BANGALORE, India, April 15, 2020 /PRNewswire/ -- The global cloud services market size in 2019 was estimated at USD 264.80 Billion and is projected to reach USD 927.51 Billion by 2027, rising at a CAGR of 16.4 % between 2020 and 2027.
Any software made accessible to users on request via the Internet from the servers of a cloud computing provider, rather than from the servers that are present on the company's premises, is known as the cloud service. Cloud services are designed to provide easy, scalable access to applications, resources and services, and are fully managed by a cloud services provider.
Factors such as increased automation and agility, improved customer engagement, and increased cost savings and investment returns are expected to increase the cloud service market size. Because of many advantages such as connectivity to larger networks, on-demand support, pay as you go advantages, resource pooling, business agility, rapid elasticity, cost-cutting, and others, there is a great opportunity in the cloud services market.
TRENDS INFLUENCING THE CLOUD SERVICES MARKET SIZE:
- The growing use of cloud computing services in SMEs and the financial constraints of emerging companies provide cloud services the opportunity to prove its cost-effective capabilities. This advantage of cloud service is expected to fuel its adoption and, in turn, increase the market size
- Increased mobility of users and resources, continuing migration of applications across the cloud, and the emergence of more advanced threats are pushing organizations towards hybrid cloud adoption. The hybrid deployment model is opted for by industries such as healthcare, BFSI, and governments that prioritize compliance, security, and customer experience.
- The emerging technology market is an opportunistic factor that focuses entirely on improvising functional capabilities in the coming years and, in effect, boosting the growth of the cloud services market.
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REGION WISE CLOUD SERVICES MARKET SHARE ANALYSIS :
- In 2019, the North American region had the largest cloud service market revenue share. This is majorly due to the early adoption of cloud services by the market players. Majority of the major cloud service market players are set up in the U.S. region.
- Europe is second in terms of market share for cloud services, as the region adopts cloud services in different sectors such as healthcare, banking, and financial services & insurance, and education.
- Asia-Pacific is projected to rise at the highest CAGR during the forecast period, due to the presence of developing economies like India and China.
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KEY CLOUD SERVICES MARKET SEGMENTS
By Service Type
- IaaS- Infrastructure as a service (IaaS) provides internet-based virtualized computing resources. Infrastructure as a service are web platforms that offer high-level APIs used to derefer various underlying network infrastructure information such as physical computing resources, location, data partitioning, scaling, protection, backup etc.
- PaaS - Platform as a Service (PaaS) is a full software development and delivery environment, with tools that allow you to deliver anything from simple web-based applications to advanced, software-enabled enterprise applications.
- SaaS - Software as a service (SaaS) enables users to connect over the Web and use cloud-based applications. SaaS offers a full software system, which you buy from a cloud service provider on a pay-as-you-go basis.
- BPaaS - Business Process as a Service (BPaaS) is a type of business processes outsourcing (BPO) that employs a cloud computing service model.
- Management & Security Services.
By Cloud Type
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
By Industry Vertical
- IT & Telecommunications
- Energy & Utilities
- Media & Entertainment
SIMILAR REPORTS :
- Public Cloud Market Report
The global Public Cloud market size in 2019 was USD 37.7290 Billion and is forecast to hit USD 89.1230 Billion by the end of 2026, with a CAGR of 12.9 percent in 2021-2026.
Public Cloud refers to a cloud infrastructure model used to distribute data and information resources over the Internet to the general public. Public cloud is open to anybody who wishes to use it, can be free or sold on demand, allowing users to pay for the CPU cycles, storage, or bandwidth.
This report focuses on the global status of Public Cloud, future outlook, opportunities for growth, key market, and key players. The objective of this study is to present the creation of the Public Cloud in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
- Virtual Private Cloud Market Report
The global Virtual Private Cloud market size in 2019 amounted to USD 17.290 Billion and is forecast to hit USD 42.040 Billion by the end of 2026, with a CAGR of 13.4% in 2021-2026.
A virtual private cloud is a pool of shared computing resources allocated to a public cloud system, which can be configured on request. It offers a certain degree of separation, using the tools between various organizations. Virtual private cloud is now used by all kinds of companies, small and medium-sized enterprises, and large corporations.
This report focuses on the global status of Virtual Private Cloud, future outlook, opportunities for growth, key market, and key players. The aims of the study are to address the creation of Virtual Private Cloud in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
- Hybrid Cloud Market Report
The global hybrid cloud market size was estimated at USD 36.138 Billion in 2017 and is expected to hit USD 171.926 Billion by 2025, rising at a CAGR of 21.7 percent between 2018 and 2025.
Due to the increasing demand for hybridization services in the U.S., the North America region dominated the overall market share of the Hybrid cloud in 2017, but Asia-Pacific is expected to see the highest growth rate over the forecast period.
The study offers Porter's five-force analysis of the hybrid cloud industry to understand the effect on the development of the hybrid cloud market through various factors such as supplier power bargaining, competitive strength of competition, new entrants threat, replacement threat, and buyer bargaining power.
- Private Cloud Services Market Report
In 2016, the global private cloud services market size was measured at USD 3.703 Billion and was expected to hit USD 14.111 Billion by 2023, rising at a CAGR of 21.1 percent from 2017 to 2023.
Private cloud providers offer server, network, and storage access for all kinds of users, including large and small and medium enterprises. The global private cloud services market is projected to see a substantial growth rate, owing to the government's rise in ICT spending from various developed and emerging regions, including North America, Europe, and Asia-Pacific.
- Infrastructure-as-a-Service (IaaS) Market Report
The Infrastructure-as-a-Service (IaaS) market size is expected to hit USD 92.075 Billion by 2023, rising from 2017 to 2023 at a CAGR of 25.3 percent.
Infrastructure-as-a-Service (IaaS) is a cloud computing solution that offers complete components of IT infrastructure, such as servers, networks, storage facilities, data centers, and others, to different user groups, including large and small and medium-sized enterprises. It reduces the infrastructure costs by supplying a third party or in-house data centers with virtual server rooms and network systems.
- Business Process-as-a-Service (BPaaS) Market Report
In 2016, the global Business Process-as-a-Service (BPaaS) market size was estimated at USD 3.916 Billion and was forecast to reach USD 15.144 Billion by 2023, rising at a CAGR of 21.8 percent from 2017 to 2023.
The global BPaas market is driven by an increase in enterprise cloud adoption and a large need to automate business processes in North America, Europe, and Asia-Pacific. As compared to other countries, LAMEA is projected to have the least market share. The Middle East and Africa are expected to gain traction in the near future.
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