Global Cloud Services Market

Cloud Services Market Size, Share, Growth Analysis, By Deployment Model(Public, Private), By Enterprise Size(Large Enterprise Size, Small & Large Enterprise Size) - Industry Forecast 2024-2031


Report ID: SQMIG45E2130 | Region: Global | Published Date: March, 2024
Pages: 197 | Tables: 62 | Figures: 77

Cloud Services Market Insights

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).

By utilising cloud services, businesses can cut more than 35% of their annual operational expenses. The second factor consists of all the practical characteristics that enhance an organization's capacity for business operations. As businesses prioritised digitization initiatives to address market challenges, global investment in cloud infrastructure services increased 34% to $55.9 billion in the January–March quarter (Q1). The top three cloud service providers, which grew 42 percent year over year and accounted for 62 percent of worldwide consumer spending, benefited from expanding usage and size, claims market research firm Canalys. Of the top three, Google Cloud had the strongest performance, growing by 54% in the most recent quarter to account for 8% of the market. Expanding digital transformation among enterprises, rising internet and mobile device penetration globally, and higher Big Data consumption are the main factors propelling the market's expansion. Industrial solutions of the future will be cloud-enabled, and to exhibit their digital business skills, a cloud platform will be needed. In addition, businesses are anticipated to value computing technology more as a result of the deployment of IoT, 5G, edge computing, and real-time analytics made possible by Machine Learning (ML) and Artificial Intelligence (AI).

US Cloud Services Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 484.23 billion

Largest Segment

Private

Fastest Growth

Private

Growth Rate

16.8% CAGR

Global Cloud Services Market ($ Bn)
Country Share for North America Region (%)
Global Cloud Services Market Size By Deployment Model (%) ($ Bn)
Global Cloud Services Market Size By Deployment Model (%)

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Cloud Services Market Segmental Analysis

Global Cloud Services Market is segmented on the basis of service model, deployment model, enterprise size and region. By service model, the market is segmented into IAAS, PAAS, BPAAS. By deployment model, market is segmented into private, public, hybrid. By enterprise size, the market is segmented into large enterprise size, small & medium enterprise size. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Cloud Services Market Analysis by Deployment Model

More than 45.90% of total revenue in 2022 came from the private deployment segment, which represented the largest share. Private clouds provide computational capabilities across a private network or the internet, but only a small number of people have access to them. It offers companies elasticity, self-service, scalability, more customization, and controls that are hosted on an on-premise computer system. By utilizing internal hosting and firewalls to provide high-level data protection, private clouds also provide third-party providers with privacy and security.

The hybrid deployment segment, which comprises an integrated environment with both public and private models, is anticipated to have considerable growth over the course of the projected year. Across industries, the hybrid implementation paradigm is becoming more and more common. Many companies place a high priority on creating hybrid cloud models and clever strategies to enhance business operations, cost optimization, resource usage & consumption, user experience, and application modernization while boosting the benefits.

Cloud Services Market Analysis by Enterprise Size

With more than 51.00% of the total revenue in 2022, the large enterprises segment had the largest share. Due to remote working's ability to give collaborative teams access to formerly centralized data, the need for cloud computing services has increased. Demand is affected by a number of factors, such as operating expenses being lower, teamwork being improved, having more flexibility, and having a faster time to market. Large-scale companies can automate repetitive operations with cloud computing, resulting in faster completion.

Large companies are anticipated to use this technology to streamline procedures more frequently, assisting in the expansion of the sector. As major corporations grow in both developed and developing nations, demand for cloud computing services will rise. During the anticipated period, SMEs are anticipated to develop at the fastest CAGR. To improve workflows and save operational costs, SMEs are anticipated to demand cloud computing services. Costs are cut, monotonous chores are eliminated, teamwork is enhanced, and priorities are determined using cloud computing.

Global Cloud Services Market Size By Deployment Model, 2022 (%)

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Cloud Services Market Regional Insights

In 2022, North America dominated the industry globally and was responsible for the largest portion of the total revenue, or more than 39.45%. The American corporate sector places a high priority on digital transformation and is frequently credited with being an early adopter of technologies like big data analytics, augmented reality (AR), artificial intelligence (AI), virtual reality (VR), machine learning, and 4G, 5G, and LTE. As more American businesses use diverse technology, this fosters the expansion of the cloud computing industry. Due to the presence of numerous suppliers, including as Oracle Corp., Microsoft Corp., International Business Machines Corp. the region is predicted to keep its place in the sector.

