Global Cloud Industry Outlook 2024

The global cloud industry is evolving unprecedentedly, fuelled by technological advancements, increasing digitalization, and a growing demand for scalable and efficient solutions. As we step into 2024, it's crucial to explore the current landscape of the global cloud market, highlighting key trends, opportunities, challenges, segment nuances, and recent developments shaping the industry. The?cloud industry outlook in 2024?growth is driven by several key trends, contributing to increased market expansion, revenue, and adoption. Transformative shifts, such as multi-cloud adoption, #AI and machine learning enhancements, hybrid cloud strategies, edge computing integration, serverless computing growth, security and compliance focus, sustainability initiatives, containerization, DevOps and CI/CD practices, and exploration of quantum computing, signify the cloud industry growth.

MarketsandMarkets anticipates the global cloud market size to grow from USD 626.42 billion in 2023 to USD 727.90 billion by 2024, up 16.2% YoY. Tech companies increasingly focus on generative AI-based cloud services, poised to revolutionize industries globally, turning it into an investment magnet.

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Cloud Industry Trends:

The cloud market continues its robust growth trajectory, driven by factors such as the rise of remote work, digital transformation initiatives, and fierce competition among cloud hyper-scalers. Some other cloud industry trends are increasing spending on cloud security, rapid growth in AI, and the FinOps revolution. Automation, AL, and ML are emerging as key trends in the cloud industry. In 2024, we observe the emergence of industry-specific clouds catering to healthcare, finance, manufacturing, and more. These clouds provide customized services, compliance frameworks, and applications designed to address the specific needs of each industry. In 2024, we observe the emergence of industry-specific clouds catering to healthcare, finance, manufacturing, and more. In 2024, we expect several countries to invest in building sovereign cloud infrastructure to ensure that sensitive data stays within national borders, addressing data protection and privacy concerns. For example, Oracle has introduced 2 EU cloud regions to meet data sovereignty requirements.

Additionally, edge computing is expected to gain prominence as a complement to cloud services; this involves processing data closer to the source of generation, reducing latency, and improving real-time processing for applications. The serverless computing model will become more popular, allowing developers to focus solely on writing code without managing the underlying infrastructure. In 2024, businesses will increasingly look for ways to optimize costs associated with cloud services; there will be growing penetration of cloud FinOps practices.

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Cloud Industry Opportunities:

Top players are capitalizing on the growth of the cloud industry. As digital transformation accelerates globally, leading players such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud will face a fierce battle for dominance, seeking to capture market share, expand service offerings, and deliver cutting-edge solutions to an increasingly demanding clientele. For example, AWS will unveil a cloud region in Malaysia by 2024. AWS, Microsoft, and Google Cloud will capture significant market shares in 2024. Regional players like Alibaba Cloud (China) and Tencent Cloud (China) will make substantial strides in the cloud industry, challenging industry giants' dominance.

The demand for cloud-based artificial intelligence and machine learning solutions was growing. Opportunities exist for businesses that can provide specialized AI/ML services, platforms, or consulting to help organizations implement and optimize machine learning models. In our cloud industry analysis, cybersecurity emerges as a critical focal point. As cloud adoption proliferates, so does the need for robust security measures. Entrepreneurs and companies specializing in cybersecurity solutions can capitalize on this growing demand by providing innovative tools for threat detection, identity management, and secure cloud infrastructure – a key takeaway from our cloud industry overview. Subsequently, the landscape of cloud-native development is evolving rapidly, as emphasized in our cloud industry analysis. Developers are increasingly adopting containerization and serverless computing.

In the race for supremacy, top cloud companies are heavily investing in emerging technologies such as generative AI. Sustainability is emerging as a critical differentiator in the competitive landscape. Cloud providers are increasingly adopting eco-friendly practices, utilizing renewable energy sources for data centers, and implementing carbon offset programs to appeal to environmentally conscious clients.

The global cloud industry analysis presents significant growth opportunities, especially in healthcare, finance, and manufacturing. Cloud solutions offer these industries the ability to streamline operations, enhance security, and leverage advanced analytics for data-driven decision-Cloudmaking.

