Cloud Computing Market To Reach $2,390.18 Billion By 2030

Cloud Computing Market Growth & Trends

The global cloud computing market size is estimated to reach USD 2,390.18 billion by 2030, registering to grow at a CAGR of 20.4% from 2025 to 2030 according to a new report by Grand View Research, Inc. The market is experiencing significant growth fueled by several key factors. Firstly, the rising adoption of cloud-native applications across diverse sectors like banking and supply chain automation is driving demand. These applications offer businesses a faster and more efficient way to develop, manage, and roll out web services. For instance, in June 2023, First Abu Dhabi Bank (FAB) partnered with IBM to migrate its applications to the cloud. This move will enable FAB to optimize its technology infrastructure and deliver a seamless digital experience for its customers. Cloud adoption empowers businesses with greater agility and scalability, allowing them to adapt more effectively to changing market demands and customer needs.

Secondly, the increasing use of cutting-edge technologies like Artificial Intelligence (AI), Machine Learning (ML), and 5G is further propelling the market. These technologies require immense data processing power and storage capabilities, which cloud computing solutions provide readily. Businesses can leverage the cloud to efficiently store, access, and manage the vast amount of data generated by modern technologies like smartphones, computers, and the Internet. This data is crucial for businesses to personalize services and deliver tailored experiences to their consumers.

In March 2023, NVIDIA Corporation, a leading GPU provider, announced cloud services that empower businesses to refine, operate, and build custom large language and generative AI models. These services, utilized by companies like Morningstar and Getty Images, showcase the cloud's role in lowering technological barriers and enabling advancements in AI across various industries. Cloud computing provides the necessary infrastructure for businesses to handle complex computations associated with AI applications like personalized recommendations and data analysis.

The market growth is also driven by continuous innovation and expansion. Cloud service providers are constantly developing new solutions, services, and workloads to enhance their offerings and solidify their market positions. Additionally, prominent players are expanding their reach globally by opening data centers in new regions. This facilitates digital transformation in developing countries and expands the market potential for cloud computing solutions.

In June 2023, Microsoft Corporation announced the launch of its first Italian cloud region. This move provides Italian organizations with access to scalable, secure, and readily available cloud services. By establishing data centers in new regions, cloud providers cater to the growing demand for digital solutions and contribute to economic growth in those areas. The combined forces of application adoption, data demands, technological advancements, and continuous innovation ensure the continued expansion of the market in the coming years.

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Cloud Computing Market Report Highlights

• Based on service, the market is segmented into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS).

• Based on workload, the market is segmented into application development & testing, data storage & backup, resource management, orchestration services, and others.

• Based on deployment, the market is segmented into public, private, and hybrid. The private segment dominated the cloud computing industry with a revenue share of over 46.0% in 2024.

• Based on enterprise size, the market is segmented into large enterprises and small & medium enterprises (SMEs).

• The BFSI segment dominated the market and accounted for a revenue share of over 24.0% of the global revenue in 2024.

Cloud Computing Market Segmentation

Grand View Research has segmented the global cloud computing market based on service, workload, deployment, enterprise size, end-use, and region:

Cloud Computing Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Infrastructure as a Service (IaaS)

• Platform as a Service (PaaS)

• Software as a Service (SaaS)

Cloud Computing Workload Outlook (Revenue, USD Billion, 2018 - 2030)

• Application Development & Testing

• Data Storage & Backup

• Resource Management

• Orchestration Services

• Others

Cloud Computing Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Public

• Private

• Hybrid

Enterprise Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Small & Medium Enterprises

• Large Enterprise

Cloud Computing End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI

• IT & Telecom

• Retail & Consumer Goods

• Manufacturing

• Energy & Utilities

• Healthcare

• Media & Entertainment

• Government & Public Sector

• Others

Cloud Computing Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in Cloud Computing Market

• Alibaba Cloud

• Amazon Web Services, Inc.

• CloudHesive

• Coastal Cloud

• DigitalOcean

• Google

• GroundCloud

• IBM

• Microsoft Azure

• Oracle Cloud

• Rackspace Technology, Inc.

• Salesforce, Inc.

• Tencent

• The Descartes Systems Group Inc.

• VMware LLC