Cloud Computing Market Overview

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The global market for cloud computing is now worth $180 billion when considering with vendor revenues with the market still growing by 24% annually. These cloud technologies are now generating massive revenues for providers of cloud services and technology vendors.

Cloud Computing market depends on distinct categories namely services including 

The division of services includes Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Business Process as a Service (BPaaS), Software as a Service (SaaS), Cloud management, Cloud advertisement and Security services. Type includes Public cloud, community cloud, and Hybrid cloud. Finally, Application comprises Government, Academics and Education, Private organizations and Supply chain management.

The industry is divided into six different buckets, and among them, IaaS remains the fasting growing sector with 47% growth followed by SaaS with 31% with Salesforce and Microsoft the leading vendors.

Private and the Public cloud is the weakest growing areas led by HPE/Dell EMC and Dell EMC/Cisco respectively, while UCaaS (Unified Communications as a Service) gained the annual growth at only 20% with Mitel and RingCentral being the leading vendors, while the private cloud hit almost 30% led by Rackspace and IBM.

The cloud-based global center market is expected to grow from $6.80 Billion to $ 20.93 billion in the five-year span, 25.2% Compound Annual Growth Rate (CAGR) during the period of forecast. 

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These solutions streamline the process of providing up-to-date, modernized services to customers and personalize them to meet their preferences as well demands and for delivering the benefits of minimal capital investment, higher reliability levels, 24/7 technical support, security, and scalability.

Here in the cloud-based contact center market, the major technology vendors  include Cisco Systems (US), Five9 (US), 8x8 Inc. (US), Oracle (US), Connect First(US), NewVoiceMedia(UK), Aspect Software (US), 3CLogic (US) and NICE Ltd. (Israel).


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Last updated: 24 September 2023
About Author

Ravindra Savaram is a Content Lead at His passion lies in writing articles on the most popular IT platforms including Machine learning, DevOps, Data Science, Artificial Intelligence, RPA, Deep Learning, and so on. You can stay up to date on all these technologies by following him on LinkedIn and Twitter.

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