Global Cloud Industry Outlook worth $727.9 billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 11, 2023 /PRNewswire/ -- According to a research report "Global Cloud Industry Outlook 2024 - A Glimpse into Tomorrow's Tech Tapestry" published by MarketsandMarkets, the global cloud industry will grow from USD 626.4 billion in 2023 to USD 727.9 billion by 2024 at a YoY increase of 16.2%.

Cloud Service Providers' (CSPs') transition toward generative AI primarily fuels the cloud industry in 2023. As we enter 2024, the cloud landscape promises a dynamic journey marked by unprecedented innovation, transformative technologies, and intense competition in the expanding realms of cloud computing.

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Cloud developments in 2023 and upcoming predictions in 2024

Cloud growth in emerging economies, continued cloud implementation among BFSI firms, cloud organic/inorganic initiatives by hyperscalers, and accelerated multi/hybrid cloud implementation prevail in 2023. Gen AI's integration with the cloud, amplified competition among CSPs, increased cyber budgets to respond to cloud-based risks, expansion of new cloud regions in fresh territories, and rise in demand for industry cloud are trends that will front-line the cloud market's outlook in 2024. In 2024, security & compliance will be critical in shaping the cloud industry's landscape. The emphasis on cloud-native technologies such as containers and container orchestrations are anticipated to ascend further. Improved visibility across hybrid cloud infrastructures will be a daunting challenge in 2024; CSPs must tackle this to remain competitive.

We have analyzed the key trends in our Global Cloud Industry Outlook 2024 project that can help cloud professionals and business leaders prepare investments for the coming year.

Top Key Companies in Global Cloud Industry Outlook:

AWS (US), Microsoft (US), Google (US), Alibaba Cloud (China), and Oracle (US) are the major players in the cloud industry, with a 38-52% combined market share in 2022. Other prominent market players are IBM (US), SAP (Germany), Salesforce (US), Adobe (US), Workday (US), and Tencent Cloud (China). In 2023, key CSPs strive to maintain their cloud leadership positions with product launches, gen AI advancements, and strategic deals. In 2024, cloud players will continue investments in advanced security and sovereign cloud, hike cloud service prices, launch cloud regions in unexplored countries, and focus on industry-specific cloud offerings.

North America leads the Cloud Industry, and Asia Pacific experiences the highest YoY growth.

North America has a highly mature cloud adoption landscape; the United States is expected to continue to be a major contributor to the global cloud market in 2024, with a significant presence of leading cloud providers. Europe's stringent regulatory requirements will shift focus toward sovereign cloud. Increasing internet penetration and a burgeoning startup ecosystem will support rapid growth in India, Australia, China, and South Korea. Middle Eastern and Latin American countries will also witness notable cloud growth driven by government initiatives.

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