Cloud Services Market is expected to reach a valuation of 2.5 Bn by the year 2030
Cloud Services Market is expected to reach a valuation of 2.5 Bn by 2030. The market is set to further aggrandize at a CAGR of nearly 17.5% through 2030
Along with BFSI, the government, healthcare, and other sectors, educational institutions are quickly implementing email-as-a-service on a broad scale. To help its workers with daily administrative chores, several universities provide email options. Cloud service providers implement, operate, and support these email solutions. A user receives 10 GB of mail inbox storage that can be accessed from anywhere when a school implements cloud-based email, among other upgraded capabilities. Additionally, it gives 25GB of free internet storage and instant chat functionality.
The demand for cloud-based services to access data on various devices without requiring any physical data transmission is greatly influenced by the number of devices per user. However, this is only advantageous for those that have access to data across numerous devices. Therefore, when more gadgets, such Smart TVs, smartphones, and PCs, are embraced by customers, there is a considerable rise in demand for cloud services.
Software as a service (SaaS) is one of the most popular service delivery paradigms. According to FMI's forecast, it will expand by 21.6% year over year in 2021. According to Future Market Insights, the global market for cloud services is anticipated to grow gradually from 2020 to 2030 at a CAGR of 20.4 percent.
Key Takeaways of Cloud Services Market Study
Cloud services market will exhibit impressive Y-o-Y growth at 19.9% CAGR in 2021. FMI projects growth trends to remain positive through the forecast period
Both U.S. and Canada will exhibit remarkable growth as markets for cloud services. Of these, the U.S. will register 64.9% of North America market in 2021
Exhibiting 20.7% Y-o-Y growth in 2021, the U.K. will emerge as a key market in Europe
Germany and France will remain attractive spots for cloud services market
Japan and South Korea will exhibit demand for cloud services at an accelerated pace through the forecast period
Demand for Cloud Services Increased Under Pandemic Crisis
Under the pandemic crisis of COVID-19, the demand for cloud solutions and services has increased significantly, as most of the workforce started working from home/remote places. There is an influx in demand of cloud solution and services as organisations are adopting to remote work, entertainment, gaming, education and virtually everything else.
Many organisations have changed their priorities and by utilizing cloud automation, businesses are increasing their online presence by developing commerce websites on cloud platforms to decrease the impact of COVID-19 on operational efficiency and productivity. Owing to such factors pubic cloud services market revenue is estimated to increase by 1.6X during 2019-2021.
Shift of Enterprises towards Cloud Based Services
Increasing usage of cloud-based services for multiple workloads such as email services, data backups, CRM, ERP and collaboration services is expected to drive growth of the cloud platforms, over the forecast period. Cost of cloud-based services is comparatively cheaper as these do not require setting up of IT infrastructure. Therefore, many companies are shifting towards adoption of security solutions in order to secure their workloads on the cloud without risks of cyber threat.
Who is Winning?
Some of the leading companies operating in the cloud services market are Microsoft Corporation, IBM Corporation, Cisco System, Inc., AWS, Oracle Corporation, Dell Technologies, SAP, Google, Fujitsu Global, Rackspace Technology, Inc. and others. These companies are expected to focus on various expansion strategies to gain competitive advantage.
For instance, Google LLP acquired Cornerstone Technology, which is based in Netherlands and specializes in mitigating enterprise workloads, in February 2020. This acquisition helped Google LLP to expand its customer base across Europe.
More Valuable Insights on Cloud Services Market
In its latest report, Future Market Insights offers an unbiased analysis of the global cloud services market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the cloud services market, the market is segmented on the basis of service model (Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS)), deployment (public cloud, private cloud, hybrid cloud), enterprise size (large enterprises, small and medium enterprises), industry (BFSI, IT & Telecom, Healthcare, Manufacturing, Government, Others) across six major regions.
Key Segments Covered of the Cloud Services Market
Software as a Service (SaaS)
Platform as a Service (PaaS)
Infrastructure as a Service (IaaS)
IT & Telecom
South Asia & Pacific
Middle East & Africa (MEA)
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