The global cloud computing market will be worth $1.4trn in 2027, having grown at a compound annual growth rate (CAGR) of 17.1% from $638.6bn in 2022, according to GlobalData forecasts. 

Cloud computing refers to the provision of IT infrastructure and platform services to provide a flexible, scalable and on-demand IT environment. In the past decade and a half, the cloud computing stack has been replacing the traditional IT stack.

According to GlobalData’s report, Thematic Intelligence: Cloud Computing 2024, the global cloud computing market is being led by infrastructure vendors such as Broadcom (VMware), Cisco, Dell Technologies, HPE, IBM and Oracle

These leading companies provide enterprises with everything they need to build and operate a cloud environment. 

The rise of AI has become central in cloud use cases, which include providing the models necessary for AI-enabled solutions and developing custom chips. This has led to significant partnerships between cloud vendors and AI start-ups, such as Microsoft’s deal with OpenAI.

According to GlobalData forecasts, the software-as-a-service category is currently the largest segment of the cloud market, representing 40% in 2023. 

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However, it is expected to grow slightly slower than the platform-for-a-service category, which has a CAGR of 21.7% between 2022 and 2027.