WESTFORD, Mass., July 22,
2024 /PRNewswire/ -- According to SkyQuest, the
global Cloud Services Market size was valued at USD 484.23 billion in 2022 and is poised to grow
from USD 565.58 billion in 2023 to
USD 1959.01 billion by 2031, at a
CAGR of 16.8% during the forecast period (2024-2031).
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In recent times, the demand for cloud service market has
immensely increased because of high demand in cloud computing to
improve business operation and the growing use of mobile devices.
Moreover, rising advancement of technology and rising investments
from key market players can create multiple opportunities for the
market. The use of cloud services helps customers to get easy
accessibility to cloud storage, computing power, and IT structure
with the requirement for constant maintenance expense or conducting
software and hardware updates. Different types of billing models
are used by the cloud service providers to charge users, depending
on the resources they have consumed. The primary factor that is
boosting the growth of the cloud service market is its
cost-efficiency. Businesses can save most of their annual operating
expenses with the help of cloud services. The functional
capabilities that improve business operations also help in the
growth. There are immense opportunities for the cloud service
market in the developing markets because they have slowly become
the center for IT services, one of the largest segments of cloud
service. Cloud services are also becoming more prominent due to
their adoption in the small and medium sized business.
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Cloud Services Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 565.58
Billion
|
Estimated Value by
2031
|
$ 1959.01
Billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 16.8%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Service Model,
Deployment Model, Enterprise Size, Vertical, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Increasing adoption of
hybrid and multi-cloud to optimize flexibility
|
Key Market
Opportunities
|
Increasing integration
of cloud among SMEs due to easy availability and
cost-efficiency
|
Key Market
Drivers
|
Growing implementation
of cloud computing to get financial benefits like
cost-cutting
|
Segments covered in Cloud Services Market are as
follows:
- Service Model
- Infrastructure as a Service (Primary Storage, Disaster Recovery
and Backup, Archiving, Compute), Platform as a Service
(Application, Development and Platforms, Application Testing and
Quality, Analytics and Reporting, Integration and Orchestration,
Data Management), Software as a Service, (Customer Relationship
Management, Enterprise Resource Management, Human Capital
Management, Content Management, Collaboration and Productive
Suites, Supply Chain Management, Others), Business process as a
service
- Deployment Model
- Private, Hybrid, Public, Others
- Enterprise Size
- Large Enterprise Size, Small & Large Enterprise Size
- Vertical
- BFSI, IT & Telecommunications, Government, Retail,
Healthcare, Energy & Utilities, Media & Entertainment,
Manufacturing, Others
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Rising Adoption of Cloud Platform Services to Increase
Competitive Edge
Businesses are getting help from cloud platforms to build and
use applications in their present software infrastructure. This
software is assisting top organizations to stay ahead of the
developing start-ups by creating profitable revenue streams with
nominal investments. Cloud platforms also help organizations to
expand and customize their applications creating immense
opportunities for businesses and helping them to grow and become
digitalized. Businesses are using strategy, consulting, and
integrating services to analyze which application is better on the
cloud and how the current infrastructure can be combined with
it.
Increasing Use of Cloud Among SMEs will Drive the Cloud
Service Market Growth
Today, top market players are under extreme pressure and even
lagging because of their incapability to deal with the disruptive
business models. To maintain a competitive edge with digital
transformation these organizations need versatile software that can
help them to adapt and restructure crucial business processes.
Today the world has become digitalized due to which SME businesses
are concentrating on applying cloud-based applications that will
assist them in increasing flexibility and scalability in business
operations. The cloud platform helps in integration of applications
without any disturbances among the current software landscape. It
also offers integrated and improved business solutions that helps
in smooth digital transformation. The small and mid-sized companies
have started adopting agile applications that will give them access
to relevant and real-time data due to the requirements of the
disruptive technologies, increasing the growth of the cloud service
market. Moreover, to give better cloud service and intensify the
adoption of cloud among SMEs, top companies are acquiring cloud
service providers to expand their cloud offerings.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/cloud-services-market
High Demand of Cloud Services in Developed and Developing
Regions
The developed countries were the first to invest and use the
benefits offered by innovative technologies like cloud and cloud
computing services. Therefore, penetration rate of higher
information and communication technology in prosperous markets and
the implementation of innovation in shared computing is
comparatively fast in the private sector. The adoption of cloud has
increased due to the strong regulatory structure, rise in capital
investment, and the constant focus on minimizing service delivery
expense. In the developing economies the demand of scalable data
and computing resources can improve productivity, innovation, and
service delivery in both private and public sectors. The cloud
offers immense opportunities to the financially constrained
governments of emerging regions to improve healthcare, education,
commerce, and finances. These can be done through mobile
healthcare, mobile education, e-commerce, and mobile banking,
boosting the growth of cloud service market.
Related Report:
Cloud Storage Market
Cloud Analytics Market
Cloud Security Market
Cloud Computing Market
Public Cloud Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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SOURCE SkyQuest Technology