Cloud Services Market Size, Share & Trend | Forecast 2031

Report Description

Cloud Services Market Outlook 2031

The global cloud services market size was valued at USD 483.9 Billion in 2022 and is projected to reach USD 1.58 Trillion by 2031, expanding at a CAGR of 14.1% during the forecast period 2023 - 2031.  The growth of the market is attributed to the increasing adoption of cloud-based solutions across various industry verticals, as it provides access to required data, hardware and application instantly.

Cloud technology plays a vital role in addressing issues regarding resource sharing, and allows network sharing among remote servers. Cloud-based services incurs low operating and maintenance costs to enterprises.

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Cloud computing refers to a model or a network, which can be accessed by multiple devices or servers at a time. The implementation of cloud computing technology provides innovative methods to provide computing solutions, infrastructure solutions, and application layers.

Cloud-based services allow access to broader network, on-demand services, pay as you go benefits, and resource pooling. The adoption of cloud-based services in sectors such as medical & healthcare, banking & insurance and education with the help of various deployment model is expected to further boost the cloud services market.

Companies in the cloud services industry enables access to servers, storage, databases, and a wide range of application services, which are managed by networking hardware. This includes sale of storage servers that are used to store, access, secure and manage digital data, files, and services. Cloud services are projected to replace traditional services owing to their lack of ability to store huge data and access the same rapidly.

Cloud Services Market Drivers, Restraints, Trends, and Opportunities

• Increasing penetration of Internet and rising demand of solutions that can manage data efficiently are expected to drive the cloud services market growth during the forecast period.
• Rising demand for solutions that require minimum data maintenance is anticipated to spur the market growth.
• Lack of awareness and data security concerns related to cloud-based services can hamper the cloud services market.
• The hybrid cloud offers benefit of enhanced workload management, increased security and compliance, and efficient integration of applications within DevOps teams. Thus, the growing awareness about these benefits is expected to drive the market growth in the coming years.
• Initiatives to enhance security standards and technology awareness is expected to create various opportunities for the cloud services market growth.
• The COVD-19 pandemic has encouraged people to stay home to mitigate the spread of virus. This, in turn, has increased the demand for streaming platforms, which has surged the demand for video on-demand (VoD) solutions, driving the cloud services market growth.

Scope of Cloud Services Market Report

The report on the cloud services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Cloud Services Market Segment Insights

Software-as-a-Service (SaaS) to constitute a considerable market share.

On the basis of service models, the cloud services market share is bifurcated into infrastructure as a service (IaaS), platform as a service (PaaS), software as a service (SaaS), business process as a service (BpaaS) and management & security services. The SaaS segment is expected to constitute a considerable market share during the forecast period.

Enterprises across various industries have adopted the work from home model owing to the pandemic, thereby increasing the demand for SaaS-based collaboration solutions. For instance, in March 2020, Microsoft Team platform users increased to 44 million globally owing to the high demand for collaboration solutions. Other companies that are providing SaaS-based collaboration tools include Google Hangouts, Cisco Webex, Slack, Zoom, Ding Talk, WeChat Work, and Tencent Meeting.

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Government segment to represent a significant market share.

Based on industry verticals, the cloud services market share is segmented into BFSI, IT & telecommunications, government, healthcare, retail, energy & utilities, media & entertainment, manufacturing, and others. The government segment is projected to represent a significant market share during the forecast period.

Ongoing technological automations in government processes such as generation of ID, passport, and citizen records, has encouraged the adoption of cloud services in the government sector. The BFSI segment is expected to expand at a healthy CAGR during the forecast period. Increasing adoption of cloud services in this sector to simplify complex procedures that are highly confidential is driving the segment growth.

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North America to account a large market share.

In terms of regions, the cloud services market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America market is expected to account for a large market share during the forecast period owing to the rapid technological advancements and presence of robust IT infrastructure in countries such as the US and China. The market in Asia Pacific is speculated to expand at a high CAGR owing to the rapid growth of the IT industry in emerging economies such as India and China.

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