Cloud Computing is the Future of Technology and Driving Innovation Across Industries

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 16, 2023

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According to Cloud Computing Statistics, Cloud computing is a technology that enables the delivery of computing resources, such as servers, storage, databases, networking, software, and analytics, over the internet. Instead of owning and maintaining physical infrastructure, individuals and businesses can access and utilize these resources on demand from a cloud service provider.

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  • Cloud Computing Market size is expected to be worth around USD 2,321 Billion by 2032
  • Worldwide public cloud end-user spending to reach nearly $600 billion in 2023.
  • As of 2022, the top three public cloud service providers are Amazon Web Services (AWS) with a market share of approximately 31%, Microsoft Azure with 20%, and Google Cloud Platform (GCP) with 9%.
  • According to a survey, 94% of enterprises use the cloud in some capacity, with 83% adopting a multi-cloud strategy.
  • In 2022, the worldwide public cloud services market generated revenues of $312 billion, representing a 24.1% increase from the previous year.
  • The most significant cloud computing security concern is data breaches, with 68% of organizations listing it as a top worry.
  • By 2023, it is estimated that 67% of enterprise infrastructure will be cloud-based, up from 10% in 2015.

Market Share of Top Public Cloud Service Providers as of 2022

Cloud Computing

Growth of the Cloud Computing Market

  • The Global Cloud Computing Market size is expected to be worth around USD 2,321 Billion by 2032 from USD 546.1 Billion in 2022, growing at a CAGR of 16% during the forecast period from 2022 to 2032.
  • Worldwide spending on public cloud services is forecasted to reach $1.1 trillion in 2022, representing a 23.1% increase from the previous year.
  • Global spending on Infrastructure as a Service (IaaS) is expected to reach $106 billion in 2022, up from $39.5 billion in 2019.
  • 94% of enterprises are using the cloud in some capacity.
  • 83% of enterprise workloads will be in the cloud by 2023.
  • Amazon Web Services (AWS) is the leading public cloud service provider, holding around 32% of the global market share.
  • Microsoft Azure is the second-largest public cloud provider, with a market share of around 20%.
  • In Q1 2021, public cloud revenue exceeded $40 billion, representing a year-over-year growth of 35%.
  • The public cloud services market is estimated to grow by 23.1% in 2022, reaching $397.4 billion.
Cloud Computing Market

Public Cloud Statistics

  • The global public cloud services market is projected to reach $623.3 billion in 2023, with a compound annual growth rate (CAGR) of 16.7% from 2018 to 2023.
  • In 2020, the public cloud market size was estimated at $257.5 billion, representing a year-over-year growth of 6%.
  • According to a survey by Flexera, 94% of organizations are using the public cloud in some form.
  • The most common public cloud use cases include application hosting (66%), website hosting (62%), and storage and backup (62%).
  • Organizations that migrate to the public cloud can achieve cost savings of 15% to 50% on average compared to traditional on-premises infrastructure.
  • Containers and container orchestration platforms, such as Docker and Kubernetes, are widely used in the public cloud environment. In 2021, 83% of organizations reported using containers, and 77% used container orchestration.

Private Cloud Statistics

  • According to a survey conducted by Flexera, 91% of enterprises have adopted a private cloud strategy in 2021.
  • The global spending on private cloud infrastructure is projected to reach $40.6 billion in 2021, representing a 12.6% increase compared to the previous year.
  • The top benefits cited by organizations for adopting private cloud include improved security and compliance (68%), increased performance and reliability (59%), and greater control over resources (52%).
  • The major challenges faced by organizations in implementing private cloud include the complexity of implementation (45%), lack of internal skills and expertise (40%), and high upfront costs (37%).
  • In terms of market share, some of the leading private cloud vendors include VMware, Microsoft, IBM, Dell Technologies, and Oracle.
  • While public cloud adoption is increasing, private cloud continues to have a significant presence. According to a survey by IDG, 59% of organizations have a hybrid cloud strategy that combines both private and public clouds.
Cloud Computing Market

Cloud Security Statistics

  • 94% of enterprises are concerned about cloud security.
  • In 2021, the average cost of a data breach was $4.24 million.
  • Misconfiguration of cloud resources accounted for 19% of data breaches.
  • 70% of organizations experienced a public cloud security incident caused by insider actions.
  • Malicious insiders were responsible for 43% of cloud data breaches.
  • Only 35% of organizations have a dedicated cloud security team to deal with compliance.
  • 99% of cloud security failures will be the customer’s fault through 2023.
  • Only 43% of organizations encrypt their sensitive data in the cloud.
  • Encrypting data in the cloud reduces the average cost of a data breach by $360,000.
  • MFA adoption has increased to 57% across organizations.
  • Organizations that fully deploy security automation save an average of $3.58 million per breach.
  • The global cloud security market is expected to reach $68.5 billion by 2026.

Leading Cloud Service Providers

Amazon Web Services (AWS)

  • AWS is the largest cloud service provider globally, offering a wide range of cloud computing services.
  • AWS had revenue of $45.37 billion in 2020, representing a year-over-year growth of 29%.
  • AWS holds a significant market share of around 32% in the global cloud services market.

Microsoft Azure

  • Microsoft Azure is the second-largest cloud service provider, offering a comprehensive suite of cloud services.
  • In Q4 2021, Microsoft reported a 50% revenue growth for Azure compared to the previous year.
  • Azure has a substantial market share of approximately 20% in the global cloud services market.

Google Cloud Platform (GCP)

  • Google Cloud Platform is another major player in the cloud services market, providing a variety of cloud-based solutions.
  • In 2020, Google Cloud reported revenue of $13.06 billion, with a year-over-year growth rate of 46%.
  • GCP holds a significant market share of around 9% in the global cloud services market.

Alibaba Cloud

  • Alibaba Cloud is the leading cloud service provider in China and one of the largest globally.
  • Alibaba Cloud’s revenue reached $2.81 billion in Q2 2021, representing a year-over-year growth of 29%.
  • Alibaba Cloud has a strong presence in the Asian market and continues to expand its services globally.

IBM Cloud

  • IBM Cloud is a prominent cloud service provider, offering a range of infrastructure and platform services.
  • In 2020, IBM reported cloud revenue of $25.1 billion, with a year-over-year growth rate of 20%.
  • IBM Cloud has been focusing on hybrid cloud solutions and catering to enterprise customers.
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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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