Cloud Services Market To Reach $ 1,620.59 Billion, Globally By 2030 At 15.8% CAGR: Allied Market Research
Increasing demand due to profitability, increasing cloud adoption in SMEs and increasing demand due to the Covid-19 epidemic have driven the growth of the global services market cloud.
PORTLAND, Ore., August 9, 2021 / PRNewswire / – Allied Market Research recently released a report titled, “Cloud Services Market By Offer (Solution & Services), Type (IaaS, PaaS, SaaS & Others), Deployment Model (Public Cloud, Private Cloud & Hybrid Cloud) ), size of the organization (large companies and small and medium enterprises), application (asset management, customer relationship management (CRM), enterprise resource management (ERM), supply chain management (SCM), Project & Portfolio Management, Business Intelligence & Others) Vertical Sector (BFSI, IT & Telecommunications, Retail, Government, Media & Entertainment, Healthcare, Manufacturing, Oil & Gas, Metals & Mining , petrochemicals, energy and utilities, pulp and paper, agriculture and others): Global Opportunity Analysis and Industry Forecast, 2021-2030. âAccording to the report, the global cloud services industry was pegged to $ 325.68 billion in 2019, and is expected to reach $ 1,620.59 billion by 2030, with a CAGR of 15.8% from 2021 to 2030.
Main determinants of market growth
Increasing demand due to profitability, increasing cloud adoption in SMBs, and increasing demand due to the Covid-19 outbreak have driven the growth of the global cloud services market. However, concerns about security and data protection are hampering the growth of the market. On the contrary, the increased adoption of cloud services in emerging economies is expected to open lucrative opportunities for market players in the years to come.
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The Covid-19 outbreak has accelerated demand for the cloud to support crucial digital solutions such as e-commerce and remote working.
In addition, the demand for entertainment platforms such as online games and video streaming has increased during the pandemic, which has fueled the demand for cloud services.
Since the global adoption of the work-from-home culture, the demand for cloud services for data security and protection has increased.
Get a detailed analysis of the impact of COVID-19 on the cloud services market
The service segment with the highest CAGR until 2030
By offering, the service segment is expected to register the highest CAGR of 21.9% during the forecast period as it ensures the efficient operation of cloud-based platforms, solutions and software. However, the solutions segment held the lion’s share in 2019, accounting for over 95% of the global cloud services market, due to the benefits of cloud-based solutions for end users and businesses, such as the increase in capacity, scalability, functionality and reduced maintenance cost.
The SaaS segment takes the lion’s share
By type, the SaaS segment dominated the market in 2019, contributing almost two-fifths of the global cloud services market, due to the presence of software as a multitenant which is crucial for cloud computing. However, the IaaS segment is expected to register the highest CAGR of 17.7% during the forecast period as IaaS can be shared and the cost can be reduced.
North America contribute to the highest turnover by 2030
By Region, The Global Cloud Services Market Across North America held the largest share in 2019, accounting for nearly three-fifths of the market, due to the strong adoption of cloud computing services and the emerging cloud computing services industry in the region. However, the market through Asia Pacific is expected to represent the highest CAGR of 18.8% during the forecast period, due to the rapid adoption of cloud computing, increased investment in infrastructure as a service and intense competition In the region.
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Pawan kumar, CEO of Allied Market Research, leads the organization towards delivering high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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