The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Cloud Services Global Market Report 2023, the cloud services market is expected to show significant growth in the forecast period.

Key insights from the cloud services market forecast include:

1. Market Size

The global cloud services market is expected to grow from $446.1 billion in 2022 to $489.77 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The cloud services market is expected to grow to $698.01 billion in 2027 at a CAGR of 9.3%.

2. Major Driver

The impact of COVID-19 (COVID-19) is likely to drive the cloud services market over the forecast period, as a rising number of people work from home due to government-imposed lockdowns that prevent public gatherings. Cloud spending, for example, increased 37% to $29 billion in the first quarter of 2020. This trend is likely to continue, as the shift to virtual work emphasises the need for scalable, secure, dependable, and cost-effective off-premises technology services. In fact, despite the anticipated economic downturn caused by the pandemic, cloud spending is expected to climb 19% for the full year, even as overall IT investment is expected to dip 8%.

View More On The Cloud Services Market Report 2023 – https://www.thebusinessresearchcompany.com/report/cloud-services-global-market-report

3. Key Trend

Artificial intelligence is rapidly being used by cloud service providers to improve the efficiency and speed of cloud computing services. Artificial intelligence uses computers and technology to simulate the human mind’s problem-solving and decision-making abilities. AI-powered network security technologies can be used by cloud service providers to track and assess network traffic. Some AI-based cloud services that are utilised for offering prebuilt workflows for AI-powered automation and threat detection include the IBM cloud park for automation and Amazon GuardDut. Furthermore, Salesforce, the premier customer relationship management software, debuted Einstein in 2020, which allows for the gathering of customer data, making it easier to track and personalise client connections.

4. Major Players

Major players in the cloud services market are Microsoft, Amazon.com Inc., SAP SE, International Business, Machines Corporation, Nippon Telegraph And Telephone Corp, Intel Corporation, Dell Technologies Inc., Apple, Tencent Holdings Co Ltd and Orange SA.

5. Top Market Segments

The global cloud services market is segmented –

1) By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)

2) By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries

3) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications

4) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud

5) By Organisation Size: Large Enterprises, Small And Medium Enterprises

Request A Sample Of The Global Cloud Services Market Report 2023:

https://www.thebusinessresearchcompany.com/sample.aspx?id=3569&type=smp

The Cloud Services Global Market Report 2023  provides an in-depth analysis on the cloud services market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the cloud services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Professional Cloud Services Global Market Report 2023

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Cloud Billing Global Market Report 2023

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