Meticulous Research® has released a comprehensive report titled, ‘Cloud Computing Market by Service Model (Infrastructure as a Service, Platform as a Service, and Software as a Service), Deployment Mode, Organization Size, End User (BFSI, Retail, and Healthcare), and Geography - Global Forecast to 2030.’

According to this latest publication, the global cloud computing market is projected to grow to $1,402.7 billion by 2030, achieving a robust CAGR of 16.8% from 2024 to 2030. Key drivers of this growth include increasing adoption of cloud computing services, enhanced customer personalization, rising demand for artificial intelligence (AI), and the integration of machine learning (ML) and the Internet of Things (IoT). While data security and privacy concerns may pose challenges, government initiatives and the growing uptake of cloud solutions present significant growth opportunities. However, complexities associated with multi-cloud models could impact market expansion. Current trends include the rise of cloud gaming and serverless computing.

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Market Segmentation:
• Service Model: The market is categorized into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). In 2022, SaaS dominated the market due to its benefits, including flexible costs and easy maintenance, and is expected to exhibit the highest CAGR during the forecast period.

• Deployment Mode: Segmented into Public Cloud, Private Cloud, and Hybrid Cloud, the Public Cloud segment led in 2022, driven by the rise of remote work and SME reliance on public cloud services. The Hybrid Cloud segment, however, is anticipated to experience the highest growth rate, offering agility and IT optimization.

• Organization Size: The market is divided into Large Enterprises and Small & Medium Enterprises (SMEs). Large Enterprises held a larger share in 2022 due to their significant IT budgets and skilled personnel. SMEs are expected to see higher growth rates, reflecting their increasing adoption of cloud computing.

• End User: Key segments include BFSI, Healthcare, IT and Telecom, Government & Public Sector, Retail, Manufacturing, Energy & Utilities, Media & Entertainment, and Others. BFSI had the largest share in 2022, influenced by mobile device penetration and cloud adoption. The Healthcare sector is forecasted to grow at the highest rate due to increased cloud uptake.

• Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America held the largest share in 2022, supported by major cloud computing companies and high adoption rates. Asia-Pacific is projected to record the fastest growth, driven by developing economies, expanding data centers, and increasing cloud awareness among SMEs.

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Key Players:
The major players in the global cloud computing market include Microsoft Corporation (U.S.), IBM Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), SAP SE (Germany), Google LLC (U.S.), Salesforce, Inc. (U.S.), Workday, Inc. (U.S.), Alibaba Group Holding Limited (China), VMware, Inc. (U.S.), DXC Technology (U.S.), Nutanix, Inc. (U.S.), Cisco Systems, Inc. (U.S.), ZYMR, INC. (U.S.), and SAS Institute, Inc. (U.S.).

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