Cloud Computing Market to Grow by USD 190.32 Billion During 2019-2023

Strategic Insights -

The cloud computing market is poised for significant growth, driven by the rise in edge computing and the shift toward serverless computing. According to a report by Technavio, the market is expected to grow by USD 190.32 billion during the forecast period 2019-2023. The report offers an up-to-date analysis of the current market scenario, latest trends and drivers, and the overall market environment.

Key Takeaways:

  • The market is moderately concentrated, and the degree of concentration will accelerate during the forecast period.
  • The increase in cloud orchestration has been instrumental in driving the growth of the market.
  • The cloud computing market is segmented into Service (SaaS, IaaS, PaaS), Geographic Landscape (APAC, Europe, MEA, North America, South America).
  • The major market participants include Adobe Inc., Alibaba Cloud, Amazon Web Services Inc., Google LLC, Hewlett Packard Enterprise Development LP, IBM Corp., Microsoft Corp., Oracle Corp., Salesforce.com Inc., and SAP SE.
  • To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
  • The rise in edge computing and the shift toward serverless computing are prime reasons driving the cloud computing market growth during the next few years.
  • The cloud computing market size is estimated to reach USD 421.33 billion by 2023.

Statistics:

  • The market is expected to grow by USD 190.32 billion during the forecast period 2019-2023.
  • The degree of concentration in the market will accelerate during the forecast period.
  • The increase in cloud orchestration has driven the growth of the market by 15%.
  • The cloud computing market size is estimated to reach USD 421.33 billion by 2023.
  • The market is segmented into three forecast scenarios: optimistic, probable, and pessimistic, considering the impact of COVID-19.
  • The major market participants account for 60% of the total market share.

Sources:

  • Technavio, "Cloud Computing Market 2019-2023" (2020)
  • Technavio, "Cloud Computing Market - Market Research Reports" (2020)
  • Technavio, "Research Methodology" (2020)