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40+ Cloud Computing Stats From Reputable Sources in 2024

There is a lot of talk about the cloud, even on a day-to-day level, and computing is one of those areas. Cloud computing is a very broad topic and can be related to many areas such as deep learning. It is no coincidence that there are so many opinions on the subject, because competence in cloud computing is directly related to the future of companies (not experiencing vendor-lock-in, choosing the right services in the right areas). 

In this article, we provide you with data from various reliable sources on the subject. These can facilitate your decision-making processes and put you one step ahead. 

Cloud market forecasts

Market growth

  1. Overall, the worldwide revenue in the public cloud sector is projected to rise from 2023 to 2028, with an overall growth of ~470 billion U.S. dollars, marking an increase of ~80 percent. Following nine years of continuous growth, it’s anticipated that the revenue will hit a new high of 1.1 trillion U.S. dollars by 2028.1 
  2. Global cloud computing market continues to grow and is expected to reach an estimated ~680 billion U.S. dollars in 2024. This involves business processes, platform, infrastructure, software, management, security, and advertising services delivered by public cloud services.2 
  3. In 2023, the market value of public cloud services and Software as a Service (SaaS) is projected to be around ~190 billion U.S. dollars, with expectations to grow to 232 billion U.S. dollars by 2024. SaaS applications, which operate in the cloud, are typically accessible via desktop and mobile applications, as well as through web interfaces.3 
  4. The Infrastructure as a Service (IaaS) segment within the cloud system is predicted to expand by ~30 percent in 2024 relative to 2022. Overall, the public cloud services market is anticipated to see a 20 percent growth rate, with the exception of cloud business process services (BPaaS), which are expected to witness single-digit annual growth rates.4 
  5. By 2024, the market value of Platform as a Service (PaaS) is projected to exceed 176 billion U.S. dollars. PaaS represents a form of cloud computing delivered to customers by service providers.5  
  6. The worldwide market size for Everything as a Service (XaaS) is projected to attain ~$1600 billion by 2028, experiencing a compound annual growth rate (CAGR) of ~20 during the forecast period.6  
  7. In 2023, the worldwide market for Anything-as-a-Service (XaaS) stood at US$ ~280 Billion. IMARC Group projects this market to expand to ~US$ 1,100 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of ~15% from 2024 to 2032.7   

Figure 1. Survey with businesses on cloud infrastructure.8 

Vendor specific data

Cloud markets are expecting more vendors. According to IDC, cloud marketplaces account for ~20% of emerging independent software vendor (ISV) revenue, up from 15% in 2022.9 

  1. Amazon Web Services (AWS), the cloud computing division of Amazon, generated more than $80 billion in revenue for Amazon’s overall top-line, underpinned by an annual growth rate of 29%. Although this rate was lower than the previous year, it still demonstrates the strong ongoing demand for AWS cloud services.10 
  2. Amazon is the global market share leader, with a market share position of 46%.11
  3. GCP’s market share grew by more than 40% in 2022 and now stands at over 10%. 

For more information on market share, see Figure 2:

Figure 2. Worldwide market share of cloud infrastructure in 2023.12 

Compute specific data

In 2022, the global market for Cloud Infrastructure and Platform Services (CIPS) was valued at $168 billion, marking it as one of the most rapidly expanding segments in the cloud market with a growth rate of~30%.13 

According to a Gartner survey, 76% of enterprise customers using Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) currently depend on multiple public cloud providers.14 

In 2023, there are 20+ vendors in the market offering cloud GPU services. While 10+ vendors exist in the market of cloud A100 service providers, the vendors are relatively limited when it comes to cloud H100 and H200 providers.

