Cloud Solutions Market Growth
About 73% or 4.35 million US businesses from small companies, medium-sized companies, and large enterprises are presently adopting the use of cloud solutions. Also, the estimated CAGR of cloud solutions or technology adoptions by US businesses is 11.06%.
During our research, we searched through industry sources such as CompTIA, where we found its Cloud Computing Trends survey report which mentioned that cloud solutions are not used exclusively by US companies with more than 500, but instead are being adopted by all companies — small, medium-sized, and large enterprises alike. Based on this information, we found Gartner's definition of small and medium-sized/midsized companies according to the number of employees, which we used together with the findings from the CompTIA report to triangulate the request as shown below.
THE CURRENT AND NEAR FUTURE CLOUD SOLUTIONS MARKET
An IDG 2018 Cloud Computing Survey found that 73% of US organizations have adopted at least one application in the cloud. According to the survey, 17% of US businesses intend to adopt cloud technology within the next 12 months, while 10% plan to do so in the next 1-3 years.
According to a 2018 Trends in Cloud Computing research by CompTIA, the use of cloud solutions or cloud computing in the US isn't in play only in big companies, but also small and medium-sized businesses that have less than 1,000 employees. Also, according to the most recent Statistics in US Businesses (SUSB) survey report by the US Census Bureau, the US has a total of 5,954,684 businesses and enterprises.
TOTAL NUMBER OF US BUSINESSES PRESENTLY ADOPTING CLOUD TECHNOLOGY/SOLUTIONS:
Using the total number of US businesses of 5,954,684 and the current 73% cloud technology adoption rate of US businesses from small, medium-sized and large companies, we were able to calculate the total number of US companies presently adopting the use of cloud solutions as follows:
= 4,346,919 US businesses from small companies, medium-sized companies up to large enterprises in 2019.
COMPOUND ANNUAL GROWTH RATE (CAGR) OF CLOUD SOLUTIONS ADOPTION BY US BUSINESSES AND FUTURE GROWTH:
Using a CAGR calculator, with calculated data of 4,346,919 total US businesses which adopted cloud technology in 2019, and 5,954,684 total US businesses which will adopt cloud solutions in a period of three years based on the IDG report, we were able to calculate the compound annual growth rate of cloud solutions adoption by US businesses as follows:
CAGR = (Final Value / Initial Value) ^1/n - 1, where n = number of years
Using this CAGR, we can calculate for the change of growth rate from 2019 up to the next five years of the adoption of cloud solutions by US businesses.
2019: 4,346,919 US companies (as calculated above)
2020: (4,346,919) + (4,346,919 x 11.06%) = 4,827,688 US companies
2021: (4,827,688) + (4,827,688 x 11.06%) =5,361,630 US companies
2022: (5,361,630) + (5,361,630 x 11.06%) = 5,954,626 US companies
2023: (5,954,626) + (5,954,626 x 11.06%) = 6,613,208 US companies
2024: (6,613,208) + (6,613,208 x 11.06%) = 7,344,629 US companies