Delivered December 25, 2020. Contributor: SunJiaqi
To identify quantitive information and data sources on the cloud computing markets, namely the US, Mexico, China and the ASEAN region, respectively. This assists with a global business expansion initiative.
According to the latest research findings, the global cloud computing market generated a revenue of $199.01 billion in 2019, which is expected to reach $760.98 billion in 2027, representing a CAGR of 18.6% between 2020 and 2027. The North American region has a market share of 30.9% in 2019, which is expected to continue its leading position during the forecast period. The Asia-Pacific region is expected to see the highest growth rate in the next seven years.
The Southeast Asian market (ASEAN) reached a cloud revenue of $15.2 billion in 2017, which is expected to see a steady growth of 19.8% until 2024 and reach $40.32 billion in 2025. The private cloud is the largest mode of deployment, representing 48.7% of the market, while IaaS is the largest product segment or service model, with a 55% market share. In terms of the country's share in the ASEAN region, Thailand was the largest market with a 42% market share and the region's future growth is expected to be driven by Singapore with a CAGR of over 13%.
In Mexico, the cloud service revenue was 12.33 billion Mexican Peso in 2019, in which SaaS was the largest revenue contributor (51%). Approximately 80% of organizations have used cloud-based services with either private or hybrid cloud modes of deployment. While pubic cloud and SaaS have been the primary growth drivers in the past decade, the Mexican cloud market is expected to continue the growth momentum, resulting from cloud migration across industries.
In the North American region, the US is the largest market and expected to grow by 16.4% CAGR between 2017 and 2030. SaaS has been the most popular product segment. As the largest public cloud market, the country's spending reached $124 billion in 2019.
The Chinese cloud computing market is expected to reach RMB300 billion in 2023, in which internet-based businesses represent 60.1%. According to Statista, the cloud computing market revenue is expected to reach approximately RMB111 billion in 2021. According to the Ministry of Industry and Information Technology in China, the cloud computing industry already reached a scale of $48 billion in 2018. As the second-largest public cloud market, the country's spending reached $10.7 billion in 2019 and grew by 63.7%.
Summary of Initial Findings
The initial hour of findings reveals some statistics on the key markets of the global cloud computing industry. Although the US is expected to be the largest market, there is a lack of information on its total cloud computing market. Credible information in this regard is unlikely to be publicly available in further research.
We propose further research to focus on the key growth drivers, trends, and associated quantitative information in the US, Mexico, China, and the ASEAN region.
Only the project owner can select the next research path.