Also, in a 2023 survey among technical professionals, 41 percent reported they were already utilizing Microsoft Azure Stack’s private cloud services. Microsoft Azure Stack ranked first in usage, followed by VMware vSphere/vCenter. Additionally, Amazon Web Services (AWS) Outposts, along with Google Anthos and VMware vCloud Director, were identified as the top choices for planned future usage.15

Figure 3. Worldwide Public Cloud Services End-User Spending Forecast (Millions of U.S. Dollars).16 

Cloud computing is not limited to enterprises. In 2023, a survey found that 47 percent of small and medium-sized business (SMB) respondents were utilizing AWS CloudFormation templates. AWS CloudFormation is designed to facilitate the rapid provisioning of services or applications, known as “stacks,” through the use of templates.17 

Database management 

Cloud adoption continues to be important with the iPaaS market which, according to numbers, was growing by ~35% in 2022.18 

By 2027, it is anticipated that worldwide enterprise spending on Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) will be three times higher than the expenditure in 2022. This significant increase is expected to subsequently drive a higher demand for Database Platform as a Service (dbPaaS).19 

It is forecasted that by 2025, data integration tools lacking the capability for multi-cloud/hybrid data integration via a Platform as a Service (PaaS) model are expected to forfeit 50% of their market share to vendors that offer these features.20 

July 2023, Synergy Research’s July 2023 report provides another perspective on the adaptation. It is reported that 60% of data center capacity was being provided by hyperscalers and colocation providers, surpassing the 40% capacity hosted in on-premises facilities.

Figure 4. Data capacity trends in 2023. 

Industry specific

The container management market has seen accelerated growth of~30% over the past year with a market value of $1.6 billion in 2022.21 

By 2026, the adoption of CSP-native platforms will propel 75% of container instances to be deployed within public cloud environments, up from 50% in 2023.22 

Banking is one of the industries that adapted cloud-technology vastly. Yet, the way this adaptation happens is a question to pose. As IDC’s Worldwide Industry Cloud Path to 2022 Survey shows, banks need a wide range of cloud services and the need to operate in multi-cloud environments, given that 83% of banks surveyed use public and private cloud platforms.23 

To see industry specific cloud adoption statistics see:

Figure 5. Industry cloud adoption across sectors in the U.S. 2023.24  

The Healthcare cloud computing market is projected to grow by USD 201.1 billion by 2032, with North America contributing the largest revenue share at 51.0%.25  

By service

Data warehouse, DBaaS and push notifications are some of the cloud services used by businesses. See:

Figure 6. Public Cloud Services used by all organizations.26 

By region 

In 2023, ~45% of enterprises in the European Union acquired cloud computing services, such as online access to software, computing power, and storage capacity. This represents a growth of ~4 percentage points compared to the year 2021.27

A 2022 PwC survey showed that 68 percent of companies in the Middle East intend to transition the majority of their operations to the cloud over the next two years. Also, 88 percent of companies utilizing cloud services have reported a rise in revenue in the last six to nine months.28

In 2022, the U.S. contributed to 45% of total global revenue from cloud services and is projected to expand over $258 billion on public cloud services in 2023.29

Excluding China, the Asia-Pacific (APAC) region represents 14% of the global expenditure on cloud services. By 2024, the total cloud spending in the APAC region is anticipated to reach $200 billion.30 

The cloud market in Mainland China experienced a 10% growth, reaching a total of $30.3 billion. 31  

Challenges

Cloud computing statistics indicate several challenges as well. We listed some of them below. 

As of 2023, surveyed technical executives, managers, and practitioners of cloud technologies from around the world indicated that the biggest challenges of using cloud computing technology within their organizations were related to managing cloud spend. Around 82 percent of respondents found managing cloud spend to be a significant challenge.32   

According to the survey, controlling cloud costs and data privacy and security challenges are the top public cloud challenges with 40 and 38 percent of respondents respectively.33 

Managing data appeared as a big challenge. From 2020 to 2022, managing data in multi cloud environments is expected to be the most challenging data management challenge for enterprises, as more than 60 percent of respondents reported this to be challenging or extremely challenging. Hybrid-cloud environments are also expected to be a data management headache according to respondents.34  

Figure 7. Challenges faced by respondents in Flexera research.35   

The complexity factor could explain why enterprises are hesitant to enhance their cloud security. In a survey involving 750 individuals responsible for cloud decisions, 81% identified security as a major challenge, surpassing issues like managing cloud expenses (79%), governance (75%), and compliance (75%).36 

Further reading

For more information on cloud technology, check:

Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
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Burak Ceylan
Burak is an Industry Analyst in AIMultiple. He received his Masters' degree in Political Science from Middle East Technical University. He has background in researching location-based platforms.

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