- Growing adoption of bring your own device (BYOD) trend across numerous industry verticals is fueling the growth of the cloud computing market.
- Growing adoption of BYOD management platforms has been simplified with the help of cloud services.
- Regionally, the global cloud computing market has been segmented into North America, Asia-Pacific, Europe, the Middle East & Africa and South America.
The Global Cloud Computing Market is slated to expand at a moderate 19.4% CAGR, registering a substantial market valuation of $340.5 billion in 2024, over the forecast period.
In recent times, organizations have been undergoing several advancements in technology, including the adoption of smartphones, computers, and personal devices. Consequently, the adoption of cloud services to support flexible access to enterprise resources by the employees is slated to act as a major influential factor for the growth of the cloud computing market.
Additionally, due to several benefits that cloud computing offers over on-premise deployment is one of the other factors for the upsurge in the adoption of cloud computing. The deployment of cloud computing is precisely growing among small- and medium-sized enterprises owing to the flexibility it offers to them. Additionally, with the entrance of various cloud computing providers in the market, enterprises have several market players to assess before selecting a cloud provider, which consequently is creating competition in the market. Moreover, with the advent of virtual private cloud, enterprises are now able to use public cloud space more securely. All these developments in the market are fueling the demand forward.
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The global market for cloud computing has been segmented based on the deployment model, service model, and organization size.
Based on the service model, the market has been segmented into infrastructure as a service (IaaS), software as a service (SaaS), and platform as a service (PaaS). The SaaS segment is expected to register a substantial CAGR during the review period
Based on deployment mode, the market for cloud computing has been segmented into public, private, and hybrid cloud. The public cloud segment is touted to register a significant CAGR of 20% during the review period.
By the organization size, the cloud computing market has been bifurcated into large enterprises and small- and medium-sized enterprises. The large enterprises segment is poised to register a remarkable CAGR of 19% over the forecast period.
By the vertical, the market is segmented into IT and telecommunications, banking, financial services and insurance (BFSI), government and public sector, manufacturing, retail, and consumer goods, energy and utilities, healthcare, and life sciences, media and entertainment, and others. The BFSI segment is expected to register a notable CAGR of 18.6% over the review period, whereas the IT & telecommunication segment is projected to register a CAGR of 20%.