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Cloud Computing Market Size to Surpass USD 2,432.87 Billion by 2030, exhibiting a CAGR of 20%

Fortune Business Insights
Fortune Business Insights

As per the report by Fortune Business Insights, the global cloud computing market size is projected to reach USD 2,432.87 Billion by 2030, at a CAGR of 20% during the forecast period.

Pune, India, May 16, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global cloud computing market size was valued at USD 569.31 billion in 2022 and is projected to grow from USD 677.95 billion in 2023 to USD 2,432.87 billion by 2030, exhibiting a CAGR of 20% during the forecast period. Growing penetration of internet and smartphones and rising consumption of Big Data are the factors aiding market growth. Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation. Fortune Business Insights, provide this information in its report titled, Cloud Computing Market Forecast, 2023-2030.

Key Industry Development:

July 2021: Google Cloud and SAP SE entered into an expanded strategic partnership to assist customers in migrating critical business systems to the cloud, executing business transformations, and augmenting existing business systems with Google Cloud capabilities in Machine Learning (ML) and artificial intelligence. Moreover, customers can benefit from the global availability of multiple SAP products and services on Google Cloud’s scalable and reliable cloud infrastructure and high-speed network.

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Key Takeaways

  • Rising Investment in Developing Cloud Infrastructure Propelled Market Expansion Amid the Pandemic

  • The growing adoption of IoT, edge computing, real time analytics, and 5G will boost the need for computing technology in industries, thus aiding market proliferation.

  • Enterprises embrace AI-powered solutions to become more strategic, efficient, and insight-driven

  • By Type Analysis: Public Cloud to Dominate Owing to Growing Penetration of Connected Devices

  • Cloud Computing Market Size in North America was USD 401.49 Billion in 2022

Discover the Leading Players Featured in the Report:           

“Companies leading the Cloud Computing Market are Amazon Web Services, Inc. (U.S.), Oracle Corporation (U.S.), IBM Corporation (U.S.), Alibaba Group Holding Limited (China), Microsoft Corporation (U.S.), VMware, Inc. (U.S.), Google LLC (U.S.), Rackspace Technology, Inc. (U.S.), SAP SE (Germany), Salesforce, Inc. (U.S.)”

Report Scope & Segmentation

Report Coverage


Forecast Period

2023 to 2030

Forecast Period 2023 to 2030 CAGR


2030 Value Projection

USD 2,432.87 Billion

Base Year


Cloud Computing Market Size in 2022

USD 569.31 Billion

Historical Data for

2019 to 2021

No. of Pages


Segments covered

Type, Service, Industry and Geography

Cloud Computing Market Growth Drivers

Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation

Browse Complete Report Details:

Drivers and Restraints:

Growing Adoption of Omni-Cloud Solutions to Drive Market Augmentation

Large companies are increasingly adopting multi-cloud solutions in their business operations to organize their employees across cloud-based platforms. Also, as cloud-based applications, such as Facebook, Gmail, Dropbox, are becoming more flexible, the processing cycle needs to be faster in a real-time scenario. This, in turn, has prompted businesses to migrate to omni-cloud solutions owing to their benefits, including better decision-making, safe data availability, and real-time scalability. Furthermore, omni-cloud offers improved connection services to businesses, allowing data to be reorganized and integrated across numerous platforms. The rising popularity of omni-cloud solutions over multi-cloud solutions will propel the cloud computing market growth in the coming years.

On the other hand, cyber-attacks such as meltdown, cloud malware injection, account or service hijacking, and man-in-the-cloud assaults will hamper market proliferation in the forthcoming years.


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

  • BFSI

  • IT and Telecommunications

  • Government

  • Consumer Goods and Retail

  • Healthcare

  • Manufacturing

  • Others

By Region

  • North America

  • Europe

  • Asia Pacific

  • Middle East & Africa

  • Latin America

Regional Insights:

North America to Hold Major Share Due to Early Adoption of Advanced Technologies

North America is projected to hold the largest cloud computing market share over the forecast timeframe, owing to early adoption of technologies such as robotics, AI, IoT, and cloud. The presence of leading cloud providers, including Microsoft Corporation, IBM Corporation, Oracle Corporation, and others also contributes to market growth.

The Europe market is projected to grow substantially in the forthcoming years owing to investments by private corporations and governments to boost cloud adoption across the countries. For example, in February 2022, SAP SE, a Germany-based software company, launched a sovereign cloud platform for data processing domestically.

The Asia Pacific market is projected to showcase positive trends in the forthcoming years due to surging demand for cloud-based solutions in healthcare and manufacturing. There is rising adoption of smart Electric Vehicles (EVs), growing internet penetration, and rising digitalization. For example, in September 2022, Google partnered with NASSCOM to launch new cloud computing course in India.

Competitive Landscape:

Advanced Software Launches by Leading Companies to Boost Market Expansion

Industry leaders participate in several tactical decisions to strengthen their positioning in the global market. For example, in February 2023, Akamai Technologies, Inc. launched the Akamai Connected Cloud platform for content delivery, cloud computing, and security to keep applications close and threats away. Mergers and acquisitions, partnerships, and collaborations are some of the methods adopted by companies to maximize profits, revenue, and expand geographical reach.

Quick Buy - Cloud Computing Market Research Report:


How big is the cloud computing market?

Cloud Computing Market size was USD 569.31 billion in 2022.

How fast is the cloud computing market growing?

The Cloud Computing Market will exhibit a CAGR of 20% during the forecast period, 2023-2030

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