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The global cloud computing market is projected to reach a valuation of $1.95 trillion by 2032, according to a new report from market intelligence firm Fact.MR.

A compound annual growth rate (CAGR) of 15% is anticipated for the market between 2022 and 2032, owing to the rapid digitization of workplaces and the increasing demand for software as a service (SaaS) applications.

Commenting on the 12% CAGR of cloud-based services from 2015 to 2021, Fact.MR said the COVID-19 pandemic spurred the adoption of cloud computing, as enterprises enforced widespreadwork from home policies.

With the proliferation of infrastructure as a service (IaaS), platform as a service (PaaS), and SaaS-based solutions, the market for cloud computing has grown significantly. Adobe, Alibaba Group, and Amazon are among the top market players.

Accordingly, cloud computing solutions in North America are expected to account for 40% of the global revenue in 2022. The region is dominated by global technology giants like Microsoft, Oracle, and Amazon, who have been early adopters of cloud technology, including big data analytics, Internet of Things (IoT), additive manufacturing, artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and machine learning, all of which have vastly impacted the market.

With a CAGR of 18%, the APAC market is forecast to grow the fastest during the forecast period. Emerging economies such as India and China are likely to contribute to the growth in the region.

For instance, Alibaba Group's fast-paced expansion and Make in India initiatives have been notable factors facilitating market size growth in the APAC region. A number of cloud computing service providers, including Amazon, Microsoft, and Google LLP, have also initiated plans to strengthen their presence in Thai and Indonesian markets.

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Cloud computing market to hit $1.95 trillion by 2032 - IT PRO