The Cloud Computing Market is projected to grow at a robust CAGR of 13.7% and is predicted to reach from US$ 517.9 Billion in 2022 to US$ 1.9 Trillion in 2032. While Asia Pacific’s technology expenditure has surged, a setback owing to the recent COVID-19 pandemic is on the horizon. Cloud technology usage is likely to expand in areas where the WFH effort is assisting in the maintenance of corporate business processes.

By enabling companies to utilise AI capabilities, emerging technologies like artificial intelligence (AI) and machine learning encourage cloud expansion. The COVID-19 pandemic has become a significant risk to the world economy. Business continuity challenges brought on by lockdown, work from home, social distance, and other cloud computing market demands may be overcome with the use of cloud computing.

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Key Takeaways:

• The solutions from the cloud computing market are expected to grow at the fastest CAGR of 15.1% in the component sector.
• Public cloud is expected to grow at a high rate in the deployment type sector of the cloud computing market, with a CAGR of 15.0%.
• The market size for cloud computing in the United States is expected to reach US$ 6 Billion by 2032, growing at a CAGR of 15.0% during the research period.
• United Kingdom is expected to reach a market size of US$ 693.9 Million in cloud computing by 2032, with a CAGR of 13.9% during the research period.
• China’s cloud computing market is expected to be worth US$ 1.2 Billion by 2032, with a CAGR of 14.5% over the forecast period.
• Japan is expected to have a market size for cloud computing of US$ 1 Billion by 2032, with a CAGR of 13.4% during the research period.
• By 2032, South Korea is expected to reach a market size of US$ 606.7 Million in cloud computing, with a CAGR of 13.0% during the research period.

Significantly, as organizations attempt to improve their digital activities, public cloud services have acquired significant popularity in the Asia Pacific. With the need to attain better company agility and customer satisfaction, cloud computing has become the foundation of how many firms function today.

List of Key Players Covered in Cloud Computing Market are:

• AWS
• Microsoft
• IBM
• Salesforce
• Google
• Oracle
• SAP
• Alibaba Cloud
• Adobe
• Workday

To expand their cloud computing market offers, asset performance management vendors have employed a variety of organic and inorganic development tactics, such as new product releases in the cloud computing market, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions. AWS, Microsoft, IBM, Salesforce, Google, and others dominate the cloud computing sector.

Key Segments

By Service Model:

• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)

By Deployment Model:

• Public Model
• Private Cloud

By Organization Size:

• Small and Medium-Sized Enterprises
• Large Enterprises

By Vertical:

• BFSI
• Telecommunications
• IT and ITeS
• Government and Public Sector
• Retail and Consumer Goods
• Manufacturing
• Energy and Utilities
• Media and Entertainment