Cloud Markets List with Market Sizes and Growth Rates (2024)
Overall Cloud Computing Market
Global cloud spending reached $63 billion in Q1 2023 (19% year-over-year growth)
The cloud computing market size is projected to surpass USD 1,600 billion by 2030
Another source projects the cloud computing market to reach USD 1,554.94 billion by 2030 (CAGR of 19.3% from 2022 to 2030)
Worldwide end-user spending on public cloud services is forecast to grow 21.7% to reach $597.3 billion in 2023
Infrastructure Services
Infrastructure as a Service (IaaS)
Market size expected to exceed $55 billion by 2026
Projected to reach $117.69 billion by 2028 (CAGR of 23.2% from 2021 to 2028)
Another source projects the IaaS market to reach $481.8 billion by 2030 (CAGR of 23.5% from 2022 to 2030)
Worldwide IaaS public cloud services market grew 41.4% in 2021
Key players: Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform, Alibaba Cloud, IBM Cloud
Market share distribution (2021):
Amazon Web Services (AWS): 33% (Leader)
Microsoft Azure: 22% (Strong second)
Google Cloud: 9% (Third place)
Alibaba Cloud: 5% (Fourth globally, first in Asia Pacific)
Use cases: Disaster recovery, big data analytics, application development and testing, web hosting
Platform as a Service (PaaS)
The global PaaS market is expected to grow from $52.1 billion in 2020 to $164.3 billion by 2026 (CAGR of 19.6%)
Serverless Computing
The serverless market is projected to grow from $7.6 billion in 2020 to $21.1 billion by 2025 (CAGR of 22.7%)
Edge Computing
The global edge computing market is expected to grow from $3.6 billion in 2020 to $15.7 billion by 2025 (CAGR of 34.1%)
Cloud Storage
The cloud storage market is anticipated to reach $376.37 billion by 2029 (CAGR of 24% from 2022 to 2029)
Content Delivery Networks (CDN)
The global CDN market size is expected to grow from $14.4 billion in 2020 to $27.9 billion in 2025 (CAGR of 14.1%)
Software and Application Services
Software as a Service (SaaS)
The global SaaS market is projected to grow from $130.69 billion in 2021 to $716.52 billion by 2028 (CAGR of 27.5%)
Application Platform as a Service (aPaaS)
Included in the overall PaaS market projections
Integration Platform as a Service (iPaaS)
The global iPaaS market is expected to reach $9.12 billion by 2028 (CAGR of 35.2% from 2021 to 2028)
Database as a Service (DBaaS)
The global DBaaS market is projected to reach $24.8 billion by 2025 (CAGR of 15.7% from 2020 to 2025)
Backend as a Service (BaaS)
The global BaaS market is expected to reach $31.6 billion by 2026 (CAGR of 68.2% from 2021 to 2026)
Management and Operations
Cloud Management Platforms (CMP)
The global CMP market is expected to grow from $8.8 billion in 2020 to $26.8 billion by 2025 (CAGR of 24.9%)
Multi-Cloud Management
Market size projected to reach $32.75 billion by 2030
Hybrid Cloud Management
The global hybrid cloud market is anticipated to grow from $56.8 billion in 2020 to $145.0 billion by 2026 (CAGR of 16.9%)
Cloud Orchestration
The cloud orchestration market is expected to grow from $14.17 billion in 2021 to $55.75 billion by 2028 (CAGR of 21.7%)
Cloud Automation
Included in the overall cloud management and orchestration market projections
Cloud Cost Management and Optimization
The cloud cost management and optimization market is projected to grow from $1.24 billion in 2020 to $5.08 billion by 2026 (CAGR of 26.6%)
Security and Compliance
Cloud Security
The global cloud security market is anticipated to grow from $34.5 billion in 2020 to $68.5 billion by 2025 (CAGR of 14.7%)
Identity and Access Management (IAM)
The global IAM market is expected to grow from $12.3 billion in 2020 to $24.1 billion by 2025 (CAGR of 14.5%)
Cloud Access Security Brokers (CASB)
The global CASB market is projected to reach $20.7 billion by 2027 (CAGR of 16.9% from 2020 to 2027)
Data Loss Prevention (DLP)
The global DLP market is anticipated to reach $6.02 billion by 2026 (CAGR of 23.59% from 2021 to 2026)
Encryption and Key Management
The global encryption software market is expected to grow from $9.8 billion in 2020 to $20.1 billion by 2025 (CAGR of 15.5%)
Compliance Management
Included in the overall cloud security market projections
Analytics and AI
Cloud Analytics
