PUBLISHER: Allied Market Research | PRODUCT CODE: 1298173
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298173
The term cloud services refer to a wide range of services delivered on demand to companies and customers over the internet. These services are designed to provide easy, affordable access to applications and resources, without the need for internal infrastructure or hardware. From checking email to collaborating on documents, most employees use cloud services throughout the workday, whether they're aware of it or not. Cloud services are fully managed by cloud computing vendors and service providers. They're made available to customers from the providers' servers, so there's no need for a company to host applications on its own on-premises servers.
The most important factor, which is driving the global cloud services market, is the cost-effectiveness. With the deployment of cloud services organizations can save more than 35% of their annual operating costs. The other factor includes all the functional capabilities which boost the business performances of the organizations. However, data security is the key restrain for the growth of the 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. The opportunity for cloud services market lies in the developing economies as they have gradually grown to become the hub for IT services, one of the largest target segments for cloud services. In addition, substantial increase in the number of small and medium enterprises will eventually lead to the increased adoption of cloud services in such regions.
The cloud services market is segmented into component, type, deployment model, enterprise size, application and industry vertical, and region. By component, the market is differentiated into solution and services. By type, the market is segmented into infrastructure as a service, platform as a service, software as a service, and others. Depending on deployment model, it is fragmented into private cloud, public cloud and hybrid cloud. By enterprise size, the market is differentiated into large enterprises and smes. By application, the market is segmented into asset management, customer relationship management, enterprise resource management, supply chain management, project and portfolio management, business intelligence, and others. Depending on industry vertical, it is segmented into BFSI, IT and telecom, government, media and entertainment, healthcare, manufacturing, oil and gas, metal and mining, petrochemicals, energy and utilities, pulp and paper, agriculture, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The cloud services market analysis includes top companies operating in the market such as Alibaba Group Holding Limited, Amazon Web Services, Cisco Systems Inc., Dell Inc., Google LLC, Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft, Oracle, and RACKSPACE TECHNOLOGY. These players have adopted various strategies to increase their market penetration and strengthen their position in the accounting and budgeting cloud industry.