According to a newly published report by Grand View Research, Inc., the global cloud computing market is projected to reach a total market size of USD 2,390.18 billion by the year 2030. This anticipated expansion is expected to occur at a compound annual growth rate (CAGR) of 20.4% between 2025 and 2030. The industry is currently undergoing rapid growth, driven by multiple influential factors that are accelerating cloud adoption across the globe.

One of the key drivers behind this market expansion is the increasing adoption of cloud-native applications across a wide array of industries, including banking and supply chain automation. These modern, cloud-based applications provide organizations with a more agile and streamlined approach to developing, managing, and deploying web-based services. A relevant example can be seen in June 2023, when First Abu Dhabi Bank (FAB) announced a strategic partnership with IBM to migrate its core applications to the cloud. This initiative is aimed at optimizing FAB's technological infrastructure and enhancing the digital experience for its customer base. By adopting cloud computing, businesses can achieve greater operational agility and scalability, empowering them to respond quickly and efficiently to evolving market conditions and customer expectations.

Another major growth catalyst is the rising integration of next-generation technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and 5G connectivity. These technologies generate vast volumes of data and require advanced computational power and scalable storage solutions—needs that cloud computing is uniquely positioned to meet. By leveraging the cloud, businesses are better equipped to store, access, and manage the enormous datasets generated by devices such as smartphones, computers, and various Internet-connected systems. The ability to harness this data enables organizations to personalize offerings and deliver customized experiences to consumers, further boosting competitive advantage.

In March 2023, NVIDIA Corporation, a global leader in GPU technology, announced a suite of cloud-based services designed to assist organizations in building, fine-tuning, and deploying custom large language models and generative AI applications. These services are already being utilized by companies such as Morningstar and Getty Images, highlighting the transformative impact of cloud infrastructure on democratizing access to AI capabilities. By reducing technological barriers, cloud platforms empower companies to implement powerful AI tools—such as personalized recommendation systems and predictive analytics—with significantly lower capital investment.

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Cloud Computing Market Report Highlights

• Service Segmentation: The market is categorized into three major service models—Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)—each serving unique needs across industries.

• Workload Segmentation: Cloud workloads are segmented into areas such as application development and testing, data storage and backup, resource management, orchestration services, and others, reflecting the diverse utility of cloud platforms.

• Deployment Models: Based on deployment type, the market includes public, private, and hybrid clouds. Notably, the private cloud segment dominated the market in 2024, accounting for a revenue share of over 46.0%, driven by increased demand for enhanced data security and control among large enterprises and regulated industries.

• Enterprise Size: The market serves both large enterprises and small and medium-sized enterprises (SMEs), with tailored cloud offerings to meet varying organizational needs and budget capacities.

• Industry Verticals: The Banking, Financial Services, and Insurance (BFSI) sector emerged as the dominant industry segment in 2024, capturing a revenue share of over 24.0% of the global market. This stronghold reflects the sector’s high reliance on secure, scalable, and cost-efficient digital infrastructure.

Cloud Computing Market Segmentation

Grand View Research has segmented the global cloud computing market based on service, workload, deployment, enterprise size, end-use, and region:

Cloud Computing Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Infrastructure as a Service (IaaS)

• Platform as a Service (PaaS)

• Software as a Service (SaaS)

Cloud Computing Workload Outlook (Revenue, USD Billion, 2018 - 2030)

• Application Development & Testing

• Data Storage & Backup

• Resource Management

• Orchestration Services

• Others

Cloud Computing Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Public

• Private

• Hybrid

Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Small & Medium Enterprises

• Large Enterprise

Cloud Computing End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI

• IT & Telecom

• Retail & Consumer Goods

• Manufacturing

• Energy & Utilities

• Healthcare

• Media & Entertainment

• Government & Public Sector

• Others

Cloud Computing Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

List of Key Players in Cloud Computing Market

• Alibaba Cloud

• Amazon Web Services, Inc.

• CloudHesive

• Coastal Cloud

• DigitalOcean

• Google

• GroundCloud

• IBM

• Microsoft Azure

• Oracle Cloud

• Rackspace Technology, Inc.

• Salesforce, Inc.

• Tencent

• The Descartes Systems Group Inc.

• VMware LLC

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