Global Cloud Services Market Forecast 2024-2033: Estimated Market Size And Growth Rate
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How Much Growth is Expected for the Cloud Services Market from 2024 to 2033?
The expansion of the cloud services sector has been consistent in the past few years. It is projected to escalate from $452.59 billion in 2023 to $475.04 billion in 2024, reflecting a compounded annual growth rate (CAGR) of 5.0%. The historical growth is largely due to factors such as improved internet accessibility, rising prevalence of cloud usage in small and medium enterprises (SMEs), advanced technological development, a focus on diminishing IT infrastructure expenditure, various government initiatives, and a prevailing environment of low interest rates.
In the coming years, the cloud services market is predicted to witness robust growth, expected to reach a value of $666.01 billion by 2028, growing at a compound annual growth rate (CAGR) of 8.8%. The impending growth in this period can be credited to factors such as increasing usage of cloud services in developing areas, the rise of Internet of Things (IoT), the emergence of COVID-19, expansion of smart cities, and the growing influence of e-commerce. The imminent trends likely to shape the market during the projection period consist of heightened emphasis on virtual desktop solutions, integration of artificial intelligence (AI), partnerships with other cloud service providers, advancements in quantum computing research, inclusion of public cloud platforms in offerings, investments in research for innovative solutions, and the construction of green data centers or delegating cloud services with green data centers to reduce costs.
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What Factors Are Encouraging Growth in the cloud services Market?
With the rising trend of online gaming, the cloud services market is projected to experience substantial growth. Online gaming typically involves playing video games through an internet connection or any other accessible computer network. Cloud services play an essential role in online gaming by offering features like platform-independent gaming, increased accessibility, scalability, cost-effectiveness, and convenience, leading to an enhanced gaming experience. For example, a blog post in March 2023 by CyberCrew UK, a digital audio and video media company based in the UK, revealed a 63% growth in the UK’s gamer population since the 2021 lockdown. Consumers invested $5.2 billion in video games in 2020, surpassing the $5 billion mark in UK video game sales for the first time. By 2025, revenue is likely to reach $7.6 million. Consequently, the ever-increasing engagement with online gaming is fostering the growth of the cloud services market.
Which Segments Play a Vital Role in the Cloud Services Market?
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 Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications
5) 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
What Trends Are Driving Change in the Cloud Services Market?
One of the growing trends in the cloud services market is the launch of innovative tools. Cloud services tools encompass infrastructure, platforms, or software hosted by third-party providers and accessed online by users. Take, for example, Google LLC, a US-based tech firm, unveiled new data and analytics capabilities for its data cloud in September 2022. These enhancements, such as new data sharing and data lake platforms, aim to empower users by enabling access to more data at reduced costs. The main objective of these tools is to overcome typical challenges that restrict an organization’s capabilities with data.
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What Regions Are Contributing Significantly to the Growth of the Cloud Services Market?
North America was the largest region in the cloud services market in 2023. Western Europe was the second largest region cloud services market. The regions covered in the cloud services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Cloud Services Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the cloud services market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Cloud Services Market Include
1. Cloud Services Market Executive Summary
2. Cloud Services Market Segments
3. Cloud Services Market Size And Template Market Growth Rate
4. Key Cloud Services Market Trends
5. Major Cloud Services Market Drivers
……
25. Key Mergers And Acquisitions In The Cloud Services Market
26. Top Cloud Services Companies
27. Cloud Services Market Opportunities And Strategies
28. Cloud Services Market, Conclusions And Recommendations
29. Appendix
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