20+ Key Cloud Computing Statistics in 2024

Ever ran out of storage in your smartphone and purchased a cloud service?

Nowadays, almost everyone does!

And this is just one of the obvious uses of cloud computing. 

Over the years, this technology has become an indispensable part of daily lives, be it in work, home, and everywhere!

Businesses leverage the cloud for many good reasons.

Among these is cost efficiency, speed, increased productivity, reliability, and its universal application, among others. 

Let’s deep dive into the most interesting cloud computing statistics of 2023!

Key Statistics

• Global cloud computing market size was valued at $569.31 billion in 2022
• Cloud computing market is expected to grow to $677.95 billion in 2023
• North America’s cloud computing market size came at $401.49 billion last year
• Software as a Service or SaaS captured the highest revenue share in the cloud computing industry at 56%
• Singapore leads the cloud ecosystem index ranking in the Asia Pacific region with an 8.48 index score
• The average number of public cloud services used by financial services businesses jumped 50% between 2019 to 2022
• Misconfiguration of cloud infrastructure is a top cloud security concern
• 1 in 2 businesses plan to invest to protecting their applications and data on public cloud

General Cloud Computing Statistics in 2024

1. In 2022, the global cloud computing market size was valued at $569.31 Billion

According to the latest cloud computing statistics, the global cloud computing market was valued at $569.31 billion in 2022. 

Businesses are increasingly incorporating multi-cloud solutions into their operations, particularly to organize their workforce into collaborating on cloud-based platforms. 

The technology has significantly evolved in the past years, with faster processing cycles allowing users to work together real-time. 

(Fortune Business Insight)

2. Cloud computing market is expected to grow to $677.95 billion in 2023

More businesses are planning to build their cloud computing infrastructures this year.

The industry is expected to hit $677.95 billion this year, representing a $100 million increase from 2022. 

The uptrend is expected to carry on and hit a $2 trillion value by 2030, with a CAGR of 20% in the next seven years. 

The swift penetration of the internet across countries and the increased usage of smartphones among individual users will aid the growth of the market. 

(Fortune Business Insight)

3. North America will continue to lead the market until 2030

The North American market is known for its early adoption of cloud technologies such as robotics, artificial intelligence, and the Internet of Things.  

North America’s cloud computing market size came at $401.49 billion in 2022.

It accounts for 61.1% of the entire revenue share of the cloud computing market, making it the most dominant player in the industry today. 

It is expected to keep in the lead due to the presence of the biggest cloud computing providers IBM, Microsoft, and Oracle, in the country.

Meanwhile, Western Europe captured 21% of the total while the rest of the world is left with 18%.

(Cloudwards)

4. SaaS emerged as the market leader in the cloud industry last year

Software as a Service or SaaS captured the highest revenue share in the cloud computing industry at 56%.

The market is expected to hit a $197 billion value in 2023 and further grow to $232 million by 2024.

Take a look at this cloud computing statistics detailing the market value of SaaS from 2015 to 2022.

• 2015 – the SaaS market held a $31.4 billion value during the year
• 2016 – the SaaS market held a $48.2 billion value during the year
• 2017 – the SaaS market held a $58.8 billion value during the year
• 2018 – the SaaS market held a $85.7 billion value during the year
• 2019 – the SaaS market held a $102.1 billion value during the year
• 2020 – the SaaS market held a $120.7 billion value during the year
• 2021 – the SaaS market held a $146.3 billion value during the year
• 2022 – the SaaS market held a $167.3 billion value during the year

(Statista)

5. Amazon maintains lead in the cloud market

Amazon Web Services (AWS) remains the dominant player in the cloud market.

It is the subsidiary of the e-commerce giant Amazon which provides on-demand cloud computing services to individuals and businesses in a pay-as-you-go scheme. 

Here is the worldwide market share of cloud infrastructure as of Q2 2023:

• AWS – has captured 32% of the entire market share during the period 
• Microsoft Azure – has captured 22% of the entire market share during the period 
• Google Cloud – has captured 11% of the entire market share during the period 
• Alibaba Cloud – has captured 4% of the entire market share during the period 
• IBM Cloud – has captured 3% of the entire market share during the period 
• Salesforce – has captured 3% of the entire market share during the period 
• Oracle – has captured 2% of the entire market share during the period 
• Tencent Cloud – has captured 2% of the entire market share during the period 

(Statista)

6. There are four types of cloud services available to users today

There are many different types of cloud services but all fall into four main categories: IaaS, PaaS, SaaS, and serverless. 

