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 growth in 2024 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 enrichments, hybrid cloud strategies, edge computing integration, serverless computing growth, security and compliance focus, sustainability initiatives, containerization, DevOps & CI/CD practices, and exploration of quantum computing, signify the cloud industry growth.

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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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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 major cloud industry trends include 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 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 are expected to increasingly look for ways to optimize costs associated with cloud services; there will be growing penetration of cloud FinOps practices.

Adopting cloud solutions is anticipated to be significantly influenced by implementing AI/Gen AI.

In 2024, a cloud-driven industry will be characterized by the widespread integration of AI technologies across various sectors. The surge in AI adoption is a driving force reshaping the cloud computing market landscape, particularly with specialized infrastructures designed to accommodate computational behemoths like Large Language Models (LLMs). This transformative shift democratizes AI, significantly lowering entry barriers for businesses of all sizes.

Opportunities:

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-making.

Increasing competition among CSPs

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.