The global cloud computing services market size was valued at USD 371.4 billion in 2022 and is projected to reach USD 1,154.5 billion by 2032, at a CAGR of 25.7% during the forecast period.
The study of several aspects that foster the market’s expansion is included in the research report. It consists of patterns, barriers, and forces that alter the market either favourably or unfavourably. The scope of various market segments and applications that may in the future have an impact on the market is also included in this section. The specifics are based on historical turning points and present trends. The report also introduces players in the market from the standpoint of market share, concentration ratio, etc. and describes the top companies in detail for the competitive landscape so that readers can get a better understanding of their rivals and the competitive environment in general. Additionally, the effects of COVID-19, rising market trends, mergers and acquisitions, and regional conflicts will all be taken into account.
This research is dedicated to offering niche markets, potential hazards, and thorough competitive strategy analysis in many industries based on the Cloud Computing Services market growth status, competition landscape, and development model in different regions of the world. The development potential, consumption characteristics, and structure analysis of the downstream application fields are all thoroughly examined in relation to the competitive advantages of various types of products and services. This research carefully examines the various dangers and possibilities that might be targeted in order to boost growth during the epidemic era.
increased demand from small and medium-sized businesses (SMBs) for cloud-based services as a result of the growing trend of these companies adopting a cloud-first strategy. The number of new cloud service providers is increasing, increasing competition and lowering the cost of accessing the cloud by providing cutting-edge services at affordable costs. Large businesses have adopted public clouds quickly because of their advantages like scalability, flexibility, and agility. Organisations are able to benefit from the best of both worlds while avoiding vendor lock-in thanks to the rising popularity of hybrid clouds, which blend public and private clouds.
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Segmentation:
By service model:
• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)
By deployment model:
• Public cloud
• Private cloud
• Hybrid cloud
By organization size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
By industry vertical:
• Banking, Financial Services, and Insurance (BFSI)
• Healthcare and Life Sciences
• Retail and Consumer Goods
• Telecommunications and IT
• Media and Entertainment
• Government and Public Sector
• Manufacturing
• Others
Regional Analysis:
North America: The North American market is one of the largest in terms of revenue and is expected to grow at a significant pace due to the presence of leading cloud service providers such as Amazon Web Services (AWS), Microsoft, and Google. The US government’s adoption of cloud services is driving the growth of the market in this region. For example, the US Department of Defense has awarded a $10 billion contract to Microsoft for cloud services.
Europe: The European market is expected to witness substantial growth owing to the increasing demand for cloud-based services in the region. The European Union’s General Data Protection Regulation (GDPR) is also driving the growth of the market by pushing organizations to adopt cloud services to comply with the regulation. For instance, the UK-based National Health Service (NHS) has partnered with Google Cloud to develop AI-powered healthcare solutions.
Asia-Pacific: The Asia-Pacific market is expected to grow at a rapid pace due to the increasing adoption of cloud computing services by small and medium-sized enterprises (SMEs). The market is also driven by the increasing penetration of smartphones and the internet, which is enabling the growth of cloud-based mobile applications. For example, Alibaba Cloud, a subsidiary of Alibaba Group, is expanding its cloud computing services to Indonesia, Malaysia, and the Philippines to tap into the growing demand for cloud services in these countries.
Middle East and Africa: The Middle East and Africa market is expected to witness significant growth due to the increasing adoption of cloud services by governments and businesses in the region. The market is also driven by the rising demand for cloud-based solutions in sectors such as healthcare, education, and banking. For example, Dubai Health Authority (DHA) has partnered with Oracle Cloud to host its health information system on the cloud.
Latin America: The Latin American market is expected to grow at a substantial rate due to the increasing adoption of cloud services by SMEs in the region. The market is also driven by the increasing availability of high-speed internet and the rising demand for cloud-based solutions in sectors such as healthcare, education, and banking. For instance, IBM has partnered with Banco Bradesco, a leading Brazilian bank, to migrate the bank’s infrastructure to the cloud to improve its operations and enhance customer experience.
Overall, the cloud computing services market is expected to witness significant growth across all regions due to the increasing adoption of cloud services by businesses and the rising demand for cloud-based solutions in various sectors.
Company Profiles:
• Amazon Web Services
• Microsoft Azure
• Google Cloud Platform
• IBM Cloud
• Oracle Cloud
• Alibaba Cloud
• Salesforce
• SAP
• Rackspace
• Verizon Cloud
• CenturyLink Cloud
• HP Cloud
• Cisco Cloud Services
• Red Hat
• Dell Cloud
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Reasons to Purchase the Cloud Computing Services Market Report:
1. The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
2. Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
3. Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
4. The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
5. Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
