Cloud Computing Services Market Size, Share, By Type (Public Cloud, Private Cloud, Hybrid Cloud, and Community Cloud), By Service (Infrastructure as a Service, Platform as a Service, and Software as a Service), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Report Code: PMI116519 | Publish Date: April 2024 | No. of Pages: 186

Global Cloud Computing Services Market Overview

Cloud Computing Services Market Size was valued at US$ 551 billion in 2024 and is projected to grow at a CAGR of 21.1% to reach US$ 3146.7 billion by 2034.

Cloud computing is pay-as-you-go IT resource distribution via the Internet that occurs on demand. The user can obtain technology services, such as processing power, storage, and databases, on an as-needed basis from a cloud provider in place of purchasing, operating, and maintaining physical data centers and servers. Several variables are combined to propel the market's rapid growth. Businesses of all sizes are starting to recognize how revolutionary cloud computing can be. They can achieve new levels of efficiency, increase agility, and streamline processes by moving to the cloud. This results in notable enhancements in performance throughout the entire organization.

By removing the requirement for on-premises equipment and offering on-demand access to vast computing resources, cloud computing services let users effectively manage and grow their IT operations. Thanks to cloud-based architecture, access to the resources powering these new digital business solutions is flexible and available on demand. Online transaction processing (OLTP), supply chain management (SCM), and enterprise resource planning (ERP) all benefit from technology.

Multi-cloud and hybrid solutions are becoming more popular, giving organizations the desired power and flexibility. Organizations can now use the strengths of the various cloud providers to create a customized infrastructure solution that precisely matches their unique requirements. Governments in developing countries and small and medium-sized organizations (SMOs) are driving a wave of acceptance, driving the market's explosive expansion. Multiple important factors drive this growth. However, the primary restraining factor for the target market expansion are the data breaches that occur while using such services.

Global Cloud Computing Services Market Dynamics

Cloud Computing Services Market Drivers:

Rise in the usage of novel solutions   

  • The most cutting-edge innovative technologies, such as artificial intelligence and machine learning, are becoming increasingly popular, and their quick integration into cloud computing services is fueling the expansion of the global market for cloud computing services. Despite the growing popularity of the work-from-home model, cloud computing is allowing businesses to continue operating. Due to cloud computing technologies, enterprises can effectively store, retrieve, and handle vital data.

The need for affordable IT solutions is growing.  

  • The increasing demand for affordable IT solutions is a significant market driver for cloud computing services. Because cloud computing services eliminate the need for a sizable upfront capital investment in IT equipment, they offer an appealing alternative to organizations that are constantly looking to optimize operating costs. Businesses may grow their IT resources according to demand owing to the pay-as-you-go concept that cloud computing offers.

Cloud Computing Services Market Restrains:

High chances of data breaches to occur 

  • Cloud computing, however, is an approach that offers infrastructure, software, and platforms as needed, which leaves it vulnerable to several types of data breaches. When outsourcing their data to public cloud services, clients will voice security concerns if they are confident that security safeguards are in place. Even with their best efforts, cloud service providers are not immune to data breaches; various incidents have caused issues for even the biggest names in the industry.

Global Cloud Computing Services Market Segmentation

Cloud Computing Services Market is segmented based on type, service, and region.

Type Insights

  • Public Cloud: The most popular option is the public cloud, which provides adjustable, on-demand resources that numerous users utilize.
  • Private Cloud: The private sector dominated the market and had the highest revenue share. Compared to public clouds, private clouds offer many benefits. They provide greater personalization and control. Companies can customize their cloud infrastructure to fulfill their unique security and compliance needs.
  • Hybrid Cloud: The hybrid cloud market is anticipated to expand significantly over the forecast period. A hybrid cloud enables companies to control sensitive data that may need to be stored on-site for auditing reasons or to comply with more stringent laws.
  • Community Cloud: Community Cloud is a cost-effective and secure cloud computing solution that provides shared infrastructure for organizations with similar demands.

Service Insights

  • Infrastructure as a Service: The cloud computing concept known as Infrastructure as a Service, or IaaS, offers on-demand access to computer resources like servers, storage, networking, and virtualization. Because obtaining computing resources to run programs or store data the conventional way requires time and money, Infrastructure as a Service (IaaS) is appealing. Businesses only pay for what they use and are spared from having to purchase, set up, or operate infrastructure themselves.
  • Platform as a Service: An all-inclusive cloud environment called Platform as a Service (PaaS) gives developers access to all the networking, storage, middleware, servers, operating systems, tools, and other resources they need to create, execute, and maintain applications. Platform on Demand is a service model for cloud computing that provides an adaptable and scalable cloud platform for creating, launching, using, and managing applications.
  • Software as a Service (SaaS): With software as a service (SaaS), Users can connect to and use cloud-based applications over the Internet. Typical instances include calendaring, email, and office software (like Microsoft Office 365). SaaS offers a whole software solution that users can pay for as they go from a cloud service provider.

Cloud Computing Services Market Regional Insights

  • The North American market is estimated to witness a significantly high revenue share over the forecast period. It is propelled by the existence of significant technology centres and an established IT infrastructure. Further development is driven by the broad use of cloud solutions across multiple industries and robust government efforts supporting digital transformation.
  • The Asia Pacific market is estimated to witness the fastest revenue share due to the development of regional digital behemoths like Alibaba and quickly expanding emerging economies like China and India, which are driving the market's expansion.
  • Europe market is expanding steadily and is driven by escalating attempts to become digital and rising knowledge of the advantages of cloud-based solutions. The industry is being shaped by the European Union's emphasis on data privacy legislation, which is leading to an increase in demand for cloud services that are secure and compliant.
  • The Latin American market is an emerging region, and government efforts and rising awareness of the benefits of cloud computing services are driving industry expansion.
  • The Middle East and Africa market is in its developmental stages, and there is a lot of opportunity owing to the growing usage of smartphones and investments in digital connectivity.

Cloud Computing Services Market Report Scope:

Attribute

Details

Market Size 2024

US$ 551 billion

Projected Market Size 2034

US$ 3146.7 billion

CAGR Growth Rate

21.1%

The base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Type - Public Cloud, Private Cloud, Hybrid Cloud, and Community Cloud

By Service - Infrastructure as a Service, Platform as a Service, and Software as a Service

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the Cloud Computing Services Market report based on type, service, and region:

Cloud Computing Services Market, By Type:

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud
  • Community Cloud

Cloud Computing Services Market, By Service:

  • Infrastructure as a Service
  • Platform as a Service
  • Software as a Service

Cloud Computing Services Market, By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Global Cloud Computing Services Market Key Players

The key players operating the Cloud Computing Services Market include Amazon Web Services Inc., Akamai Technologies Inc., Cisco Systems Inc., Google Inc., IBM Corp, Hewlett Packet Inc., Dell Inc., Microsoft Corp., VM-Ware, Inc., and Yahoo Inc.

Global Cloud Computing Services Market Key Issues Addressed

  • In April 2023, Alibaba Cloud revealed a huge language model and less expensive alternatives for its Object Storage Service and Elastic Compute Service to keep up with the demand for cloud services. It is stated that the new ECS Universal is appropriate for enterprise office applications, offline data analysis, and web and website applications and that it can save up to 40% on costs while providing the same stability as ECS. Customers could reserve storage capacity in a particular cloud region for a year with OSS Reserved Capacity (OSS-RC), saving capacity costs by as much as 50%.
  • In May 2023, IBM introduced IBM Hybrid Cloud Mesh, a SaaS solution designed to help businesses manage their hybrid multi-cloud architecture. IBM Hybrid Cloud Mesh, powered by "Application-Centric Connectivity," automates processes related to managing and monitoring application connectivity in public and private clouds. This allows enterprises to operate their infrastructure across heterogeneous and hybrid multi-cloud environments.
  • In October 2022, Oracle revealed plans to build a new Oracle Interconnect at the Microsoft Azure location in Johannesburg, South Africa. This will allow direct connectivity to be established between the Microsoft Azure South Africa region and the Oracle Cloud Johannesburg area. The most recent Oracle Interconnect has enabled African users to access the Oracle Database Service for Microsoft Azure.

