PUBLISHER: SkyQuest | PRODUCT CODE: 1345198
PUBLISHER: SkyQuest | PRODUCT CODE: 1345198
Global Cloud Services Market size was valued at USD 414.58 billion in 2021 and is poised to grow from USD 484.23 billion in 2022 to USD 1435.99 billion by 2030, at a CAGR of 16.8% during the forecast period (2023-2030).
By leveraging cloud services, businesses can significantly reduce their annual operational expenses by more than 35%. Another crucial aspect involves adopting practical characteristics that enhance an organization's operational capabilities. To address market challenges, businesses have prioritized digitization initiatives, leading to a substantial 34% increase in global investment in cloud infrastructure services, amounting to $55.9 billion in the January-March quarter (Q1). Market research firm Canalys reports that the top three cloud service providers experienced remarkable growth, expanding by 42% year over year and capturing 62% of worldwide consumer spending, with Google Cloud leading the pack, growing by 54% in the most recent quarter and accounting for 8% of the market. This expansion is fueled by the growing adoption of digital transformation among enterprises, increased internet and mobile device penetration globally, and a surge in Big Data consumption. Cloud-enabled industrial solutions will shape the future, demanding proficient cloud platforms to showcase digital business capabilities. Furthermore, the deployment of IoT, 5G, edge computing, and real-time analytics made possible by Machine Learning (ML) and Artificial Intelligence (AI) will further elevate the significance of computing technology for businesses.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Cloud Services Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Cloud Services Market can be categorized into various segments based on the service model, deployment model, enterprise size, and region. In terms of service model, the market is divided into IAAS, PAAS, and BPAAS. Concerning the deployment model, it is categorized into private, public, and hybrid cloud solutions. Based on enterprise size, the market is segmented into large enterprises and small & medium-sized enterprises. Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The increasing adoption of cloud services can be attributed to its superior properties, offering various financial benefits such as cost-cutting and reduced capital expenditures. By transitioning to cloud computing, organizations can minimize the need for purchasing physical IT resources, leading to a decrease in capital expenses. Whether opting for private, public, hybrid, or community clouds, effectively implementing cloud services can significantly lower overall operating costs. A Microsoft Corporation study revealed that small and medium-sized businesses contribute over 76% to the GDP of all countries, while another study showed that 79% of business owners believe technology can enhance work enjoyment. To expand their operations and gain recognition across different regions, many SMBs are leveraging cutting-edge cloud computing services. The functional advantages of cloud computing, such as distributed resources, simplified upgrades and installations managed by the service provider, and efficient utilization of IT staff, further drive the growth of the cloud services market as a whole.
The Cloud Services Market faces certain restraints, with security breaches being a prominent concern. Despite the numerous benefits of cloud computing, it also comes with inherent risks, particularly in securing sensitive data. The cloud computing platform facilitates large-scale data exchange, but businesses remain hesitant to store their private information in the cloud due to security apprehensions. This reluctance exposes companies to potential information loss and data breaches, which can lead to significant harm to an organization's privacy. The threat of hackers and unreliable personnel further adds to the privacy concerns. Private clouds are often perceived as a more secure option compared to other cloud types in addressing these security issues.
A key market trend in the Global Cloud Services industry is the growing adoption of hybrid and multi-cloud strategies by organizations. By combining both public and private cloud services, businesses can tailor their cloud environments to meet their specific needs. Hybrid cloud setups offer advantages such as improved flexibility, scalability, and security, enabling organizations to optimize their cloud infrastructure effectively. Moreover, the use of multiple cloud service providers in multi-cloud approaches allows businesses to avoid vendor lock-in and enhance redundancy and resilience, ensuring a more robust and reliable cloud ecosystem.