Over the forecasted period, Asia Pacific is expected to have the highest CAGR. The regional market expanded quickly as a result of China's and India's rapid economic expansion as well as the creation of local businesses like Alibaba Group. In India, the need for cloud computing has grown as a result of programmes like Make in India, which has made significant investments in the manufacturing industry.

Global Cloud Services Market Size By Region, 2024-2031
  • Largest
  • Fastest

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Cloud Services Market Dynamics

Cloud Services Market Drivers

More People Are Using Cloud Services due to its Superior Properties

  • Making the switch to cloud computing offers financial benefits like cost-cutting and a decrease in capital expenditures. With cloud computing services, the cost of purchasing physical IT resources is reduced, reducing the need for capital expenditure. A solid method for lowering total running expenses is to establish cloud services properly, whether they be in the form of private, public hybrid, or community clouds.
  • A study by the Microsoft Corporation found that small and medium-sized businesses contributed more than 76% to the GDP of all countries. Another study found that 79% of business owners said technology might make work more enjoyable. The majority of SMB IT businesses use the cutting-edge technology of cloud computing services to expand their operations and make a name for themselves across many geographies. Numerous functional advantages are provided by cloud computing services, which also actively contribute to the market growth of cloud services as a whole. The functional advantages of cloud computing include distributed resources, the absence of upgrading and installation tasks, and the effective utilisation of IT employees. The user benefits from the removal of routine upgrades and installations because upgrading, patching, and Installations of add-ons are handled by the service provider.

Cloud Services Market Restraints

Security Breach to Hinder Market Growth

  • While cloud computing has numerous benefits, it also addresses some risks. The securitization of sensitive data is a significant barrier to the market for cloud computing. Large-scale data exchange is made possible by the cloud computing platform. But businesses are hesitant to save their private information in the cloud. As a result, the company is more exposed to information loss and data breaches. The privacy concerns of the organisation may suffer significant harm from hackers and unreliable personnel. Private clouds are typically seen as being more secure than other forms of clouds.

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Cloud Services Market Competitive Landscape

The most effective means for businesses to advance their technology capabilities and gain quick access to expanding markets are anticipated to be alliances, strategic mergers, and acquisitions.

Cloud Services Market Top Player’s Company Profiles

  • Alibaba Cloud (China)
  • IBM Cloud (United States)
  • Salesforce (United States)
  • Oracle Cloud (United States)
  • SAP Cloud Platform (Germany)
  • VMware Cloud (United States)
  • Rackspace (United States)
  • Adobe Experience Cloud (United States)
  • ServiceNow (United States)
  • Cisco Cloud Services (United States)
  • Dell Technologies Cloud (United States)
  • Hewlett Packard Enterprise (HPE) Cloud (United States)
  • Box (United States)
  • Dropbox (United States)
  • Red Hat OpenShift (United States)
  • Tencent Cloud (China)
  • Fujitsu Cloud (Japan)
  • NTT Communications Cloud (Japan)
  • CenturyLink Cloud (United States)

Cloud Services Market Recent Developments

  • In March 2024, Synology introduced BeeStation, a personal cloud storage solution for consumers who value simplicity and ease of use. BeeStation offers flexible file backup, management, and sharing options without subscription costs, ensuring complete control over your private data.

     

  • In March 2024, Trygg-Hansa Försäkring, the Swedish branch of Tryg Forsikring A/S, the largest provider of general insurance services in the Nordics, and Guidewire announced that Trygg-Hansa has chosen Guidewire ClaimCenter on Guidewire Cloud to power its claims operations.

     

  • In March 2024, decentralized serverless cloud network Acurast announced its integration into the peaq ecosystem. This collaboration between Acurast and peaq, a blockchain platform for real-world applications, promises to unlock a new era of decentralized physical infrastructure networks (DePINs) powered by distributed serverless cloud services.