• Infrastructure as a Service (IaaS) – is the most basic category of cloud services. It involves renting out the IT “infrastructure”  which includes virtual machines, storage, network, and operating systems on a pay-as-you-go scheme
• Platform as a Service (PaaS) – a cloud computing service which supplies an on-demand environment to develop, test, deliver, and manage software. 
• Software as a Service (SaaS) – delivers software applications over the internet, typically on a subscription basis. The provider hosts and manages the software application, including security maintenance and security patching. 
• Serverless computing – involves building app functionality without having to spend time in managing servers and infrastructures round the clock.

(Microsoft)

7. Singapore leads the cloud ecosystem index ranking in the Asia Pacific region

The Global Cloud Ecosystem Index rates and ranks major economies based on the health of technology, regulations, and talent that promote cloud services. 

In 2022, Singapore ranked the highest in the Asia Pacific region with an 8.48 score.

Here are the countries that topped the Global Cloud Ecosystem Index in Asia Pacific:

• Singapore – the country generated an index score of 8.48 during the year
• Australia – the country generated an index score of 7.91 during the year
• New Zealand – the country generated an index score of 7.78 during the year
• Japan – the country generated an index score of 7.76 during the year
• South Korea – the country generated an index score of 7.63 during the year
• Hong Kong – the country generated an index score of 7.54 during the year
• Taiwan – the country generated an index score of 7.14 during the year
• Malaysia – the country generated an index score of 6.85 during the year
• China – the country generated an index score of 6.51 during the year
• Thailand – the country generated an index score of 6.35 during the year

(Statista)

8. Pakistan generated the lowest cloud ecosystem index in the Asia Pacific region last  year

Meanwhile, Pakistan had the lowest Global Cloud Ecosystem Index score in 2022.

The country scored 3.57, ranking below Bangladesh’ 3.94 and behind the Philippines’ 5.4. 

Indonesia also lags behind other Asian countries with a 5.75 score while Vietnam scored 5.82 during the year. 

(Statista)

9. The average number of public cloud services used by financial services businesses jumped 50% between 2019 to 2022

According to a report by Skyhigh Security, the average number of public cloud services utilized by financial services between 2019 to 2022 jumped from 20 to 31.

This number represents a 50% growth in the span of three years. 

The report claims the growth has been fueled by the pandemic which urged organizations to turn attention towards remote work.

Cloud computing helps organizations store confidential information such as employee records and payment card information. 

(Security Magazine)

10. 98% of organizations use some form of cloud computing in 2023

Cloud computing is an indispensable part of daily life.

A recent survey found out 98% of organizations globally interact with cloud services in one way or another.

The figure is a significant upgrade from its 91% settlement in 2020. 

Among the top industries using cloud computing the most are automotive, education, finance, healthcare, insurance, hospitality, production, real estate, laws, and non-profit.

(Cloud Security Alliance Org)

11. Financial spend on cloud infrastructure services hit $225 million in 2022

In 2022, businesses spent $225 billion in cloud infrastructure services which is a notable upgrade from $49 billion in 2019.

This is amid the growing need for networking, storage, and database solutions in the business industry. 

(Techopedia)

12. 60% of corporate data was stored in the cloud last year, up from 50% in 2021

A research from Statista found out 60% of corporate data has been stored in the cloud in 2022.

This settlement is up from 50% in 2021, and twice where it was in 2015. 

By 2025, organizations are forecasted to adopt a “cloud first” mantra, and 100 zetabyttes of data is expected to be stored in the technology by 2025. 

• 2015 – 30% of all corporate data had been stored in the cloud during the year
• 2016 – 35% of all corporate data had been stored in the cloud during the year
• 2017 – 43% of all corporate data had been stored in the cloud during the year
• 2019 – 48% of all corporate data had been stored in the cloud during the year
• 2020 – 50% of all corporate data had been stored in the cloud during the year
• 2021 – 50% of all corporate data had been stored in the cloud during the year
• 2022 – 60% of all corporate data had been stored in the cloud during the year

 (Statista)

13.  41% of businesses in the information technology sector need cloud for security expertise

A recent study by G2 revealed 41% of businesses in the information technology sector avail support from cloud vendors for security expertise.

