Cloud Computing Market Size, Share, Trends, Industry Analysis Report By Service [Infrastructure as a Service (IaaS), Platform as a Service (PaaS)], By Workload, By Deployment, By Enterprise Size, By End Use, By Region – Market Forecast, 2025–2034

The global cloud computing market size is expected to reach USD 4,860.73 billion by 2034, according to a new study by Polaris Market Research. The report “Cloud Computing Market Size, Share, Trends, Industry Analysis Report By Service [Infrastructure as a Service (IaaS), Platform as a Service (PaaS)], By Workload, By Deployment, By Enterprise Size, By End Use, By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Cloud computing is a way of delivering computing services over the internet, such as servers, storage, databases, and software. Instead of businesses having to buy, own, and maintain their physical data centers and IT infrastructure, they can access these resources on-demand from a cloud provider. This model allows for greater flexibility, and customers typically pay only for what they use. It also helps companies to lower their operating costs, run their IT systems more efficiently, and easily scale their services to meet changing business needs.

The cloud computing market offers a wide range of services, including Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). The market is driven by the increasing need for digital transformation, as companies look to modernize their operations and improve efficiency. It is also being propelled by the growth of data-heavy technologies such as artificial intelligence (AI) and the internet of things (IoT). While North America has been a major market leader due to the presence of key tech players, the Asia Pacific market is seeing the highest growth rate as more countries in the region are adopting digital-first strategies and expanding their IT infrastructure. The competitive landscape is dominated by a few large providers, but there are also many smaller, specialized companies that focus on niche markets.

Cloud Computing Market Report Highlights

By service, the software as a service (SaaS) segment held the largest share in 2024. This is because of its ease of use and subscription-based model, which removes the need for large upfront investments and allows businesses to quickly access and use essential applications such as CRM and ERP.

By workload, the data storage and backup segment held the largest share in 2024. The universal need for businesses to protect their growing data and ensure business continuity has made these cloud solutions a popular choice for their scalability and disaster recovery capabilities.

In terms of deployment, the private cloud segment held the largest share in 2024. Large organizations and those in highly regulated industries prefer this model for the enhanced security, control, and compliance it offers over their sensitive data.

Based on enterprise size, the large enterprise segment held the largest share in 2024. These companies were early adopters of cloud technology and continue to invest heavily in comprehensive cloud strategies to manage their complex, global operations and extensive IT needs.

By end use, the IT and telecom industry held the largest share in 2024 of the market. This sector uses cloud computing to manage its infrastructure, support network modernization, and deliver services efficiently to customers.

North America dominated the global cloud computing market in 2024. The presence of major technology companies, high digital adoption rates, and significant investments in data center infrastructure are the main reasons for its leading position. The Asia Pacific is one of the fastest-growing markets for cloud computing. This growth is being fueled by rapid digitalization, high rates of internet and mobile device use, and a large number of SMEs adopting cloud services for the first time.

A few key players in the market include AWS (Amazon Web Services), Microsoft Azure, Google Cloud (Alphabet Inc.), Oracle Cloud Infrastructure, IBM Cloud, Alibaba Cloud, Tencent Cloud, Salesforce, OVHcloud, DigitalOcean, and Rackspace Technology.

Polaris Market Research has segmented the cloud computing market report on the basis of service, workload, deployment, enterprise size, end use, and region:

By Service Outlook (Revenue – USD Billion, 2020–2034)

Infrastructure as a Service (IaaS)

Platform as a Service (PaaS)

Software as a Service (SaaS)

By Workload Outlook (Revenue – USD Billion, 2020–2034)

Application Development & Testing

Data Storage & Backup

Resource Management

Orchestration Services

Others

By Deployment Outlook (Revenue – USD Billion, 2020–2034)

Public

Private

Hybrid

By Enterprise Size Outlook (Revenue – USD Billion, 2020–2034)

Small & Medium Enterprises

Large Enterprise

By End Use Outlook (Revenue – USD Billion, 2020–2034)

BFSI

IT & Telecom

Retail & Consumer Goods

Manufacturing

Energy & Utilities

Healthcare

Media & Entertainment

Government & Public Sector

Others

By Regional Outlook (Revenue – USD Billion, 2020–2034)

North America

U.S.

Canada

Europe

Germany

France

UK

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Mexico

Brazil

Argentina

Rest of Latin America Show more