Cloud Computing Market – Industry Analysis and Forecast 2030

 

The global cloud computing market was valued at USD 752.44 billion in 2024 and is projected to reach USD 2,390.18 billion by 2030, expanding at a compound annual growth rate (CAGR) of 20.4% from 2025 to 2030. This substantial growth is being driven by the rapid expansion of big data, artificial intelligence (AI), and machine learning (ML) technologies, which are placing increasing demands on businesses to process and store massive amounts of data quickly and efficiently. Cloud computing platforms provide the required scalable infrastructure, processing power, and on-demand storage that enable organizations to build, deploy, and manage AI/ML applications with ease. These platforms also offer integrated tools, libraries, and frameworks for AI/ML development, allowing enterprises to extract insights from large datasets, optimize operations through automation, and enhance business intelligence and productivity.

As companies across industries adopt data-driven decision-making, cloud computing has become a key enabler of digital innovation, business agility, and competitive differentiation. Moreover, the evolution of hybrid and multi-cloud strategies is allowing businesses to customize their infrastructure by leveraging the distinct advantages of various cloud service providers. This multi-vendor approach ensures greater flexibility, resilience, and cost optimization, as enterprises can allocate workloads based on specific operational requirements and compliance needs.

Key Market Trends & Insights:

  • North America retained its leadership position in the global cloud computing market, accounting for a significant revenue share of around 39.0% in 2024.
  • The Asia Pacific region is forecasted to be the fastest-growing market, with a CAGR of 22.9% from 2025 to 2030. This rapid growth is supported by the expanding digital economy, government initiatives promoting cloud adoption, and increasing IT investments in emerging countries such as China, India, and Southeast Asia.
  • Among service models, the Software-as-a-Service (SaaS) segment led the market with a revenue share of 54.0% in 2024. SaaS remains the most widely adopted model due to its ease of use, accessibility, and suitability for a wide range of business applications. Meanwhile, the Infrastructure-as-a-Service (IaaS) segment is projected to grow at a strong CAGR of 22.0% over the forecast period.
  • In terms of application, the resource management segment was the largest, contributing to over 34.0% of the market revenue in 2024. This segment includes functions such as workload scheduling, storage allocation, and infrastructure optimization. On the other hand, the application development and testing segment is anticipated to see robust growth, driven by increasing demand for DevOps, CI/CD pipelines, and agile development practices.
  • By deployment model, the private cloud dominated the industry with a revenue share of over 46.0% in 2024, as many enterprises continue to prioritize data security, regulatory compliance, and internal control. The hybrid cloud segment is expected to grow significantly with a CAGR of over 20.1%, as businesses seek to combine the benefits of both public and private environments for optimized performance and scalability.
  • Regarding organization size, large enterprises led the market with a revenue share of 50.5% in 2024, given their complex infrastructure needs and larger IT budgets. However, the SMEs segment is anticipated to grow at a CAGR of over 20.9%, supported by greater accessibility to cloud services, increased demand for operational efficiency, and the rise of digital-first business models.
  • Among industry verticals, the banking, financial services, and insurance (BFSI) segment accounted for the largest revenue share of over 24.0% in 2024, driven by the sector’s high reliance on secure, scalable, and always-on platforms for real-time data processing and customer interaction.

Order a free sample PDF of the Cloud Computing Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

  • 2024 Market Size: USD 752.44 Billion
  • 2030 Projected Market Size: USD 2,390.18 Billion
  • CAGR (2025-2030): 20.4%
  • North America: Largest market in 2024
  • Asia-Pacific: Fastest growing market

Key Companies & Market Share Insights:

Leading players in the cloud computing industry include Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), and Alibaba Cloud. These companies offer a broad range of services and have built robust global infrastructure to serve customers of all sizes.

  • Amazon Web Services (AWS) is one of the most comprehensive and widely adopted cloud platforms globally. With a vast selection of on-demand services and APIs, AWS caters to a wide spectrum of users from individuals to multinational corporations and government agencies. Its expansive data center network and flexible pay-as-you-go pricing model make it a go-to provider for reliable and adaptable cloud solutions.
  • Microsoft Azure is recognized for its seamless integration with Microsoft’s software ecosystem and developer tools. It is particularly favored among software developers for building and deploying cloud-based applications. Azure also offers strong security features and is a leader in hybrid cloud solutions, making it a compelling choice for enterprises looking to bridge on-premises and cloud environments.
  • Google Cloud Platform (GCP) continues to strengthen its position with offerings in AI, data analytics, and containerized applications. Alibaba Cloud, a dominant player in Asia, is expanding its global footprint through investments in infrastructure and strategic partnerships.
  • RoomSketcher AS and BeLight Software Ltd. are examples of new entrants gaining traction by offering specialized and user-centric cloud applications.
  • GroundCloud stands out for its focus on sustainability, operating data centers powered by renewable energy sources, appealing to eco-conscious businesses.
  • Coastal Cloud specializes in managing large media files, providing tailored cloud solutions for the media and entertainment industry by optimizing content production, storage, and distribution.

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Conclusion:

The global cloud computing market is witnessing rapid expansion, driven by the increasing adoption of data-intensive technologies such as AI, ML, and big data analytics. As businesses seek scalable, cost-effective, and flexible IT solutions, cloud platforms are becoming integral to digital transformation strategies across industries. The rise of hybrid and multi-cloud models, combined with favorable pricing structures, is further encouraging widespread adoption among both large enterprises and SMEs.

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