Cloud Services Market Size, Share, Growth Analysis, By Service Model(IaaS, PaaS, Data Management, SaaS, BPaaS), Type(Managed Services, Professional Services), Deployment Model(Private Cloud, Hybrid Cloud, Public Cloud, Others), Enterprise Size, Vertical, and Region - Industry Forecast 2024-2031

In may 2024, Emerging economies are witnessing a surge in cloud adoption as organizations seek to improve their digital operations. The increasing affordability and accessibility of cloud services are fueling this growth [Precedence Research]. 

In april 2024, The rise of hybrid and multi-cloud solutions is a key trend. These solutions offer businesses greater flexibility and control over their cloud deployments, allowing them to tailor their cloud strategy to specific needs [The Brainy Insights]. 

In early 2024, The overall cloud computing market size was estimated at $602.31 billion in 2023, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 21.2% until 2030 [Grand View Research]. This rapid growth is fueled by factors like businesses recognizing the transformative potential of cloud computing in boosting efficiency and agility.. 

In late 2023, The global cloud infrastructure service market continued its strong growth trajectory, with spending reaching over $76 billion in Q1 2024, a 21% increase year-over-year [Statistia]. This highlights the increasing adoption of cloud services by businesses of all sizes. 

In April 2022, Oracle announced Oracle ME, an employee experience platform, to help companies increase employee engagement and ensure employee success. Oracle ME, a part of Oracle Fusion Cloud Human Capital Management (HCM), made it possible for HR and business management to increase talent retention by fostering a welcoming and trustworthy workplace. 

In March 2022, Azure Health Data Services were introduced by Microsoft Corporation. It is a platform as a service (PaaS) that is intended to accommodate both analytical and transactional workloads. It combines health data and enables cloud-based artificial intelligence (AI), which only supports protected health information (PHI).