Meanwhile, 40% do it for better cloud management, while 38% are in the service for cost management. 

(G2)

14. Cloud computing has a reputation as a time-saving and cost efficient tool

39% of businesses globally reported having fully achieved their cost-saving goals after leveraging cloud computing in their operations.

In a more detailed look, 43% have reported improved service levels, 45% said the technology helped in business enablement, while 42% supported business continuity. 

With this, 40% of firms said they have achieved expected benefits from cloud adoption, and one in two companies now consider using the cloud to run their workloads. 

 (G2)

15. 57% of organizations use multiple cloud service providers for their needs

More than half of organizations use a multi-cloud strategy in which they utilize multiple cloud service providers such as Amazon Web Services and Google Cloud in different operations. 

The strategy ensures the business continues to operate when the service in one provider is not available for any reason. 

(Cloud Security Alliance)

16. Cloud spending has become a major concern for companies 

Among the top 3 concerns of companies is security, cloud computing spending management, and governance. 

82% of companies reported that managing their cloud computing spending presents a serious challenge, with an estimated 30% of cloud budget going to waste. 

Cloud cost optimization is a priority among 61% of all organizations using cloud services as 76% of them measure cloud progress affording to cost efficiency.

(Cloudwards)

17. Misconfiguration of cloud infrastructure is a top cloud security concern

According to the latest cloud computing statistics, the most popular cloud security challenge is misconfiguration of cloud infrastructure. 

Here are the top cloud security concerns according to cybersecurity experts:

• Misconfiguration of cloud infrastructure – 68% of organizations reported this issue
• Unauthorized access – 58% of organizations reported this issue
• Insecure Application Programming Interface (API) – 52% of organizations reported this issue
• Hijacking – 50% of organizations reported this issue
• External data sharing – 43% of organizations reported this issue

(Cloudwards)

18. Optimizing apps is the most challenging issue with cloud migration

41% of organizations said optimizing apps in the cloud post-migration is the most challenging issue they have encountered after using the technology in their operations. 

Additionally, 38% encountered performance issues with workloads migrated to cloud, while 35% said speed at which migration is completed post a serious challenge in their operations. 

Lastly, 34% found it hard to train existing staff on cloud services after availing the technology.

(G2)

19. Data analytics is the most in-demand cloud certification

Here are the most in-demand cloud certifications today according to a 22 survey conducted by PluralSight participated by 1,000 tech leaders and technologists:

• Data analytics – 33% of survey participants said this most in-demand certification nowadays
• Security – 32% of survey participants said this most in-demand certification nowadays
• Artificial intelligence / machine learning – 16% of survey participants said this most in-demand certification nowadays
• Infrastructure as code – 16% of survey participants said this most in-demand certification nowadays
• Hybrid and edge – 15% of survey participants said this most in-demand certification nowadays
• DevOps – 14% of survey participants said this most in-demand certification nowadays
• IoT – 11% of survey participants said this most in-demand certification nowadays
• Serverless – 10% of survey participants said this most in-demand certification nowadays
• Containers – 9%of survey participants said this most in-demand certification nowadays

(Techopedia)

20. 1 in 2 businesses forecast investing in protecting their applications and data on public cloud

One in two public cloud-based businesses said they expect to invest in protecting their applications and data from external intruders. 

72% of companies said they have deployed access control for security, while 60% use anti-virus software and advanced threat protection. 

(G2)

Conclusion

Over the years, cloud computing has managed to bring itself as an important technology in everyday life and business operations. 

During the pandemic, the majority of companies migrated to work-from-home setups, increasing their reliance on cloud technology. 

Today, cloud computing statistics show the industry is now worth nearly $700 billion and growing.

This shows businesses’ willingness to invest in cloud infrastructure to optimize their operations.

Sources

Azure	Yahoo! Finance	Cloud Security Alliance	Techopedia
Azure 2	Security	RapidScale	Cloudwards
Statista	Statista 2	G2