The global cloud computing market size is estimated to reach $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.
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.
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 announced cloud services that empower businesses to refine, operate, and build custom large language and generative AI models. These services 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.
Highlights from the cloud computing marker report include:
- 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.