Group Holding Limited, Alibaba Group Holding Limited, Inc., Adobe Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., SAP SE and Workday, Inc.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.