Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) — The “Cloud Services Market By Component, By Type, By Deployment Model, By Enterprise Size, By Application, By Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
The cloud services market analysis, titled “Cloud Services Market by Service Type, Cloud Type, Enterprise Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027,” indicates that the market was valued at $264.80 billion in 2019. It is expected to reach $927.51 billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027.
Cloud storage involves the practice of storing data on shared remote servers hosted over the internet, replacing the traditional local servers or personal computers. In a cloud environment, devices connected through a secure gateway within the network can access these servers. The global cloud services market is still evolving, with significant growth potential driven by multiple factors. A key driver is the substantial cost savings compared to conventional physical storage, with estimates indicating potential annual operational cost reductions of 35%.
Cloud services also offer functional capabilities and anytime, anywhere access, contributing to business flexibility and performance. The increasing number of small and medium enterprises further fuels market growth, as these enterprises seek cost-effective solutions provided by cloud services.
Benefits of cloud services include agile deployment, secure storage management, low total cost of ownership, utility-based sharing models, and high-level computing.
However, factors like data security, data location, and insecure interfaces challenge market growth. Developing economies present growth opportunities due to cost benefits, while the need for efficient software solutions, such as ERP, drives cloud adoption in sectors like healthcare.
Cloud services trends span infrastructure as a service (IaaS), software as a service (SaaS), platform as a service (PaaS), business process as a service (BPaaS), cloud advertising services, and cloud management and security services. Cloud advertising services have the largest market share, facilitating easy online promotion. Cloud management and security services are expected to witness the highest growth due to increased data security concerns.
Cloud services are categorized by cloud type, including public, private, hybrid, and community cloud. Public cloud dominates due to easy access and lower costs, while the private cloud is projected to grow rapidly for asset building.
Key Findings of the Study:
- IaaS is the dominant cloud services segment, with SaaS expected to show significant growth.
- Hybrid cloud leads the market, but public cloud will see substantial growth.
- Small and medium enterprises are poised for considerable growth.
- Healthcare is anticipated to be a significant growth sector.
- Asia-Pacific will witness significant growth.
- Increasing acceptance of cloud platform services.
- Adoption of cloud among SMEs.
- Demand surge for cloud services due to the COVID-19 pandemic.
- Data security concerns and data protection.
- Challenges in integrating with internal systems.
- Adoption of cloud technology in developing regions.
- ERP solutions for healthcare sector.
The primary driving force behind the global cloud services market is its cost-effectiveness. The deployment of cloud services enables organizations to achieve over 35% in annual operating cost savings. Other factors contributing to the market’s growth include the enhanced functional capabilities that bolster business performance.
However, data security remains a significant restraint on the market’s expansion, as many organizations perceive their data to be more secure in on-site data centers compared to virtual cloud networks. Additional challenges include concerns about data location and administration, necessitating comprehensive resolution to enhance market revenue.
Opportunities for growth are abundant in developing economies, as these regions have emerged as major hubs for IT services, a primary target segment for cloud services. Moreover, the substantial increase in the number of small and medium enterprises in these regions is anticipated to drive the adoption of cloud services.
The cloud services market is categorized by various parameters such as component, type, deployment model, enterprise size, application, industry vertical, and region. Components include both solutions and services.
Types of cloud services encompass infrastructure as a service (IaaS), platform as a service (PaaS), software as a service (SaaS), and other variations. Deployment models include private cloud, public cloud, and hybrid cloud. Enterprise sizes are divided into large enterprises and small to medium-sized enterprises (SMEs).
Applications for cloud services span areas such as asset management, customer relationship management (CRM), enterprise resource management (ERP), supply chain management (SCM), project and portfolio management, business intelligence, and others. Industries adopting cloud services include banking, financial services, and insurance (BFSI), information technology (IT) and telecommunications, government, media and entertainment, healthcare, manufacturing, oil and gas, metals and mining, petrochemicals, energy and utilities, pulp and paper, agriculture, and more.
Key Market Players
- Alibaba Group Holding Limited
- Cisco Systems Inc.
- Dell Inc.
- International Business Machines Corporation
- RACKSPACE TECHNOLOGY
- Amazon Web Services
- Google LLC
- Hewlett Packard Enterprise Development LP
These companies have adopted various strategies to enhance their market presence and strengthen their position within the cloud services industry.
The cloud services market analysis indicates that the industry is dynamic, characterized by diverse service types, cloud models, and industry verticals. With robust drivers, restraining factors, and potential opportunities, the market is poised for significant growth in the coming years.
For more information about this report visit https://www.researchandmarkets.com/r/bi805d
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.