Cloud Services Market Report By Share, Size And Growth 2024-2033
It will grow to $666.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
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Overview and Scope
Cloud Service refers to a wide range of on-demand services offered to businesses and customers over the internet. These services are designed to provide easy and affordable access to applications and resources without needing internal infrastructure or hardware. It refers to the servers accessed over the internet and the software and databases on those servers.
Sizing and Forecast
The cloud services market size has grown steadily in recent years. It will grow from $452.59 billion in 2023 to $475.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increased internet penetration, growing adoption of cloud in smes, technological development, emphasis on reducing it infrastructure costs, government initiatives, and low-interest rate environment.
The cloud services market size is expected to see strong growth in the next few years. It will grow to $666.01 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to rising adoption of cloud services in developing regions, internet of things (iot), covid-19 outbreak, increasing smart cities, and rising penetration of e-commerce. Major trends in the forecast period include increasing focus on virtual desktop solutions, implementing artificial intelligence (ai), collaborating with other cloud service providers, research and development in quantum computing, including public cloud platform in their offerings, investing in research and development for innovations, and building green data centers or outsource cloud services with green data centers to save costs.
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Segmentation & Regional Insights
The cloud services market covered in this report is segmented –
1) By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organisation Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications
5) By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries
North America was the largest region in the cloud services market in 2023. Western Europe was the second largest region cloud services market. The regions covered in the cloud services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing adoption of online gaming is expected to propel the growth of the cloud services market going forward. Online gaming refers to video games that are played over the internet or any other computer network available. Cloud services are used in online gaming to provide platform-independent gaming, accessibility, scalability, cost-effectiveness, convenience, and an improved gaming experience. For instance, in March 2023, according to a blog shared by CyberCrew UK, a UK-based online audio and video media company, the number of gamers in the UK had grown by 63% since the 2021 lockdown. Consumers who play video games spent $5.2 billion on them in 2020. It is the first-time video game sales in the UK have surpassed $5 billion. By 2025, revenue might reach $7.6 million. Therefore, growing adoption of online gaming is driving the growth of the cloud services market.
Key Industry Players
Major companies operating in the cloud services market report are Amazon, Microsoft Corporation, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Salesforce, SAP, Alphabet Inc., Alibaba Group Holding Limited, Nippon Telegraph And Telephone Corp, Kingsoft Corporation, UCloud Information Technology, Tencent Cloud, KingCloud, Fujitsu Ltd., Hitachi Ltd., KDDI Corporation, Infosys Technologies Ltd., Tata Consultancy Services, Cisco Systems, Zenith Infotech Limited, DigitalOcean, Inc., Wipro Ltd, NetApp India Pvt Ltd., SAVVIS Australia Pty Ltd, OVH, CloudSigma AG, Capgemini SE, Castleton Technology PLC, Caretower Ltd, Niu Solutions, HPE United Kingdom, SiteGround, CROC Incorporated, Servionica, Comarch, Onlanta Ltd., Red Hat, Inc., Google LLC, Adobe Inc., Claro, Locaweb, AllCloud Platforms Ltd, Commtouch, Visual Tao, Libox, LiveRoute
The cloud services market report table of contents includes:
1. Executive Summary
2. Cloud Services Market Characteristics
3. Cloud Services Product/Service Analysis -Product/Service Examples
4. Cloud Services Market Trends And Strategies
5. Cloud Services Market - Macro Economic Scenario
…..
68. Global Cloud Services Market Competitive Benchmarking
69. Global Cloud Services Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Cloud Services Market
71. Cloud Services Market Future Outlook and Potential Analysis
72. Appendix
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