Cloud Services Market Size, Share & Trend | Forecast 2031

Cloud Services Market Size, Share & Trend | Forecast 2031

Segments - Cloud Services Market by Service Models (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), Business Process as a Services (BPaaS), and Management & Security Services), Industry Verticals (BFSI, IT & Telecommunications, Government, Healthcare, Retail, Energy & Utilities, Media & Entertainment, Manufacturing, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023–2031

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Author : Raksha Sharma
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :ICT-SE-524 | 4.3 Rating | 71 Reviews | 155 Pages | Format : PDF Excel PPT

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.

Cloud Services Market Outlook

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.

  • 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.

Attributes

Details

Report Title

Cloud Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Service Models (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) and Industry Verticals (BFSI, IT & Telecommunications, Government, healthcare, Retail, Energy & Utilities, Media & Entertainment, Manufacturing and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Amazon Web Services, Cisco Systems, Akamai Technologies, Google Inc., Hewlett Packet, Dell, Microsoft Corp, IBM Corp VM-Ware, and Yahoo Inc.

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.

Cloud Services Market Service Models

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.

Cloud Services Market Industry Verticals

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.

 

Cloud Services Market Regions

Segments

The global cloud services market has been segmented on the basis of

Service Models

  • Infrastructure as a Service (IaaS)
  • Platform as a Service (PaaS)
  • Software as a Service (SaaS)
  • Business Process as a Services (BpaaS)
  • Management & Security Services

Industry Verticals

  • BFSI
  • IT & Telecommunications
  • Government
  • Healthcare
  • Retail
  • Energy & Utilities
  • Media & Entertainment
  • Manufacturing
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

Competitive Landscape

Some of the key players in the global cloud services market are Amazon Web Services, Cisco Systems, Akamai Technologies, Google Inc., Hewlett Packet, Dell, Microsoft Corp, IBM Corp VM-Ware and Yahoo Inc.

Industry participants are focusing on providing customized solutions to various industry verticals to leverage their market position.

Cloud Services Market Key Players

Frequently Asked Questions

The global Cloud Services Market size was valued at USD 483.9 billion in 2022.

Cloud Services Market is growing at a CAGR of 14.1% in forecast period.

The Cloud Services Market is studied from 2023 - 2031.

The SaaS segment is expected to constitute a considerable market share during the forecast period.

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.

Some of the key players in the global cloud services market are Amazon Web Services, Cisco Systems, Akamai Technologies, Google Inc., Hewlett Packet, Dell, Microsoft Corp, IBM Corp VM-Ware and Yahoo Inc.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cloud Services Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Cloud Services Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Cloud Services Market - Supply Chain
  4.5. Global Cloud Services Market Forecast
     4.5.1. Cloud Services Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Cloud Services Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Cloud Services Market Absolute $ Opportunity
5. Global Cloud Services Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Cloud Services Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Cloud Services Demand Share Forecast, 2019-2026
6. North America Cloud Services Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Cloud Services Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Cloud Services Demand Share Forecast, 2019-2026
7. Latin America Cloud Services Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Cloud Services Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Cloud Services Demand Share Forecast, 2019-2026
8. Europe Cloud Services Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Cloud Services Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Cloud Services Demand Share Forecast, 2019-2026
9. Asia Pacific Cloud Services Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Cloud Services Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Cloud Services Demand Share Forecast, 2019-2026
10. Middle East & Africa Cloud Services Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Cloud Services Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Cloud Services Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Cloud Services Market: Market Share Analysis
  11.2. Cloud Services Distributors and Customers
  11.3. Cloud Services Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Amazon Web Services
     11.4.2. Cisco Systems
     11.4.3. Akamai Technologies
     11.4.4. Google Inc.
     11.4.5. Hewlett Packet
     11.4.6. Dell
     11.4.7. Microsoft Corp
     11.4.8. IBM Corp VM-Ware
     11.4.9. Yahoo Inc.

Methodology

Our Clients

The John Holland Group
General Mills
Deloitte
FedEx Logistics
Nestle SA
General Electric
Pfizer
Dassault Aviation