The global cloud computing market is calculated at a size of US$ 628.6 billion for 2024 and is projected to increase at a noteworthy CAGR of 14.2% to reach US$ 2,371.6 billion by 2034.

The user solely pays for the use of the computing device, as well as the storage and bandwidth it consumes, under this service model. Cloud computing has several advantages over on-premise hardware infrastructure, including faster implementation, reduced costs, scalability, mobility support, disaster recovery, and less staff strain. to maintain computer systems

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Market Growth and Trends
The global market is being driven by growing returns on investments with lower storage and infrastructure costs. One of the key worries among organisations is the cost of holding data and implementing on a platform such as on-premises. Given the global economic situation and market competitiveness, the penetration of cost-effective techniques for transforming company models is encouraged.

In addition, emerging markets in developing countries such as Africa, Brazil, China, and India drive market demand. The growing desire for a low-cost digital solution, such as cloud computing, makes it easier for businesses to operate smoothly. Small and Medium Enterprises (SMEs) and major enterprises are also shifting to cloud computing as a result of the different applications provided by developing technology. This could boost market demand for cloud computing in the coming years.

o For example, Sprint Corporation completed a cooperation with Ooma, Inc. in November 2019. The collaboration was completed in order to develop and advertise its cloud-based enterprise phone solution, “Omni.” The goal is to provide SMEs and large organisations with enterprise-quality landline phone technologies.
o Similarly, Accenture joined with VMware in February 2021 to develop a specialised business group to assist organisations in adopting a cloud-first strategy. This launch will enable for faster app development, faster cloud migration, and the utilisation of the cloud as the cornerstone for new businesses and innovation.

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Competitive Landscape
The global cloud computing industry’s players use a variety of techniques to acquire a prominent position and increase their influence in the worldwide market. Some of the most recent developments among the primary actors are as follows:

• In January 2020, IBM Corporation launched the Advertising Accelerator with Watson. It is a predictive solution that utilizes AI and helps Watson by providing campaigns that could aid marketers and advertisers in understanding the customers’ behavior.
• In February 2022, IBM disclosed its plan to team up with SAP to provide technology to clients to adopt a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
• In October 2020, Microsoft Corporation disclosed its partnership with ZEISS Group to offer advanced care to patients and develop manufacturing quality through data solutions. According to the partnership, ZEISS Group adopted Microsoft Azure as its cloud platform to offer digital experiences to its German counterpart.

Market Segmentations:
By End Use :
IT & Telecom
Government & Public Sector
Energy & Utilities
Retail & Consumer Goods
Manufacturing
BFSI
Healthcare
Media & Entertainment
Others

By Deployment :
Public Cloud Computing
Private Cloud Computing
Hybrid Cloud Computing

Based on Service :
Infrastructure as a Service (IaaS)
Platform as a Service (PaaS)
Software as a Service (SaaS)

By Enterprise Size :
Large Enterprises
Small & Medium Enterprises

By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa