The global cloud computing market size is expected to grow from USD 371.4 billion in 2020 to USD 832.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.5% during the forecast period.
Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic. The sudden shutdowns of offices, schools, and enterprises have increased the demand for cloud solutions and services.
The cloud market in verticals such as IT, telecom, BFSI, and media and entertainment has impacted positively due to the work from home initiative. Employees are using cloud collaboration platforms for communicating and consuming OTT streaming services heavily as they need to stay at home amidst lockdowns.
Infrastructure as a Service (IaaS) to help enterprises in enhancing infrastructure scalability and performance
IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, easy, and scalable access to applications, and enhances collaboration to help enterprises focus on their core businesses.
The increasing internet access through smartphones and other devices has spurred the digitalization trend among enterprises that generate large volumes of business data daily. These factors have increased the enterprises' concerns over losing the focus on core business operations and meeting the demand for clients. IaaS helps in reducing the cost of deploying IT infrastructure, hardware, and in hiring skilled resources. These benefits, in turn, are expected to drive the adoption of IaaS.
Retail and consumer goods vertical to grow at the highest rate during the forecast period
The retail and consumer goods vertical is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks. Various factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations leading to the existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services.
North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest rate during the forecast period
North America is the most mature market in terms of cloud computing services adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for cloud computing vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt cloud computing services.
Key Topics Covered
1 Introduction 1.1 Introduction to COVID-19 1.2 COVID-19 Health Assessment 1.3 COVID-19 Economic Assessment 1.4 Objectives of the Study 1.5 Market Definition 1.6 Market Scope 1.7 Currency 1.8 Stakeholders
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Growth Opportunities in the Cloud Computing Market 4.2 Market: by Service Model, 2020 Vs 2025 4.3 Market: by Infrastructure as a Service, 2020 Vs 2025 4.4 Market: by Platform as a Service, 2020 Vs 2025 4.5 Market: by Software as a Service, 2020 Vs 2025 4.6 Market: by Deployment Model, 2020 Vs 2025 4.7 Market: by Vertical, 2020 Vs 2025 4.8 Cloud Computing Market Regional Scenario, 2020-2025 4.9 Market Top Countries, 2020
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Inclination of Enterprises Toward Automation and Agility 126.96.36.199 Enhanced Customer Experience With Personalization and Collaboration 188.8.131.52 Increased Return on Investments With Lower Infrastructure and Storage Costs 184.108.40.206 Surging Demand for Remote Workspaces With COVID-19 Outbreak 220.127.116.11 Rise in Demand for Cloud-Based Business Continuity Tools and Services 18.104.22.168 Business Expansions by Large Vendors Across Geographies to Acquire Untapped Customer Base 22.214.171.124 Proliferation of Digital Content and Upsurge in Internet Usage 126.96.36.199 Need for Disaster Recovery and Contingency Plan 5.2.2 Restraints 188.8.131.52 Cyberattacks Damaging Business Operations and Critical Data Loss 184.108.40.206 Limited Technical Expertise Among Enterprises in Technologically Developing Geographies 220.127.116.11 Inadequate Network Bandwidth Providers and Lack of Access to High-Speed Internet in Large Number of Countries 5.2.3 Opportunities 18.104.22.168 Increase in Adoption of Hybrid Cloud Services 22.214.171.124 Boosting the Adoption of Edge Technologies 126.96.36.199 Rise in Number of Small and Medium-Sized Enterprises to Create New Revenue Opportunities for Cloud Vendors 188.8.131.52 Telecom Service Providers Leveraging Existing Infrastructure to Offer Cloud-Based Services 184.108.40.206 Increasing Business Tie-Ups With Device Manufacturers 220.127.116.11 Bridging the Connectivity and Accessibility Gap 18.104.22.168 Need for Secure Cloud Environments to Increase Significantly 5.2.4 Challenges 22.214.171.124 Need to Manage Regulatory and Compliance Policy Needs 126.96.36.199 Compatibility Complexities With Legacy Systems 188.8.131.52 Fear of Vendor Lock-In 5.3 COVID-19-Driven Market Dynamics 5.3.1 Drivers and Opportunities 5.3.2 Restraints and Challenges 5.3.3 Cumulative Growth Analysis 5.4 Regulations 5.4.1 General Data Protection Regulation 5.4.2 Payment Card Industry-Data Security Standard 5.4.3 Health Insurance Portability and Accountability Act 5.4.4 Gramm-Leach-Bliley Act 5.4.5 Sarbanes-Oxley Act 5.4.6 SOC2 5.5 Trends 5.6 Value Chain 5.7 Ecosystem
6 COVID-19 Focused Developments and Strategies 6.1 Connectivity Providers/Original Equipment Manufacturers 6.2 Cloud Service Providers 6.3 Consultants/Managed Service Providers
7 Cloud Computing Market, by Service Model 7.1 Introduction 7.2 Infrastructure as a Service 7.3 Platform as a Service 7.4 Software as a Service
8 Cloud Computing Market, by Infrastructure as a Service 8.1 Introduction 8.2 Primary Storage 8.3 Disaster Recovery and Backup 8.4 Archiving 8.5 Compute
9 Cloud Computing Market, by Platform as a Service 9.1 Introduction 9.2 Application Development and Platforms 9.3 Application Testing and Quality 9.4 Analytics and Reporting 9.5 Integration and Orchestration 9.6 Data Management
10 Cloud Computing Market, by Software as a Service 10.1 Introduction 10.2 Customer Relationship Management 10.3 Enterprise Resource Management 10.4 Human Capital Management 10.5 Content Management 10.6 Collaboration and Productivity Suites 10.7 Supply Chain Management 10.8 Others
11 Cloud Computing Market, by Deployment Model 11.1 Introduction 11.2 Public Cloud 11.3 Private Cloud
12 Cloud Computing Market, by Organization Size 12.1 Introduction 12.2 Large Enterprises 12.3 Small and Medium-Sized Enterprises
13 Cloud Computing Market, by Vertical 13.1 Introduction 13.2 Banking, Financial Services, and Insurance 13.3 Telecommunications 13.4 IT and ITEs 13.5 Government and Public Sector 13.6 Retail and Consumer Goods 13.7 Manufacturing 13.8 Energy and Utilities 13.9 Media and Entertainment 13.10 Healthcare and Life Sciences 13.11 Others
14 Cloud Computing Market, by Region 14.1 Introduction 14.2 North America 14.3 Europe 14.4 Asia-Pacific 14.5 Middle East and Africa 14.6 Latin America
15 Competitive Landscape 15.1 Introduction 15.2 Market Evaluation Framework 15.3 Vendor Market Share for Infrastructure as a Service Segment, 2019 15.4 Vendor Market Share for Platform as a Service Segment, 2019 15.5 Vendor Market Share for Software as a Service Segment, 2019 15.6 Key Market Developments 15.6.1 New Product Launches 15.6.2 Business Expansions 15.6.3 Acquisitions 15.6.4 Partnerships