Cloud Industry Key Players:

AWS (US), Microsoft (US), Google (US), Alibaba Cloud (China), and Oracle (US) are the major players in the cloud industry, with a 38-52% combined market share in 2022. Other prominent market players are IBM (US), SAP (Germany), Salesforce (US), Adobe (US), Workday (US), and Tencent Cloud (China). In 2023, key CSPs strive to maintain their cloud leadership positions with product launches, gen AI advancements, and strategic deals. In 2024, cloud players will continue investments in advanced security and sovereign cloud, hike cloud service prices, launch cloud regions in unexplored countries, and focus on industry-specific cloud offerings.

North America leads the Cloud Industry, and Asia Pacific experiences the highest YoY growth.

North America has a highly mature cloud adoption landscape; the United States is expected to continue to be a major contributor to the global cloud market in 2024, with a significant presence of leading cloud providers. Europe’s stringent regulatory requirements will shift focus toward sovereign cloud. Increasing internet penetration and a burgeoning startup ecosystem will support rapid growth in India, Australia, China, and South Korea. Middle Eastern and Latin American countries will also witness notable cloud growth driven by government initiatives.

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?Recent Developments:

1. In January 2024, Microsoft and Vodafone signed a 10-year strategic deal to bring gen AI, cloud, and other digital services to more than 300 million businesses and customers. Over the next decade, Vodafone plans to allocate $1.5 billion towards developing cloud and customer-centric AI services in collaboration with Microsoft. In addition, Vodafone will accelerate its cloud transformation by modernizing its data centers on Microsoft Azure.
2. In January 2024, Microsoft introduced new generative AI and data solutions throughout the shopper journey, providing copilot experiences via the Microsoft Cloud for Retail.
3. In January 2024, Capgemini and AWS extend their strategic partnership to facilitate widespread adoption of generative AI across enterprises. This collaborative effort between Capgemini and AWS is directed explicitly at assisting clients in unlocking the business benefits of adopting generative AI, addressing challenges such as cost, scale, and trust.
4. In January 2024, Google Cloud and Hugging Face unveiled a new strategic partnership, allowing developers to leverage Google Cloud's infrastructure for all Hugging Face services. This collaboration also facilitates the training and deployment of Hugging Face models on the Google Cloud platform.
5. In December 2023, ServiceNow and Amazon Web Services (AWS) declared a strategic collaboration that spans five years. The partnership will begin in early 2024 when ServiceNow's platform and complete range of solutions will be accessible as a Software-as-a-Service (SaaS) offering on the AWS Marketplace. The collaborative effort will leverage the extensive expertise of both entities, with AWS recognized as the leading global cloud provider and ServiceNow catering to around 85% of Fortune 500 companies.
6. In November 2023, IBM broadened its association with AWS to enhance innovation in generative AI and established an innovation lab in India. IBM's collaboration with AWS aims to extend support to a broader range of clients across industries and geographies to unlock maximum cloud and generative AI potential. This collaboration guarantees that developers using Hugging Face will be able to utilize Google Cloud's specialized AI platform, Vertex AI, along with its secure infrastructure, expediting the development of the next generation of AI services and applications.
7. In September 2023, Microsoft and Oracle enhanced their collaboration to provide Oracle Database Services on Oracle Cloud Infrastructure within the Microsoft Azure environment. Oracle and Microsoft introduced Oracle Database@Azure, enabling customers to utilize Oracle database services hosted on Oracle Cloud Infrastructure (OCI) directly within Microsoft Azure data centers.
8. In July 2023, DigitalOcean, renowned for its cloud services tailored to small and medium-sized businesses (SMBs) and startups, completed the acquisition of Paperspace. Paperspace is a top-tier provider of cloud infrastructure-as-a-service, notably recognized for its support of highly scalable applications utilizing graphics processing units (GPUs). The deal size for the acquisition was valued at USD 111 million.
9. In June 2023, IBM acquired Apptio, a financial and operational IT management, and optimization (FinOps) software pioneer, for USD 4.6 billion.

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