Global Cloud Services Market Overview And Prospects
Learn about the global cloud services market through The Business Research Company, which provides information on cloud services market size, cloud services market drivers and restraints, cloud services market players, the COVID-19 impact on the cloud services market, and more.
The global cloud services market is expected to grow from $396. billion in 2020 to $467.4 billion in 2021 at a compound annual growth rate (CAGR) of 18%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $798.4 billion in 2025 at a CAGR of 14%.
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The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide cloud services used for the delivery of information technology resources and applications on-demand through an internet platform. Companies in the cloud services market provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services. It also includes sales of public cloud services, private cloud services, hybrid cloud services and multi-cloud services offered by providers are included.
Global Cloud Services Market Segments Include:
By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Others
By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Others
By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
By Organisation Size: Large Enterprises, Small And Medium Enterprises
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America was the largest region in the global cloud services market, accounting for 61% of the market in 2020.
With technological advances in the cloud computing and continues requirement of updating in-house IT infrastructure, companies are witnessing a rising demand for public cloud platforms. A public cloud is a service based on the standard cloud computing model, in which a service provider makes resources, such as virtual machines (VMs), applications or storage, available to the general public over the Internet. Companies are increasingly opting for public cloud platforms to minimize their costs as public cloud provides services on pay-as-you-go model, the need for organizations to invest in and maintain their own in-house IT resources, and enables scalability to meet workload and user demands.
TBRC’s cloud services market report covers:
Major Market Players: IBM, Microsoft, Amazon, Google, Salesforce.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Cloud Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides cloud services market overviews, analyses and forecasts market size, share, cloud services market players, cloud services market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s cloud services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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