The global cloud computing market size accounted for USD 753.18 billion in 2024 and is expected to exceed around USD 5,194.06 billion by 2034, growing at a CAGR of 21.3% from 2024 to 2034.
The cloud computing market refers to the production, distribution, and use of cloud computing, which is the delivery of computing services, including servers, storage, databases, networking, analytics, software, and intelligence over the internet to offer faster innovation, flexible resources, and economies of scale. It prevents data, advanced security, better collaboration, cost savings, and faster time to market. Cloud computing is used for software development and testing, virtual desktops, e-mail, disaster recovery, data backup, customer-facing web applications, and big data analytics. The rising need for dependable, secure, scalable, and affordable resources off-premises drives the growth of the cloud computing market.
However, the factors challenging growth in the market include cloud migration, cloud skills gap, mathematical optimization, internet connectivity, network dependence, and lack of expertise, which can hinder the growth of the market. The future scope of the market includes a growing interest in hybrid cloud solutions, the development of artificial intelligence (AI) and machine learning (ML) technologies, reducing costs, increasing investment in research and development, and investment in infrastructure development, which will help the growth of the cloud computing market.
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| Stats ID: | 7735 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Price | US$ 1550 |
| Stats ID: | 7735 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Price | US$ 1550 |
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