Global Cloud Services Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
29 Jun, 2021
The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide cloud services used for the delivery of information technology resources and applications on-demand through an internet platform. Companies in the cloud services market provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services. It also includes sales of public cloud services, private cloud services, hybrid cloud services and multi-cloud services offered by providers are included.
Global Cloud Services Market Size And Drivers:
The global cloud services market is expected to grow from $396. billion in 2020 to $467.4 billion in 2021 at a compound annual growth rate (CAGR) of 18%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $798.4 billion in 2025 at a CAGR of 14%. Increased internet penetration is the main driver of the market.
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Trends In The Global Cloud Services Market
With technological advances in the cloud computing and continues requirement of updating in-house IT infrastructure, companies are witnessing a rising demand for public cloud platforms. A public cloud is a service based on the standard cloud computing model, in which a service provider makes resources, such as virtual machines (VMs), applications or storage, available to the general public over the Internet. Companies are increasingly opting for public cloud platforms to minimize their costs as public cloud provides services on pay-as-you-go model, the need for organizations to invest in and maintain their own in-house IT resources, and enables scalability to meet workload and user demands.
Global Cloud Services Market Segments:
The global cloud services market is further segmented based on type, end user industry, application, deployment model, organization size and geography.
By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Others
By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Others
By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
By Organization Size: Large Enterprises, Small And Medium Enterprises
By Geography: The global cloud services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global cloud services market, accounting for 61% of the market in 2020.
Read More On The Report For The Global Cloud Services Market At:https://www.thebusinessresearchcompany.com/report/cloud-services-global-market-report
Cloud Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides cloud services market overviews, analyzes and forecasts market size and growth for the global cloud services market, cloud services market share, cloud services market players, cloud services market segments and geographies, cloud services market’s leading competitors’ revenues, profiles and market shares. The cloud services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.