Cloud Computing Industry Data Book – Public Cloud, Private Cloud and Hybrid Cloud Market
Cloud Computing Industry | Forecast 2030
Cloud Computing Industry Data Book – Public Cloud, Private Cloud and Hybrid Cloud Market
The global market size for cloud computing was estimated at USD 483.97 billion in 2022 and is anticipated to increase at a CAGR of 14.1% from 2023 to 2030. The growth can be attributed to factors such as the increasing amount of data generated by mobile applications and websites, the need for large storage requirements, the increasing need to deliver customer-centric applications to increase customer satisfaction, and the need for control and reduction of Capital Expenditures (CAPEX) and Operational Expenditures (OPEX). Several emerging technologies are driving the growth of the global cloud computing market, such as big data, Artificial Intelligence (AI), and Machine Learning (ML). In addition, cloud computing services are driven by other prominent factors, such as protecting private information, increasing Disaster Recovery (DR) speed, and the execution of regulatory mandates. As a result, cloud storage services with unlimited storage are increasingly being implemented by enterprises.
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Cloud services provide businesses and individuals with a secure, safe way to store important data. Furthermore, cloud accounts include various encryption tools to protect data, which may increase demand for public cloud services. According to the survey report conducted by Flexera Software in March 2023, the multi-cloud would primarily be used for security tools, followed by cost optimization tools, governance tools, and management tools.
Public Cloud Market Insights
The global public cloud market size was valued at USD 211.5 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 14.6% from 2020 to 2027. Rapidly increasing digital transformation among industries, penetration of internet and mobile devices, and rise in consumption of big data are the primary drivers fostering market growth.
The development of next generation industrial solutions will be cloud enhanced and require a platform to showcase their digital business capabilities. Rise in internet of things (IoT), edge computing, 5G, use of real-time analytics enabled by artificial intelligence (AI), and machine learning (ML) are likely to boost the utility of this computing technology among the organizations.
With digital transformation, industries are witnessing a change in business models and operational processes. The growth in communication with external partners, other industries, and customers is intensifying, while public cloud is providing a perfect platform for establishing an open inter-company network. Public cloud services cover a large number of functions, from the basics of storage, processing, and networking power through artificial intelligence and natural language processing (NLP) as well as standard office applications.
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Private Cloud Market Insights
The global private cloud market was valued at USD 222.30 billion in 2022 and is expected to grow at a CAGR of 14.7% over the forecast period from 2023 to 2030. Businesses with variable networks frequently use the private cloud to ensure access and total control over the cloud environment. Enterprises are adopting a private cloud due to the necessity for data protection and compliance with the shifting regulatory environment. Companies aim to lower CAPEX while concentrating on business transformation projects that improve organizational agility.
Enterprises are increasingly adopting private cloud infrastructure due to the high volume of sensitive data they produce. Companies can better understand customer behavior and create new goods and services by analyzing patterns in real-time data. Hence, enterprises are continuously adopting private cloud infrastructure.
Hybrid Cloud Market Insights
The global hybrid cloud market size was valued at USD 90.28 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 14.2% from 2023 to 2030. There has been a significant shift toward hybrid infrastructure services due to the expansion of cloud and industrialized services and the loss of traditional Data Center Outsourcing (DCO). A decline in traditional DCO is due to the increase in infrastructure utility services, colocation, and hosting spending. This is anticipated to fuel the transition to cloud hosting. Moreover, government agencies are refocusing their efforts on implementing hyper-scale clouds, which offer advantages including unified operations, data center modernization, application innovation, and security and governance. Furthermore, the cloud allows government organizations to handle cyclical demands or emergencies without overprovisioning hardware.
Hybrid cloud solutions offer enterprises a competitive edge by enabling scalability, advanced services, and secure infrastructure. This strategy provides a secure firewall for private services and sufficient integration. In addition, it offers several benefits, such as total support for the remote workforce, decreased operational costs, and improved scalability, control, security, and risk management. Hence, the extensive use of cloud computing services is expected to boost demand for hybrid cloud solutions over the forecast period.
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