Riding the Digital Wave: Growth Trends in the Cloud Computing Industry

Global cloud computing market is anticipated to grow at a substantial CAGR of 15.6% during the forecast period (2024-2031). Cloud computing refers to storing, processing, and handling data on a remote computer’s network hosted on the internet instead of a local server or personal computer. The major driving factors influencing the market growth are increasing digital transformation across businesses, growing internet and mobile device adoption across the globe, and increased usage of big data. The rising number of large enterprises across developed and emerging nations will surge the demand for cloud computing services over the forecast period.

Browse the full report description of “Cloud Computing Market Size, Share & Trends Analysis Report by Vehicle Type (Private Cloud, Public Cloud, and Hybrid Cloud), by Component (Hardware, Software, and Services), and by Vertical (BFSI, Government, Military & Defense, Telecom & IT, Healthcare, Retail, and Others) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/cloud-computing-market-size

Recent Developments in the Cloud Computing Market

• In October 2023, BT and Google Cloud launched a new relationship centered on a more substantial commitment to cybersecurity innovation. BT would become a services delivery partner for Google’s Autonomic Security Operations (ASO) product based on Google Chronicle as part of the partnership.

• In July 2023, DigiBoxx, a provider of digital file sharing and cloud storage services, introduced a new data storage solution for corporations and individuals. It is a domestic software as a service (SaaS)-based digital storage platform. Megh3 will offer customers rapid, simple, elastic storage solutions at attractive pricing, combining simplicity and affordability.

• In July 2023, Akamai Technologies, a provider of content delivery networks, opened a new cloud computing in Chennai to meet the requirements of modern applications requiring high performance, low latency, and global scalability. 

• In January 2023, Alibaba Cloud unveiled the Apsara Developer Community, a new center developed to help developers through an increased offering of different developer tools and services. It aspires to foster the continued expansion of developers while facilitating the advancement of the digital economy across markets.

Market Coverage

• The market number available for – 2023-2031

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered-

o By Deployment Model 

o By Component 

o By Vertical

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Amazon Web Services Inc., Google LLC, IBM Corp., Microsoft Corp., and SAP SE among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Cloud Computing Market Report Segment

By Deployment Model

• Private Cloud
• Public Cloud
• Hybrid Cloud

By Component

• Hardware
• Software
• Services 

By Vertical

• Government
• Military & Defense
• Telecom and IT
• Healthcare
• Retail, 
• Others ((Energy and Utilities, Media and Entertainment)

Global Cloud Computing Market Report Segment by Region

North America

• United States

• Canada 

Europe

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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