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2021
Cloud Services Market

Cloud Services Market

by Offering (Solution and Services), Type (IaaS, PaaS, SaaS, and Others), Deployment Model (Public Cloud, Private Cloud, and Hybrid Cloud), Organization Size (Large Enterprises and Small and Medium Enterprises), Application (Asset Management, Customer Relationship Management (CRM), Enterprise Resource Management (ERM), Supply Chain Management (SCM), Project and Portfolio Management, Business Intelligence, and Others) Industry Vertical (BFSI, IT & Telecommunications, Retail, Government, Media & Entertainment, Healthcare, Manufacturing, Oil & Gas, Metals & Mining, Petrochemicals, Energy & Utilities, Pulp & Paper, Agriculture, And Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A00299
Pages: 520
Jul 2021 | 66194 Views
Author(s) : Vikas Gaikwad, Shadaab Khan , Vineet Kumar
Tables: 225
Charts: 124
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Cloud Services Market Statistics - 2030

The global cloud services market was valued at $325,689 million in 2019, and is projected to reach $1,620,597 million by 2030, registering a CAGR of 15.8%. Cloud computing refers to the model or network where a program or applications run which can be accessed by many devices or servers at a time. Cloud computing technology is a shift in the tradition of computing, which has given newer and faster methods to provide computing solutions, infrastructure solutions, and application layers. The report focuses on the emerging cloud computing technology and its application. It also gives a comparative analysis of the cloud computing technology with the conventional technology and describes how the cloud computing technology scores an upper hand than the conventional technology.

The COVID-19 outbreak has considerably boosted growth of the cloud services market, owing to the accelerating demand for the cloud to support several crucial applications in e-commerce and remote work culture for efficient business operations.

Cloud services provide elevated business performance due to various benefits such as agile deployment, secure & storage management, low total cost ownership; utility based sharing models and high level computing. However, there are some factors that are limiting the growth of the market; data security being the most significant one due to threat of data breaches and misusage by the third party. Data location and administration is another restraint as they can be easily breached and misused due to different non-governed locations. Insecure interfaces and APIs also limit the market growth as the organizations are unknown about the location of these interfaces. The developing economies are expected to adopt the cloud technology due to cost benefits, which offer growth opportunities for the market. Another opportunity that market players can tap into is the need for ERP as software solution which can be used in the health care sector to keep a track on patient records.

Cloud-Services-Market,-2021-2030

By deployment mode, the global cloud services market share was dominated by the public cloud segment in 2020 and is expected to maintain its dominance in the upcoming years. This is mainly attributed to the fact that the public deployment mode is the most accepted deployment model due to the easy access and low costs. However, private cloud segment is expected to witness the highest growth, as private organizations are deploying the cloud services for asset building.

North America dominates the cloud services market growth. The region has been the early adaptor of the cloud computing services. In addition, this region has showed its willingness to embrace cloud services technology in every sector. The IT sector has already adopted this technology. The emerging sector for cloud computing services in the North America region is the healthcare sector. The cloud computing services are adopted mainly in the data recording and keeping in both clinical as well as non-clinical information. However, Asia-Pacific is expected to observe highest growth rate during the forecast period. The region has come up with Asia Cloud Computing Association (ACCA), which is a member-driven association set up for to accelerate the adoption of cloud computing services. Its members include cloud service providers, governments and cloud consumers. China is expected to invest billions in infrastructure as a service. Moreover, competitive scenario of the Asia-Pacific region is very attractive.

The report focuses on the growth prospects, restraints, and cloud services market analysis. The study provides Porter’s five forces analysis of the cloud services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the cloud services market trends.

Segment review

The cloud services market is segmented on the basis of offering, type, deployment model, enterprise size, application, industry vertical, and region. On the basis of offering, the market is segmented into solution and services. By type, it is categorized into IaaS, PaaS, SaaS, and others. On the basis of deployment model, it is divided into public cloud, private cloud, and hybrid cloud. By enterprise size, it is categorized into large enterprises and small and medium enterprises. By application, the market is segmented into asset management, customer relationship management (CRM), enterprise resource management (ERM), supply chain management (SCM), project and portfolio management, business intelligence, and others. By industry vertical, it is categorized BFSI, IT & telecommunications, retail, government, media & entertainment, healthcare, manufacturing, oil & gas, metals & mining, petrochemicals, energy & utilities, pulp & paper, agriculture, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Impact of COVID-19 on Cloud Services Market

Post COVID-19, the size of the cloud services market is estimated to grow from $374,770 million in 2020 and projected to reach $1,620,597 million by 2030, at a CAGR of 15.8%. The cloud services market forecast of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has considerably boosted growth of the cloud services market due to accelerating demand for the cloud to support several crucial digital solutions such as e-commerce and remote work, as well as entertainment platforms such as online gaming and video streaming.

In addition, the rapid growth in revenues of cloud services providers has been observed during the pandemic. For instance, Amazon Web Services Inc. generated revenue equaled to $12.74 billion in the fourth quarter of 2020, up 28% year-over-year. While, Amazon Web Services' competitor, Microsoft Corporation’s Azure, also gained momentum in the third quarter of 2020. These factors have led to the upsurge in market size during the pandemic. 

Cloud Services Market
By Offering

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Services segment is projected as one of the most lucrative segments.

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Top impacting factors    

The most important factor, which is driving the global cloud services market, is the cost effectiveness. With the deployment of cloud services organizations can save more than 35% of the annual operating costs.

