Cloud Computing Market Insights, Deep Analysis of Key Companies in the Industry 2023 to 2033

The cloud computing market is expected to keep growing steadily at a rate of 13.5% per year from 2023 to 2033. By 2033, it's predicted to be worth more than US$ 2,062.26 billion.

As more people are discovering the great advantages of using public cloud computing services, this market has become a crucial part of the global economy. Today, there are many companies offering cloud computing services to meet the high demand for remote services

Companies are making the transition to using hybrid clouds in their working environments. The hybrid cloud’s key benefit is agility. Companies are using public, private, and internal resources to increase their agility and competitiveness.

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Because people everywhere are becoming more comfortable with digital technology and using digital tools to make their lives better, a lot of companies that provide services are now adding a bunch of new features to their products. To do this, they're turning to something called cloud computing, which is like a really good way to make all these new features work well together. This is creating a lot of exciting opportunities for companies that offer cloud computing services.

According to a study by FMI, in 2022, the part of the technology market called Software as a Service (SaaS) was at the front of the pack, making up about 52.7% of the market globally.

The reason for this is that more and more businesses are starting to use SaaS. It's easy to set up and doesn't need much ongoing work to keep it running. Instead of having to spend a lot of money upfront on technology, SaaS works on a subscription basis, which can save companies money. Plus, it makes it simpler for businesses to put new software in place and keep it up to date, so they don't have to worry as much about maintenance.

In 2022, when we look at the global market for cloud computing, we can see that North America plays a major role, contributing around 34.6% of the total revenue.

This is mainly because some of the biggest companies in the cloud industry, like Google, Amazon, Microsoft, and others, are based in the United States. In fact, the U.S. market alone accounted for 21.2% of the total market value in 2022.