Cloud computing market will reach $ 791.48 billion by 2028; Microsoft Corporation Launches Cloud for Healthcare Organizations Ready for Growth Opportunities: Fortune Business Insights ™

Companies profiled in the cloud computing market: Amazon Web Services (AWS), Oracle Corporation, IBM Corporation, Alibaba Group Holding Limited, Microsoft Corporation, VMware, Inc., Alphabet Inc. (Google LLC), Rackspace Technology, Inc., SAP SE, Apple Inc., Salesforce com, Inc., HCL Technologies Limited, Hewlett-Packard Company (HPE), Sprint Corporation, Verizon Wireless, Red Hat, Inc., Ooma Inc., Paytm, Adobe, Inc.

Pune, India, November 01, 2021 (GLOBE NEWSWIRE) – The world cloud computing market the size was $ 219.00 billion in 2020. The market is expected to reach $ 250.04 billion in 2021 at USD 791.48 billion in 2028 at a CAGR of 17.9% during the period 2021-2028.

This information is presented by Fortune Business Insights â„¢, in its report entitled, “Cloud computing market, 2021-2028. “

According to our researchers, the growth of the market is mainly driven by the increasing use of progressive technologies such as artificial intelligence (AI), machine learning (ML) and the increasing fluctuation of businesses towards cloud-based solutions.

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List of key companies profiled:

• Amazon Web Services (AWS) (Washington, United States)

• Oracle Corporation (California, United States)

• IBM Corporation (New York, United States)

• Alibaba Group Holding Limited (Hangzhou, China)

• Microsoft Corporation (New Mexico, United States)

• VMware, Inc. (California, United States)

• Alphabet Inc. (Google LLC) (California, United States)

• Rackspace Technology, Inc. (Texas, United States)

• SAP SE (Walldorf, Germany)

• Apple Inc. (California, United States)

Scope and segmentation of the report –

Cover of the report


Forecast period


Forecast period 2021 to 2028 CAGR


2028 value projection

$ 791.48 billion

Year of reference


Market size in 2020

$ 219.00 billion

Historical data for


Number of pages


Covered segments

Type; Service; Industry; Regional

Growth drivers

Integrating Big Data, AI, and ML with the Cloud to Drive the Market

Pitfalls and challenges

Data privacy and information security concerns associated with cloud solutions hamper growth

Impact of COVID-19

Scaling up cloud-based solutions amid COVID-19 pandemic to support growth

The ongoing coronavirus pandemic has affected the majority of countries around the world. Governments and organizations in many industries rely heavily on IT solutions and services.

Recently, there has been a significant increase in the demand for online live streaming platforms, such as Netflix, Amazon, Hulu, Spotify and others as most of the workforce follows the new “Work from Home” (WFH) work schedule due to lockout limitations.

To learn more about the short and long term impact of COVID-19 on this market, please visit:

Cover of the report

The report offers a detailed market study and an in-depth examination of the major market segments. It provides in-depth analysis of key players and their insightful strategies to drive market growth for monetary gains. It also shares tangible information that guides business owners on their investment prospect.

The regional dynamics and how it is shaping the market in an ascending curve is shown in the following report. Additionally, the impacts of COVID-19 have been added for additional information and how it is expected to affect the demand for cloud computing in the near future.


On the basis of type, the cloud computing market is fragmented into private cloud, hybrid cloud, and public cloud.

By service, the market is categorized into Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS).

In terms of industry, the market is categorized into banking, financial services and insurance (BFSI), government, IT and telecommunications, healthcare, consumer goods and retail, manufacturing, and others. Among the segments, IT and Telecommunications is expected to show the largest share during the study period.

Geographically, the market is segmented into five major regions: North America, Latin America, Middle East & Africa, Asia-Pacific, and Europe.

Conductors and constraints

Incorporating Big Data, AI, and ML with the Cloud to Drive Market Growth

The increasing implementation of technologies such as big data, artificial intelligence (AI), machine learning (ML) and others are expected to fuel the growth of the market. These technologies change the framework of the market, as they help users to study, evaluate and consider unprocessed data.

Moreover, the implementation of these developing technologies with cloud solutions would help companies to increase their imaginative capacities and make complex data available and usable. Hence, these factors are expected to favor the growth of the cloud computing market during the mentioned period.

Regional perspectives

North America held the maximum market share in 2020 which was worth USD 78.28 billion and is expected to lead the market in terms of revenue during the forecast period.

Asia-Pacific is likely to experience sudden growth during the forecast period. The growth is driven by the growing demand for cloud-based solutions in the manufacturing and healthcare industries.

Europe is expected to show a considerable CAGR during the forecast period. The growth is attributed to growing start-ups, digital government enterprises and the surveillance environment, as well as the increasing adoption of cloud-based technologies.

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Competitive landscape

Key Companies Focus on Inventive Cloud Computing Solutions to Strengthen Competition

Major players such as Microsoft Corporation, IBM Corporation, Alibaba Group Holding Limited, Oracle Corporation, Amazon Web Services, and Apple, Inc. are committed to advancing their dominant product portfolio.

Moreover, these companies are now emerging and offering cloud-based solutions with inventive technologies such as AI, ML and others to refine their products and deliver augmented solutions to their users.

Industry development

May 2020: Microsoft Corporation showcased the industry-specific Microsoft cloud for healthcare organizations, along with streamlined communications and amplified workflow mastery. Additionally, it involves analyzing both unstructured and structured data.

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