The global cloud computing market size is expected to reach $1,55-trllion by 2030, registering a CAGR of 14,1% from 2023 to 2030, according to a new report by Grand View Research.
Increased adoption of advanced and innovative technologies such as artificial intelligence , machine learning , and 5G technologies and their rapid implementation within business applications is anticipated to drive market growth. ML, edge computing, and personalisation are currently significant trends across several businesses across the globe. To perform the complicated computations frequently required for personalization, such as to generate tailored suggestions, the cloud lowers the technological barriers associated with doing so.
* The small- and medium-sized business segment is expected to grow at the highest rate due to lower prices for IT software and hardware, increased processing power and storage elasticity, and increased mobility in accessing data and services. Over the forecast period, the market growth is likely to be driven by the growing usage of cloud technology across SMEs in developing regions.