Rising demand for cloud services to improve operations and increasing use of mobile devices are driving the growth of the global market.
PORTLAND, Ore., November 15, 2023 /PRNewswire/ — Allied Market Research published a report titled “Cloud Computing Services Market by Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)), Enterprise Size (Large enterprises and SMEs), and end-use (BFSI, IT and telecommunications, retail and consumer goods, healthcare, public sector and others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the cloud services industry generated $398.9 billion in 2022 and is expected to reach 2 trillion dollars by 2032, with a CAGR of 18.1% from 2023 to 2032.
The most important factors for growth
Rising demand for cloud services to improve operations and increasing use of mobile devices are driving the growth of the global market. However, data privacy and security issues as well as costs and budget constraints are hindering the market’s growth. Additionally, the increased demand for cloud services in developing regions and the growth of serverless computing and function-as-a-service (FaaS) create lucrative opportunities for cloud services during the forecast period. Additionally, increased digitization and work from home (WFH) policies are expected to drive the market growth in the coming years.
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Report coverage and details:
|
Report coverage |
Details |
|
Forecast period |
2023–2032 |
|
Base year |
2022 |
|
Market size in 2022 |
$398.9 billion |
|
Market size in 2032 |
2 trillion dollars |
|
CAGR |
18.1% |
|
Number of pages in the report |
268 |
|
Segments covered |
Type, company size, end use and region. |
|
Driver |
Increasing demand for cloud services to improve operations The growing use of mobile devices |
|
Possibility |
The growth of serverless computing and function-as-a-service (FaaS) |
|
Restrictions |
Data Privacy and Security Issues Costs and budget constraints |
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Software as a service (SaaS) segment to maintain its leadership status throughout the forecast period
Based on type, the Software as a Service (SaaS) segment held the highest market share in 2022, accounting for less than two-thirds of the cloud services revenue in the market, and is projected to maintain its leadership status throughout the forecast period. The growth of web services has led to increased use of cloud services. Easier administration and global access are the main drivers of the software as a service in the cloud market. However, the platform as a service (PaaS) segment is expected to show the largest CAGR of 20.2% from 2023 to 2032 and is expected to maintain its leading position during the forecast period. The growth of the platform as a service is mainly due to the availability of a common platform for developing software projects. The ease of access and cost advantages drive this industry.
The segment large companies to maintain its leading position during the forecast period
Based on enterprise size, the large enterprise segment accounted for the largest share in 2022, contributing nearly two-thirds of the cloud services market revenue. Increased demand for digital solutions and cloud technology in large companies to improve operations. These factors are further driving the demand for this segment in the global market. However, the SME segment is expected to show the largest CAGR of 20.4% from 2023 to 2032 and is expected to maintain its leading position during the forecast period. The growth of this segment is primarily driven by the cost-effective solutions provided by various organizations.
BFSI segment to maintain its leadership status throughout the forecast period
Based on end-use, the BFSI segment had the highest market share in 2022, accounting for less than one-third of the cloud services revenue in the market, and is projected to maintain its leadership status throughout the forecast period. The increase in demand for cloud services in the BFSI sector is creating further lucrative opportunities in the global market. However, the healthcare sector is expected to show the highest CAGR of 22.5% from 2023 to 2032. The rise in security breaches related to medical records, life support systems and device data in healthcare organizations is fueling the demand for cloud solutions.
North America the region to maintain its dominance until 2032
Based on region North America the segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the cloud services market revenue. The increasing investments by companies and government agencies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve customer experience is expected to drive the growth of the computing services cloud market. Though, Asia-Pacific region expected to experience the fastest CAGR of 21.5% from 2023 to 2032, and is likely to increase market growth during the forecast period. This is attributed to the increased penetration of digitization and increased adoption of advanced technology which is expected to provide lucrative growth opportunities for the market in this region.
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Leading Market Players:-
- Microsoft Corporation
- Google, LLC
- VMware, Inc.
- IBM Corporation
- Alibaba Cloud
- Oracle Corporation
- SAP SE
- Salesforce, Inc.
- Atos Corporation
- Amazon Web Services, Inc.
The report provides a detailed analysis of these key players in the Cloud Services market. These players have adopted various strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market shares and maintain dominant shares in various countries. The report is valuable in highlighting business performance, operational segments, product portfolio and strategic moves of market players to showcase the competitive scenario.
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