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So, what’s the current state of the industry? What does spending and security look like? What’s trending in the industry?

These cloud computing industry statistics will tell all, so keep reading to find out!

Cloud computing industry statistics: The market

Cloud computing continues to become an indispensable tool for modern businesses, so as you would expect, the market share continues to grow. Between 2023 and 2028, the global cloud computing market will grow from $626 billion to over $1.2 trillion. That’s a staggering 15.1% compound annual growth rate (CAGR).

Here is the expected CAGR from 2023 to 2028 for each cloud service type:

Regarding the type of cloud businesses use, the these cloud computing stats show some insight:

So what’s the reason behind this growth rate? Businesses must evolve to remain competitive. Cloud computing offers scalability, security, and affordable resources. 

With the cloud, businesses access their information, anywhere, anytime, and on any device.

Cloud computing industry statistics: Cloud spending & implementation

Considering the market growth, you can guess that companies of all sizes are investing in cloud computing. Here are a few statistics to consider:

  1. Cloud computing comprised over 50% of Chief Technology Officer (CTO) budgets in 2023. 
  2. In 2023, the global public cloud end-user spending reached over $599 billion, which is an increase from $421 billion in 2021. SaaS, PaaS, and IaaS account for the majority of this spending. 
  3. 96% of organizations have experienced significant challenges when implementing cloud technology.
  4. According to some, 71% of organizations’ IT executives say that their cloud spending will increase in the coming years. 
  5. For about 50% of businesses, controlling their cloud costs is challenging. 
  6. Despite the enthusiasm for investing, 42% of CIOs say that cloud waste is their top challenge

These statistics give insight into how cloud spending has changed and what challenges continually impact businesses.

Cloud computing industry statistics: Security

As organizations increasingly use cloud computing, the focus on cloud security increases. Here are some key cloud security stats to keep in mind:

  1. IBM states that the average private cloud data breach costs over $4 million
  2. 93% of companies are concerned about human error causing an accidental exposure of data from manually assessing cloud security.
  3. 85% of people say the top challenge with cloud computing is security.
  4. In 2022, about 80% of companies experienced cybersecurity incidents through their cloud infrastructure. 
  5. 80% of companies don’t have a dedicated cloud security team or professional.
  6. 69% of people worry about data loss and leakage with their cloud security.
  7. 58% of companies only evaluate their cloud posture once a month.
  8. Roughly 45% of data breaches take place in the cloud.  
  9. 35% of IT professionals report facing challenges around data privacy and security.
  10. 34% of IT professionals report challenges around lack of cloud security skills.

Cloud computing security is a big concern for cloud users, as these cloud computing stats show.

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You’ve got the insight — It’s time to take action

Now that you’ve gained insight into the latest industry insights, it’s time to start thinking about how you can use those insights to market your cloud computing company. Whether it’s promoting your cloud computing’s security or affordability, these insights can help guide your marketing.

Need help? WebFX is a full-service digital marketing agency that can help you optimize various marketing strategies to increase your visibility. 

Our experienced professionals are here to help you make informed decisions to drive success. Contact us online or at 888-601-5359 to learn more about our digital marketing services!

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