The global cloud computing market is set to reach $1.95 trillion by 2032 with a CAGR growth of 15% expected between 2022 and 2032.
Indeed, a report by Fact.MR showed that the cloud computing market will be growing in the coming years due to the rapid digitization of workplaces and the rising demand for software as a service (Saas) applications. Alongside the increased use of infrastructure as a service (IaaS), platform as a service (PaaS), and SaaS-based solutions, the market for cloud computing has experienced significant growth.
Moreover, it was reported that cloud computing solutions in North America will be accounting for 40% of the global revenue in 2022. Tech giants will then increase their adoption of big data analytics, Internet of Things (IoT), additive manufacturing, artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and machine learning.
Besides, the APAC is set to grow as well during this period with a CAGR of 18%.