The other factor includes all the functional capabilities which boost up the business performances of the organizations. However, data security is the key restrain for the growth of cloud services market as organizations believe that their data is more secure in in-house data centers as compared to a virtual cloud network. The other limiting factors are the data location and data administration, which need to be properly worked out in order to increase the revenue of the market. The opportunity for cloud services market lies in the developing economies as they have gradually grown to become the hub for IT services, one of the largest target segments for cloud services. In addition, substantial increase in the number of small and medium enterprises will eventually lead to the increased adoption of cloud services in such regions.

Cloud Services Market
By Type

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Infrastructure as a service (IaaS) segment is projected as one of the most lucrative segments.

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Increase in adoption of cloud in SMEs 

Last few decades have shown a tremendous rise in entrepreneurs with their small and medium organizations. There is a great demand of cloud computing services due to the advantages offered such as cost cutting and business flexibility, which proves to be a boon to the startup businesses. The need for cloud computing services is rising due to the growth of these small and medium enterprises. According to a survey conducted by Microsoft Corporation, it was observed that the small medium businesses contributed to nearly 76% in the any country’s economy. Another fact that was discovered is that 79% of entrepreneurs believed that technology could make work more enjoyable. Most of the IT enterprises in the SMB’s need the advanced technology of cloud computing services to flourish their businesses and leave their footprints in various geographies.

Rise in cloud services adoption in developing regions 

Cloud computing services market would find great opportunity in the developing economies such as India, China, Brazil and African economies. These countries are on the verge of development and lack in financial resources, therefore, need cost efficient solutions. In this situation, they can get a chance of saving their IT expenditures by adopting cloud computing services. With the diversified applications of the cloud computing services, small as well as the large enterprises are shifting to high technologies including cloud computing services to flourish in the future. The struggle of the developing economics to gain an advantageous position in the world is acting acts as an opportunity during cloud services market forecast. 

Cloud Services Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most significant region.

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Key Benefits For Stakeholders

  • This study includes the cloud services market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and cloud services market opportunity.
  • The cloud services market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in cloud services industry.

Cloud Services Market Report Highlights

Aspects Details
BY TYPE
  • INFRASTRUCTURE AS A SERVICE (IAAS)
  • PLATFORM AS A SERVICE (PAAS)
  • SOFTWARE AS A SERVICE (SAAS)
  • OTHERS
BY DEPLOYMENT MODEL
  • PRIVATE CLOUD
  • PUBLIC CLOUD
  • HYBRID CLOUD
BY ORGANIZATION SIZE
  • LARGE ENTERPRISES
  • SMES
BY APPLICATION
  • ASSET MANAGEMENT
  • CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
  • ENTERPRISE RESOURCE MANAGEMENT (ERM)
  • SUPPLY CHAIN MANAGEMENT (SCM)
  • PROJECT & PORTFOLIO MANAGEMENT
  • BUSINESS INTELLIGENCE
  • OTHERS
BY INDUSTRY VERTICAL
  • BFSI
  • IT & Telecommunications
  • Government
  • MEDIA & ENTERTAINMENT
  • Healthcare
  • MANUFACTURING
  • OIL & GAS
  • METALS & MINING
  • PETROCHEMICALS
  • ENERGY & UTILITIES
  • PULP & PAPER
  • AGRICULTURE
  • OTHERS
BY REGION
  • North America  (U.S, Canada)
  • Europe  (UK, Germany, France, France, Spain, The Netherlands, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, South Korea, Singapore, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ALIBABA GROUP HOLDING LIMITED, AMAZON WEB SERVICES, INC, CISCO SYSTEMS, INC, DELL, TECHNOLOGIES INC, GOOGLE LLC, HEWLETT PACKARD ENTERPRISE DEVELOPMENT LP, INTERNATIONAL BUSINESS MACHINES CORPORATION, MICROSOFT CORPORATION, ORACLE CORPORATION, RACKSPACE HOSTING, INC
 

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The cloud services market is going through enormous transformation and growth. Legacy infrastructures are making it difficult to accommodate these customer needs as customer demand and expectations are evolving with rapid pace of digitalization. This has compelled industries to adopt emerging technological change in its operating environment. Cloud has evolved to be the dominant technology in the race of technological changes. Hence, increase in adoption of cloud-based products is expected to boost the growth of the global market at an exponentially high rate in the coming years.

Next-generation digital business are leveraging cloud capabilities and preparing for a future of integrated solutions. These include vendor selection, migration tactics, process optimization, cloud security, multi-cloud environments, hybrid & digital infrastructures, data center outsourcing strategies, cloud optimization, cloud computing, PaaS, IaaS, SaaS, and others. Furthermore, extreme agility and accessibility capabilities of a cloud dominate the growth of the cloud services market.

Furthermore, major cloud providers around the globe experienced year-over-year revenue growth due to the COVID-19 pandemic during 2020. The pandemic-driven restrictions accelerated the demand for cloud services to support crucial digital solutions such as remote work and e-commerce, as well as entertainment platforms such as online gaming and video streaming.

The CXOs further added that the cloud services market is competitive and comprises number of regional and global vendors competing based on factors such as cost of solution and services, reliability, and support services. The growth of the market is impacted by rapid advances in the cloud services offerings, whereas the vendor performance is impacted by COVID-19 conditions and industry development. Owing to the competition, vendors operating in the market are offering advanced cloud services products and services to improve the experience of their customers. For instance, in October 2020, Microsoft Corporation has partnered with SpaceX and SES S.A. to launch the tech giant's new cloud computing business for space.

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