Market Size of North America Cloud Computing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 248.07 Billion |
| Market Size (2029) | USD 504.14 Billion |
| CAGR (2024 - 2029) | 15.23 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Cloud Computing Market Analysis
The North America Cloud Computing Market size is estimated at USD 248.07 billion in 2024, and is expected to reach USD 504.14 billion by 2029, growing at a CAGR of 15.23% during the forecast period (2024-2029).
- North America's cloud computing market is expanding, fuelled by businesses' rising demand for scalable and flexible infrastructure. By leveraging cloud computing, companies can effortlessly adjust resources, reducing costs and enhancing efficiency. Across industries, the surge in digital transformation initiatives has hastened the adoption of cloud technologies. Companies are transitioning their applications to the cloud to boost agility, elevate customer experiences, and facilitate remote work, a trend that has intensified in the wake of the pandemic.
- Organizations are increasingly drawn to cloud platforms owing to advancements in cloud technologies such as artificial intelligence, machine learning, and big data analytics. These technologies offer valuable insights and capabilities, fuelling business innovation. Moreover, the advancement of the Software as a Service (SaaS) model, providing on-demand software and applications, is driving cloud adoption among small and medium-sized enterprises (SMEs) searching for cost-effective solutions.
- Moreover, companies increasingly turn to cloud services with robust security features to address regulatory compliance and data security concerns. In North America, the dominance of major cloud service providers, including Microsoft Azure, Amazon Web Services, and Google Cloud, is propelling market growth through their reliable and diverse cloud solutions.
- In August 2023, Ginkgo Bioworks, a provider of cell programming and biosecurity platforms, entered a five-year strategic cloud and AI partnership with Google Cloud. This collaboration aims to empower Ginkgo in building and implementing AI tools tailored for biology and biosecurity. Through this strategic partnership, Ginkgo aims to harness Google Cloud's Vertex AI platform to develop advanced large language models (LLMs). These advancements span areas like genomics, protein function, and synthetic biology. As a result, Ginkgo's clientele can expedite breakthroughs in varied domains, including drug discovery, agriculture, industrial manufacturing, and biosecurity.
- However, concerns over data privacy, compliance challenges, and the high costs associated with cloud migration are restricting the North American cloud computing market. Furthermore, security risks, including cyber threats, and the complexities of managing multi-cloud environments pose significant challenges to widespread adoption across all sectors.
