Cloud Computing Market Size, Share, Trends, & COVID-19 Impact Analysis, By Type (Public Cloud, Private Cloud, Hybrid Cloud), By Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Industry (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Government, Consumer Goods, and Retail, Healthcare, Manufacturing, Others), and Regional Forecast, 2021-2028
The global “Cloud Computing Market size” was USD 219.00 billion in 2020. The market is expected to grow from USD 250.04 billion in 2021 to USD 791.48 billion in 2028 at a CAGR of 17.9% during the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Cloud Computing Market, 2021-2028.”
According to our research analysts, developing technologies such as artificial intelligence, cloud, predictive analysis, as well as machine learning, among other, are estimated to refine contact center competences. The rising alertness of civil privileges has led to the growth of customer inquiries across industries.
Companies Profiled in the Cloud Computing Market Share Report:
- Amazon Web Services (AWS) (Washington, U.S.)
- Oracle Corporation (California, U.S.)
- IBM Corporation (New York, U.S.)
- Alibaba Group Holding Limited (Hangzhou, China)
- Microsoft Corporation (New Mexico, U.S.)
- VMware, Inc. (California, U.S.)
- Alphabet Inc. (Google LLC) (California, U.S.)
- Rackspace Technology, Inc. (Texas, U.S.)
- SAP SE (Walldorf, Germany)
- Apple Inc. (California, U.S.)
What Does the Report Offer?
In order to prepare this report, we have captured data on the revenue of several key players through secondary sources, such as company websites, corporate filings, annual reports, and investor presentations. We have conducted extensive interviews with key industry experts in order to track and analyze competitive developments, such as partnerships, mergers and acquisitions, new product launches, and research and development activities. Our next step included the bottom-up procedure to arrive at the overall size of the market.
North America held the maximum market share in 2020, which was worth USD 78.28 billion and is expected to dominate the market in terms of revenue during the forecast period.
Asia Pacific is probable to exhibit sudden growth during the predicted period. The growth is owing to the increasing demand for cloud-based solutions across production and healthcare industries.
Europe is estimated to display a considerable CAGR during the forecast period. The growth is accredited to the growing start-ups, digital government ventures and supervisory environment, and rising adoption of cloud-based technologies.
Key Companies Focus on Inventive Cloud Computing Solutions to Reinforce Competition
Prime players such as Microsoft Corporation, IBM Corporation, Alibaba Group Holding Limited, Oracle Corporation, Amazon Web Services, and Apple, Inc. are fixated on advancing their prevailing product portfolio.
Moreover, these companies are now emerging and delivering cloud-based solutions with inventive technologies such as AI, ML, and others to refine their products and offer augmented solutions to their users.
May 2020: Microsoft Corporation presented industry-specific Microsoft cloud for healthcare organizations and streamlined communications and amplified workflow proficiency. Additionally, this involves data analytics for both unstructured as well as structured data.