The global cloud analytics market is expected to grow from $23.2 billion in 2020 to $65.4 billion by 2025 (CAGR of 23.0%)
Big Data as a Service
The global Big Data as a Service market is projected to reach $61.42 billion by 2026 (CAGR of 29.8% from 2021 to 2026)
Machine Learning as a Service (MLaaS)
The global MLaaS market is expected to reach $16.7 billion by 2025 (CAGR of 43.3% from 2020 to 2025)
AI Platform as a Service (AI PaaS)
The global AI as a Service market is expected to grow from $2.39 billion in 2019 to $13.98 billion by 2024 (CAGR of 42.5%)
IoT Analytics
The global IoT analytics market is projected to grow from $17.9 billion in 2020 to $40.6 billion by 2025 (CAGR of 17.8%)
Cloud Markets Ranked by Growth Rate (CAGR) with Absolute Market Size
Backend as a Service (BaaS):
CAGR: 68.2% (2021-2026)
Projected Market Size: $31.6 billion by 2026
Machine Learning as a Service (MLaaS):
CAGR: 43.3% (2020-2025)
Projected Market Size: $16.7 billion by 2025
AI Platform as a Service (AI PaaS):
CAGR: 42.5% (2019-2024)
Projected Market Size: $13.98 billion by 2024
Integration Platform as a Service (iPaaS):
CAGR: 35.2% (2021-2028)
Projected Market Size: $9.12 billion by 2028
Edge Computing:
CAGR: 34.1% (2020-2025)
Projected Market Size: $15.7 billion by 2025
Big Data as a Service:
CAGR: 29.8% (2021-2026)
Projected Market Size: $61.42 billion by 2026
Software as a Service (SaaS):
CAGR: 27.5% (2021-2028)
Projected Market Size: $716.52 billion by 2028
Cloud Cost Management and Optimization:
CAGR: 26.6% (2020-2026)
Projected Market Size: $5.08 billion by 2026
Cloud Management Platforms (CMP):
CAGR: 24.9% (2020-2025)
Projected Market Size: $26.8 billion by 2025
Cloud Storage:
CAGR: 24% (2022-2029)
Projected Market Size: $376.37 billion by 2029
Infrastructure as a Service (IaaS):
CAGR: 23.5% (2022-2030)
Projected Market Size: $481.8 billion by 2030
Cloud Analytics:
CAGR: 23.0% (2020-2025)
Projected Market Size: $65.4 billion by 2025
Serverless Computing:
CAGR: 22.7% (2020-2025)
Projected Market Size: $21.1 billion by 2025
Cloud Orchestration:
CAGR: 21.7% (2021-2028)
Projected Market Size: $55.75 billion by 2028
Platform as a Service (PaaS):
CAGR: 19.6% (2020-2026)
Projected Market Size: $164.3 billion by 2026
Overall Cloud Computing Market:
CAGR: 19.3% (2022-2030)
Projected Market Size: $1,554.94 billion by 2030
IoT Analytics:
CAGR: 17.8% (2020-2025)
Projected Market Size: $40.6 billion by 2025
Hybrid Cloud Management:
CAGR: 16.9% (2020-2026)
Projected Market Size: $145.0 billion by 2026
Cloud Access Security Brokers (CASB):
CAGR: 16.9% (2020-2027)
Projected Market Size: $20.7 billion by 2027
Database as a Service (DBaaS):
CAGR: 15.7% (2020-2025)
Projected Market Size: $24.8 billion by 2025
Encryption and Key Management:
CAGR: 15.5% (2020-2025)
Projected Market Size: $20.1 billion by 2025
Cloud Security:
CAGR: 14.7% (2020-2025)
Projected Market Size: $68.5 billion by 2025
Identity and Access Management (IAM):
CAGR: 14.5% (2020-2025)
Projected Market Size: $24.1 billion by 2025
Content Delivery Networks (CDN):
CAGR: 14.1% (2020-2025)
Projected Market Size: $27.9 billion by 2025
Key Observations
While Backend as a Service (BaaS) has the highest CAGR at 68.2%, its projected market size of $31.6 billion by 2026 is relatively modest compared to some larger segments.
Software as a Service (SaaS) stands out with both a high CAGR (27.5%) and the largest projected market size of $716.52 billion by 2028, indicating it remains a dominant force in cloud computing.
Infrastructure as a Service (IaaS) shows strong growth (23.5% CAGR) and is projected to reach a substantial market size of $481.8 billion by 2030, underlining its continued importance.
The overall cloud computing market, while having a lower CAGR (19.3%) than many individual segments, is projected to reach an enormous size of $1,554.94 billion by 2030, demonstrating the massive scale of the industry.
Some newer technologies like AI PaaS and MLaaS show very high growth rates but currently have smaller projected market sizes, indicating significant potential for future expansion.
More established segments like Cloud Security and CDN show lower growth rates but still maintain substantial market sizes, reflecting their maturity and ongoing importance in the cloud ecosystem.