How Many Companies Use Cloud Computing

How Many Companies Use Cloud Computing in 2024? (NEW Data)

Published on: August 9, 2023
Last Updated: August 9, 2023

How Many Companies Use Cloud Computing in 2024? (NEW Data)

Published on: August 9, 2023
Last Updated: August 9, 2023

Quick Answer 🔍

How many companies use cloud computing in 2024?

94% of all companies worldwide use cloud computing in their operations.

When was the last time you used a hard drive to store files?

If your answer is years ago, you are on the right track.

For those who answered “just a few minutes back”, drop your worries as you are about to learn a new method that would require you to store that hard drive in your backyard stock room for good.

The cloud is here! And it is here to stay.

The majority of enterprises worldwide are using this technology to optimize business operations and manage their data better.

Tune in and find out how many companies use cloud computing and other cloud computing statistics for 2024.

You will be surprised with the answers!

Key Cloud Computing Statistics

  • 94% of all companies worldwide use cloud computing in their operations.
  • Amazon Web Services (AWS) has 33% of the market share
  • Cloud computing market was worth $369 billion worldwide in 2021.
  • The industry is forecasted to reach $947 billion in 2026 and $1.5 trillion in 2030.
  • banking, financial services, and insurance sector accounts for 21% of all cloud services

How Many Companies Use Cloud Computing in 2024?

94% of all companies worldwide use cloud computing in their operations.

That is not too far off a one hundred percent adoption rate for all!

In 2020, more than 80% of company workloads were migrated to the cloud, hastened by the unprecedented circumstances of the pandemic. 

During the height of the mobility restrictions, businesses have been forced to adopt a remote work setup.

The majority of them invested big in strengthening their cloud computing infrastructures, which still pay off even now that many have already returned to an office setup. 

Cloud Computing Adoption & Market Shares

How Many Companies Use Cloud Computing

Studies found companies allocate at least 30% of all their information technology spending to the service.

Analysts project enterprise cloud spending would account for 14% of all information technology revenue in the next two years.

Take a look at the following cloud computing companies dominating the business and their respective market shares.

  • Amazon Web Services (AWS) – 33% share of the total
  • Microsoft Azure – 21% share of the total
  • Google Cloud – 10% share of the total
  • Alibaba Cloud – 6% share of the total
  • IBM Cloud – 4% share of the total
  • Salesforce – 3% share of the total
  • Tencent – 3% share of the total
  • Oracle – 2% share of the total

Surprisingly, e-commerce giants turns out to be leading industries all across the board, having taken the top spot on the companies with the biggest cloud computing market share.

Another e-commerce company, Alibaba, also made it to the fourth spot. 

Consequently, big tech firms namely Microsoft and Alphabet are catching fast behind Amazon.

These two companies are expected to outpace AWS, in terms of CAGR, in the coming years.

What is Cloud Computing?

You have been unconsciously using cloud infrastructures and services without you knowing what they are. Cloud computing, commonly known as “the cloud”, delivers computer-based services with the use of the internet.

It stores data on supercomputers that can store a huge amount of data and can be accessed remotely.

Some of the common tools and services it supports are the storage of data, servers, public and private databases, and networking, among others.

This means emails, video, and audio streaming platforms, and storage and backup applications like Google Drive, are all subsidiaries of this technology.

The cloud eliminates the need for traditional hard drive storage.

It stores all the information and application in cyberspace which can be accessed using any device, anytime and anywhere, as long as you are connected to the internet.

When hardware used for data storage is lost, it is lost forever.

But with the cloud, all your files are kept as they are, as long as you do not intentionally delete them for good or lose a password on a cloud-based application.

Cloud Computing Market Size

The cloud computing market is a lucrative income source. It ended in 2021 hitting an overall market value of $369 billion global market size.

Its biggest market is the North American region which accounted for $135 billion or 40% of the total. 

The industry is forecasted to record a compounding annual growth rate (CAGR) of 15.7% in the next eight years and hit $947 billion in 2026.

This will grow further to hit $1.5 trillion in 2030, making it one of the world’s biggest industries, by market value.

The banking, financial services, and insurance sector come as the cloud’s biggest clientele.

It accounts for 21% of all cloud services in 2021. Other industries advancing to take hold of the service are:

  • Information technology and telecommunications industry
  • Retail and consumer goods industry
  • Manufacturing industry
  • Energy and utility industry
  • Healthcare industry
  • Media and entertainment industry
  • Government and public sector industry

Different Types of Cloud Computing

  • SaaS or Software-as-a-Service – licenses software programs and applications using a pay-as-you-go method or another type of paywall which needs to be paid before gaining access. 
  • IaaS or Infrastructure-as-a-Service – delivers information technology infrastructures to clients with the use of the internet. 
  • PaaS or Platform-as-a-Service – similar to what Salesforce offers, offers both hardware and software to end-users. In this type of cloud computing, clients will develop, run, and manage their own applications without needing to build their infrastructures

Difference Between a Public and Private Cloud

Cloud computing can also be public or private. A public cloud is handled by intermediary firms, like Google, who control clients’ access to cloud services, including hardware, software, and infrastructure management.

Meanwhile, a private cloud is specifically created for a client base and could only be accessed exclusively by members of the organization using a private network.

Cloud Computing Pros and Cons

Some of the Biggest Companies That Have Done Well with Cloud Computing

Cloud computing comes with a good number of benefits.

This includes the convenience of access, as files stored on the cloud are stored in cyberspace which can be visited anytime and anywhere, as long as there is internet connectivity.

Cloud computing is also cost-saving, serving as a space for big data storage which can be leveraged by paying a small amount of paywall.

On the other hand, security is a big consideration to look at.

Data stored on the cloud are frequent targets of security breaches, making your information vulnerable to hackers.

Conclusion

We hope you enjoyed reading our article on how many companies are using cloud computing in 2024.

You can now say goodbye to your good old hard drives and welcome this new technology that is talked about by everyone in the tech world. 

Using cloud software, you do not have to worry whether you have saved a file or not when a computer shuts down accidentally.

Everything in the cloud stays in the cloud.

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Written by Jason Wise

Hello! I’m the editor at EarthWeb, with a particular interest in business and technology topics, including social media, privacy, and cryptocurrency. As an experienced editor and researcher, I have a passion for exploring the latest trends and innovations in these fields and sharing my insights with our readers. I also enjoy testing and reviewing products, and you’ll often find my reviews and recommendations on EarthWeb. With a focus on providing informative and engaging content, I am committed to ensuring that EarthWeb remains a leading source of news and analysis in the tech industry.