The global Cloud Computing Market size is expected to grow from USD 272.0 billion in 2018 to USD 623.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. Cloud computing products offer customers with enhanced scalability and flexibility, reduced costs, and business agility. The presence of many prominent cloud computing service vendors has made the market very competitive. Many emerging players providing niche and differentiated offerings for target customers have come to the forefront.
The Infrastructure as a Service (IaaS) segment is expected to grow at a higher CAGR during the forecast period. The ever-changing business environment and customer demands encourage enterprises to increase their focus on their core business operations. IaaS enables enterprises to leverage their IT infrastructure without paying for the construction of the physical infrastructure. Moreover, it provides flexibility, mobility, and scalable access to applications, and enhanced collaboration to help enterprises focus on their core businesses.
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The hybrid cloud segment is expected to grow at a higher CAGR during the forecast period. The hybrid cloud refers to the blend of both internal (private) and external (public) cloud services, as enterprises require solution to manage workloads distributed across multiple environments due to varied demand, such as cost savings, better applications performance, and security. Increased user and resource mobility, ongoing migrations of applications over the cloud, and the emergence of more sophisticated threats are leading organizations toward the adoption of hybrid cloud.
The adoption of cloud computing services in Small and Medium-sized Enterprises (SMEs) is gaining traction, as these organizations realize the benefits of providing a good user experience to gain customers and keep up with the competition from large organizations. Cloud infrastructure services are being rapidly adopted by SMEs, due to the ease and flexibility they offer; the demand is expected to grow during the forecast period. The benefits, such as seamless scalability, flexibility, pay-as-you-go payment model, reduced operational costs, and customized offerings as per business requirements are facilitating the adoption of cloud services among SMEs.
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The integration and orchestration segment is expected to grow at a higher CAGR during the forecast period. The integration and orchestration workloads are increasing among enterprises due to benefits, such as improved scalability, reduced infrastructure cost, rapid deployments, improved productivity and performance, better control of critical applications, and decrease in business downtime and losses. The adoption of hybrid and multi-cloud strategies by enterprises to reduce cost and optimize workload performance cost across on-premises and cloud infrastructure has also resulted in the increased integration and orchestration workloads.
Retail and consumer goods is one of the fastest-growing verticals, owing to the rising number of eCommerce enterprises across the globe. This vertical is one of the fastest-growing verticals with respect to the adoption of emerging and innovative technologies, such as cloud computing, big data analytics, DevOps, digital stores, and social networks. Various factors driving this adoption are the rising purchasing power of customers and the need to satisfy customer expectations leading to the existing customer retention and new customer acquisition. Online retailing and cloud technologies have significantly disrupted the retail and consumer goods vertical leading to the adoption of cloud computing mainly for storage, backup, and security services.
Asia Pacific (APAC) is expected to grow at the highest CAGR in the global cloud computing market during the forecast period, owing to the large-scale adoption of cloud computing services by SMEs in the region. Looking at the increasing adoption of advanced application development technologies and growing data volumes, APAC is expected to witness significant growth during the forecast period, especially in the application services or Software as a Service (SaaS) offerings space. Major APAC countries to witness high growth rates include Japan, Australia and New Zealand, and China.
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