Global Cloud Services Market 2021 to 2030
According to this report the cloud services market size was valued at $264.80 billion in 2019, and is projected to reach $927.51 billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027.
Cloud computing is the practice of sharing network of remote servers which are hosted on the Internet to store, process, share, and manage data rather than on a local server or a personal computer. The services provided by the cloud computing technology are referred to as cloud services. These specifically refer to a common storage space through which all the devices in the network can access data simultaneously. The use of cloud services not only provides cost benefits but also makes data accessible to all devices in the network at any time and from any location.
However, data security is the key restrain for the growth of cloud services market as organizations believe that their data is more secure in in-house data centers as compared to a virtual cloud network. The other limiting factors are the data location and data administration, which need to be properly worked out in order to increase the revenue of the market. Developing economies have gradually grown to become the hub for IT services, which is one of the largest target segments for cloud services thus being opportunistic for the market growth. In addition, substantial increase in the number of small and medium enterprises eventually lead to increased adoption of cloud services in such regions.
The cloud services market is segmented on the basis of offering, type, deployment model, enterprise size, application, industry vertical, and region. On the basis of offering, the market is segmented into solution and services. By type, it is categorized into IaaS, PaaS, SaaS, and others. On the basis of Deployment Model, it is divided into public cloud, private cloud, and hybrid cloud. By enterprise size, it is categorized into large enterprises and small and medium enterprises.
- The study provides an in-depth analysis of the cloud services market along with current trends and future estimations to elucidate imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of cloud services market for the period 2020-2030 is provided to determine the market potential.