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). 

Cloud computing changes the data processing, storage, and management functions to cloud computer networks which are built over the internet rather than using only local servers or personal computers. The standard shift of the shared space ensures secure storage environment where all devices from the network can access simultaneously. The explosive development of cloud computing is the result of certain reasons mainly the digitization of companies, the spread of internet and mobile devices worldwide of the growing use of big data. While industries are in the process of regeneration, their access and ability to use cloud platforms in supplement of digital business solutions are critical. Furthermore, the coming together of newer technologies similar the Internet of Things (IoT), edge computing, 5G connectivity, real-time analytics with AI and ML leads to the elevation of cloud computing in all the sectors. For instance, In December 2023, Bitdeer and Nvidia announced a cloud computing service combining Bitdeer's AI and ML expertise and Nvidia's capabilities, representing a huge advance in cloud computing services innovation. 

The evolution cloud computing market growth is propelled by the rising utilization of cloud-based systems in small and medium-sized enterprises (SMEs). Another key factor is that governments in many developing countries have adopted cloud computing delivery models as a way of enhancing their expertise on technology and increasing productivity in the government. For instance, in June 2023, The Ministry of Economy (MoE) collaborated with Amazon Web Services, Inc., to launch the AWSConnected Community Initiative. This is one of the dedicated SMEs digitization efforts that is aimed at helping the SMEs to thrive and compete internationally. Fujitsu brings into the play a new concept, known as "Fujitsu CaaS" (Computing as a Service), allows clients get cloud access to the latest computing resources. Among the flagship services offered within CaaS, namely "Fujitsu Cloud Service HPC--utilizing Fugaku, the world's fastest supercomputer that provides high-performance computing capabilities.