Global Cloud Services Market

Cloud Services Market Size, Share, Growth Analysis, By Service Model(Infrastructure as a Service (Primary Storage, Disaster Recovery and Backup, Archiving, Compute)), By Deployment Model(Private, Hybrid, Public, Others), By Enterprise Size(Large Enterprise Size, Small & Large Enterprise Size), By Vertical(BFSI, IT & Telecommunications, Government, Retail), By Region - Industry Forecast 2024-2031

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

Cloud Services Market News

  • 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). 

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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).

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

Product ID: SQMIG45E2130