Cloud Computing Market Size, Share, Growth Analysis, By Service(Software As A Service ( Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management), By Deployment Mode(Private Cloud, Public Cloud, and Hybrid Cloud), By Enterprise Size(Large Enterprises, and Small & Medium Enterprise), By End-use(IT &ITES ( Devops, Big Data And Analytics, IT Security And Compliance, Others)), By Region - Industry Forecast 2024-2031

Global Cloud Computing Market size was valued at USD 626.4 billion in 2022 and is poised to grow from USD 720.99 billion in 2023 to USD 2220.9 billion by 2031, growing at a CAGR of 15.1% during the forecast period (2024-2031). 

Global Cloud Computing market is characterized by intense competition among key players striving to gain a significant market share. The partnerships and strategic alliances between cloud providers and other technology companies, as well as acquisitions and mergers within the industry, further shape the competitive landscape. These collaborations enable companies to expand their service offerings, access new markets, and strengthen their position in the highly competitive cloud computing market. 'Amazon Web Services (AWS) (US) ', 'Microsoft Azure (US) ', 'Hewlett Packard Enterprise Development LP (US) ', 'Tencent Cloud (China) ', 'Google Cloud Platform (US) ', 'Alibaba Cloud (China) ', 'IBM Cloud (US) ', 'Oracle Cloud Infrastructure US () ', 'Salesforce (US) ', 'SAP Cloud (Germany) ', 'Rackspace (US) ', 'Verizon Cloud (US) ', 'CenturyLink Cloud (US) ', 'Fujitsu Cloud (Japan) ', 'VMware Cloud (US) ', 'NTT Communications Cloud (Japan) ', 'Adobe Cloud (US) ', 'Cisco Cloud (US) ', 'Dell Cloud (US) ', 'HPE Cloud (US)'

The AI, Machine Learning, and Big Data's integration with cloud solutions translates into an extra benefit of enhancing the data visualization capabilities of organizations to make disparate data accessible and actionable. In the process of collecting data and training algorithms, large capacity of computing resources and storage capacity are needed which is cheaper and more easily procured as-a-service. Cloud providers are increasingly using AI for multiple tasks, such as handling extensive distributed networks necessary for the provisioning of storage services, optimizing power and cooling systems in data centres, and bolstering cybersecurity solutions that protect data. Businesses are adopting AI-based solutions to obtain the competitive advantage by automating the current practices, making strategic decisions and increasing productivity. AI can eliminate such repetitive and complex tasks, bringing the productivity to the highest level ever, and performing data analysis without any human participation. In this way, IT departments, with the help of AI, can monitor and supervise critical workflows accurately. In addition to the giants like Google, Amazon and Microsoft, the providers of cloud services begin to introduce artificial intelligence (AI) in their services. They strive to provide users with more efficient and cost-effective solutions. For instance, in August 2023, Microsoft announced the Microsoft Studio which is targeted at enterprises to expedite the AI and cloud movement. With this new product, Globant's well-developed knowledge and expertise matching Microsoft's proven computing and AI technologies capabilities are brought together. 

Increasing adoption of Omni-Cloud solutions: Major corporations are integrating multi-cloud solutions into their operations to oversee their workforce across various cloud-based platforms. Additionally, with the increasing robustness and flexibility of cloud-driven applications like Gmail, Facebook, and Dropbox, the demand for swift handling cycles in real-time scenarios is growing. Nevertheless, the integration of disparate cloud infrastructures often lacks efficiency due to fragmented coordination. Consequently, enterprises are transitioning to omni-cloud solutions to capitalize on numerous benefits, including streamlined data utilization, enhanced decision-making capabilities, real-time scalability, and improved data availability.

North America is largest market by region, because it was the first to adopt advanced technologies. As a result of big cloud vendors’ major presence in the area, the adoption of cloud services will also increase in the region. The cloud service vendors are mainly in the North America, investing in technological expertise, making strategic partnerships and increasing their cloud infrastructure. For instance, in September 2023, Oracle announced a partnership with TELMEX-Triara and so having the first two cloud regions in Mexico, which makes Oracle the first hyperscale to achieve the milestone. Organization that will find Oracle’s Cloud Infrastructure (OCI) useful will be those that offer better performance, more secure measures, integrating data analytics capabilities and having distributed cloud proficiency.