Global Cloud Computing Services Market Company Profile

  • Amazon Web Services Inc.*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Akamai Technologies Inc.
  • Cisco Systems Inc.
  • Google Inc.
  • IBM Corp
  • Hewlett Packet Inc.
  • Dell Inc.
  • Microsoft Corp.
  • VM-Ware, Inc.
  • Yahoo Inc.

“*” marked represents similar segmentation in other categories in the respective section.

Global Cloud Computing Services Market Table of Contents

Research Objective and Assumption

  • Preface
  • Research Objectives
  • Study Scope
  • Years Considered for the study
  • Assumptions
  • Abbreviations

Research Methodology

  • Research data
  • Primary Data
    • Primary Interviews
    • Primary Breakdown
    • Key data from Primary Sources
    • Key Thickness Insights
  • Secondary Data
    • Major Secondary Sources
    • Secondary Sources
  • Market Estimation
  • Top-Down Approach
    • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
  • Bottom-Up Approach
    • Approach for estimating market share by Bottom-up Analysis (Demand Side)
  • Market Breakdown and Data Triangulation
  • Research Assumptions

Market Preview

  • Executive Summary
  • Key Findings—Global Outlook for medical carts Strategies
    • Key Questions this Study will Answer
    • Market Snippet, By Type
    • Market Snippet, By Service
    • Market Snippet, By Region
  • Opportunity Map Analysis
  • Executive Summary—3 Big Predictions

Market Dynamics, Regulations, and Trends Analysis

  • Market Dynamics
    • Drivers
    • Restrains
    • Market Opportunities
    • Market Trends
  • DR Impact Analysis
  • PEST Analysis
  • Porter’s Five Forces Analysis
  • Opportunity Orbit
  • Market Investment Feasibility Index
  • Macroeconomic Factor Analysis

Market Segmentation, By Type, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Public Cloud
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Private Cloud
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Community Cloud
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Service, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Infrastructure as a Service
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Platform as a Service
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Software as a Service
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Global Market, By Region, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Regional Trends
  • North America
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Service , Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • U.S.
      • Canada
  • Europe
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Service , Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • UK
      • France
      • Germany
      • Russia
      • Italy
      • Rest of Europe
  • Asia Pacific
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Service , Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • India
      • Japan
      • South Korea
      • China
      • Rest of Asia Pacific
  • Latin America
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Service , Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • Brazil
  • Mexico
  • Rest of Latin America

 

  • Middle East & Africa
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Service , Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East

Competitive Landscape

  • Heat Map Analysis
  • Market Presence and Specificity Analysis

Company Profiles

  • Amazon Web Services Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Akamai Technologies Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Cisco Systems Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Google Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • IBM Corp
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Hewlett Packet Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Dell Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Microsoft Corp
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • VM-Ware
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Yahoo Inc
    • Company Overview
    • Product Portfolio
    • Key Highlights.
    • Financial Performance
    • Business Strategies

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

The Cloud Computing Services Market is segmented into Type, Service, and Region.

Factors include the rising demand for scalable and flexible computing resources, widespread adoption of cloud-based solutions, and continual advancements in cloud technology, driving global growth in the cloud computing services market.

Challenges include concerns about data security, potential downtime risks, and the complexities of regulatory compliance, posing restraints on the global market.

By region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period.

The key players operating the target market includes, Amazon Web Services Inc., Akamai Technologies Inc., Cisco Systems Inc., Google Inc., IBM Corp, Hewlett Packet Inc., Dell Inc., Microsoft Corp., VM-Ware, Inc., and Yahoo Inc.