Global Cloud Computing Market Size, Manufacturers, Supply Chain, Sales Channel and Clients, 2024-2030

Cloud Computing Market 

The global market for Cloud Computing was estimated to be worth US$ 131400 million in 2023 and is forecast to a readjusted size of US$ 804820 million by 2030 with a CAGR of 29.2% during the forecast period 2024-2030.

Cloud Computing is a term that describes a broad range of technology services. It is often described as a stack (see diagram below), as a response to the broad range of services built on top of one another under the moniker “Cloud”. Cloud computing is delivering computing services over the internet, such as servers, storage, databases, networking, software, analytics, and intelligence. These services allow for faster innovation, more flexible resources, and cost savings.

Cloud Computing Market Segment by Type

Infrastructure as a Service (IaaS)

IaaS contains the basic building blocks for cloud IT. It typically provides access to networking features, computers (virtual or on dedicated hardware), and data storage space. IaaS gives you the highest level of flexibility and management control over your IT resources. It is most similar to the existing IT resources with which many IT departments and developers are familiar.

Platform as a Service (PaaS)

PaaS removes the need for you to manage underlying infrastructure (usually hardware and operating systems), and allows you to focus on the deployment and management of your applications. This helps you be more efficient as you don’t need to worry about resource procurement, capacity planning, software maintenance, patching, or any of the other undifferentiated heavy lifting involved in running your application.

Software as a Service (SaaS)

SaaS provides you with a complete product that is run and managed by the service provider. In most cases, people referring to SaaS are referring to end-user applications (such as web-based email). With a SaaS offering, you don’t have to think about how the service is maintained or how the underlying infrastructure is managed. You only need to think about how you will use that particular software

Cloud Computing Market Trends

Cloud computing is the delivery of different services through the Internet. These resources include tools and applications like data storage, servers, databases, networking, and software. Rather than keeping files on a proprietary hard drive or local storage device, cloud-based storage makes it possible to save them to a remote database. As long as an electronic device has access to the web, it has access to the data and the software programs to run it.

The Cloud Computing industry concentration is unbalanced, and there are many small and new companies in this industry. Global giant manufactures are mainly distributed in U.S.. 

The manufacturers in the U.S. have a long history and unshakable status in this field. Manufacturers such as Amazon Web Services and Microsoft Azure have relatively higher levels of product’s quality. As for Europe, SAP has become a global leader. In Cina, Aliyun leads the technology development.The key consumption markets are located in developed countries.

North America takes the market share of 38 %, followed by Europe with 26%. China’s consumption market has a quicker growing speed of CAGR above 50%. We tend to believe this industry becomes more and more mature, and the consumption increasing rate will show a smooth curve.

Cloud Computing Market Covid - 19 Impacts

Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 100 countries around the globe with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt and will significantly affect the Cloud Computing Service market in 2020.

COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.

The outbreak of COVID-19 has brought effects on many aspects, like flight cancellations; travel bans and quarantines; restaurants closed; all indoor events restricted; over forty countries state of emergency declared; massive slowing of the supply chain; stock market volatility; falling business confidence, growing panic among the population, and uncertainty about future.

Healthcare Cloud Computing

In recent years, especially in the field of healthcare, research cooperation has been increasing. Medical institutions and organizations participating in research projects need systems with high computing power. Deploying cloud computing in the healthcare ecosystem has many advantages, including cost savings, increased flexibility, and organizational system scalability. In addition, the use of cloud computing has also promoted better collaborative research between various medical researchers and other stakeholders. A cloud computing module designed specifically for the healthcare ecosystem can help healthcare professionals make accurate decisions while prescribing appropriate medicines to patients.

In particular, the global outbreak of coronavirus disease 2019 (COVID-19) in 2019-2020 will push cloud computing in the healthcare field to a climax. The future development trend of cloud computing in healthcare is very good.

Cloud Computing Market Share Analysis

Global Cloud Computing key players include Amazon Web Services, Microsoft Azure, IBM, Aliyun, Google Cloud Platform, etc. Global top five manufacturers hold a share over 50%.

North America is the largest market, with a share over 35%, followed by EU and Japan, both have a share over 35%.

In terms of product, Infrastructure as a Service (IaaS) is the largest segment, with a share over 50%. And in terms of application, the largest application is Large Enterprises, followed by Small and Medium Sized Enterprises, Government, etc.