Cloud Services Key Market Trends

  • Organizations are increasingly adopting hybrid and multi-cloud strategies, combining public and private cloud services to meet their specific requirements. Hybrid cloud environments allow businesses to leverage the benefits of both public and private clouds, optimizing flexibility, scalability, and security. Multi-cloud approaches involve using multiple cloud service providers to avoid vendor lock-in and enhance redundancy and resilience.

Cloud Services Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the global cloud services market is experiencing robust growth and is poised to continue expanding in the coming years. Organizations across industries are increasingly adopting cloud computing solutions to drive digital transformation, improve operational efficiency, and enhance business agility. The global cloud services market is experiencing substantial growth as organizations recognize the numerous benefits offered by cloud computing. Cost efficiency, scalability, flexibility, digital transformation enablement, global accessibility, security, and industry-specific solutions are driving market expansion. As businesses continue to prioritize agility, innovation, and cost optimization, cloud services will remain a critical component of their IT strategies, shaping the future of the global cloud services market.

Report Metric Details
Market size value in 2022 USD 484.23 billion
Market size value in 2031 USD 1959.01 billion
Growth Rate 16.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Deployment Model
    • Public, Private, Hybrid
  • Enterprise Size
    • Large Enterprise Size, Small & Large Enterprise Size
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Alibaba Cloud (China)
  • IBM Cloud (United States)
  • Salesforce (United States)
  • Oracle Cloud (United States)
  • SAP Cloud Platform (Germany)
  • VMware Cloud (United States)
  • Rackspace (United States)
  • Adobe Experience Cloud (United States)
  • ServiceNow (United States)
  • Cisco Cloud Services (United States)
  • Dell Technologies Cloud (United States)
  • Hewlett Packard Enterprise (HPE) Cloud (United States)
  • Box (United States)
  • Dropbox (United States)
  • Red Hat OpenShift (United States)
  • Tencent Cloud (China)
  • Fujitsu Cloud (Japan)
  • NTT Communications Cloud (Japan)
  • CenturyLink Cloud (United States)
Customization scope

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  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cloud Services Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cloud Services Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Cloud Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud Services Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Services Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cloud Services Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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).

The most effective means for businesses to advance their technology capabilities and gain quick access to expanding markets are anticipated to be alliances, strategic mergers, and acquisitions. 'Amazon Web Services (AWS) (United States)', 'Microsoft Azure (United States)', 'Google Cloud Platform (United States)', 'Alibaba Cloud (China)', 'IBM Cloud (United States)', 'Salesforce (United States)', 'Oracle Cloud (United States)', 'SAP Cloud Platform (Germany)', 'VMware Cloud (United States)', 'Rackspace (United States)', 'Adobe Experience Cloud (United States)', 'ServiceNow (United States)', 'Cisco Cloud Services (United States)', 'Dell Technologies Cloud (United States)', 'Hewlett Packard Enterprise (HPE) Cloud (United States)', 'Box (United States)', 'Dropbox (United States)', 'Red Hat OpenShift (United States)', 'Tencent Cloud (China)', 'Fujitsu Cloud (Japan)', 'NTT Communications Cloud (Japan)', 'CenturyLink Cloud (United States)'

Making the switch to cloud computing offers financial benefits like cost-cutting and a decrease in capital expenditures. With cloud computing services, the cost of purchasing physical IT resources is reduced, reducing the need for capital expenditure. A solid method for lowering total running expenses is to establish cloud services properly, whether they be in the form of private, public hybrid, or community clouds.

Organizations are increasingly adopting hybrid and multi-cloud strategies, combining public and private cloud services to meet their specific requirements. Hybrid cloud environments allow businesses to leverage the benefits of both public and private clouds, optimizing flexibility, scalability, and security. Multi-cloud approaches involve using multiple cloud service providers to avoid vendor lock-in and enhance redundancy and resilience.

In 2022, North America dominated the industry globally and was responsible for the largest portion of the total revenue, or more than 39.45%. The American corporate sector places a high priority on digital transformation and is frequently credited with being an early adopter of technologies like big data analytics, augmented reality (AR), artificial intelligence (AI), virtual reality (VR), machine learning, and 4G, 5G, and LTE. As more American businesses use diverse technology, this fosters the expansion of the cloud computing industry. Due to the presence of numerous suppliers, including as Oracle Corp., Microsoft Corp., International Business Machines Corp. the region is predicted to keep its place in the sector.

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Global Cloud Services Market

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