The cloud computing market is set to grow at a compound annual growth rate (CAGR) of 18.3% over the next five years, with cloud-based services gaining popularity among businesses of all sizes. Recent research suggests that cloud services offer several advantages over on-premises infrastructure, including scalability, resilience and cost-effectiveness. Here are key insights into the current state of the cloud computing market:
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The global cloud computing market is expected to reach $1 trillion by 2028 and $1.6 trillion by 2030.
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Cloud adoption by Forbes Global 2000 companies could generate more than $3 trillion by 2030, while Fortune 500 companies could generate more than $1 trillion over the same period.
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The cloud computing market is dominating IT budgets over on-premises deployments, with on-premises spending growing only 2% compared to 42% annually.
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Software-as-a-Service (SaaS) dominates the public cloud services market, accounting for approximately $208 billion of the $600 billion in end-user public cloud spending.
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Cloud-based workloads account for 75% of workloads in one in five organizations.
Most organizations cite increased agility and scalability when moving to the cloud, as well as moving towards OpEx over Capex (pay-as-you-go), disaster recovery, and collaboration.
As for the challenges that can arise on the on the cloud adoption journey, most respondents report that it is cloud security.
