Cloud Services Market Characteristics
The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide cloud services or the delivery of information technology resources and applications on-demand through an Internet platform. Companies in the cloud services industry 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.
Competitive Landscape of the Cloud Services Market
Major players in the global Cloud services market include IBM, Microsoft, Amazon, Google, Salesforce
Cloud Services Market Size
The cloud services market size is expected to reach $402 billion by 2022, significantly growing at a CAGR of around 8.5% during the forecast period. The growth in the Cloud services market is due to increase in number of internet users and increasing E-Commerce companies
However, the market for Cloud services is expected to face certain restraints from several factors such as government regulations and security concerns.
Cloud Services Market Segmentation
The global cloud services market is further segmented based on type and geography.
By Type - The cloud services market is segmented into Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS) among these segments, the software as a service accounts for the largest share in the global Cloud services market.
By Geography - The global cloud services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global cloud services market.
Trends in the Cloud Services Market
Cloud services companies are offering concise solutions and quick turnarounds for their customers. Changes in data processing technologies enable companies to move functions to data rather than data moving to functions. Bypassing layers of the technology stack has improved cloud services companie`s productivity. For example, with the new warehouse platforms in the insurance industry, queries that took hours now run in minutes, delivering critical insights to insurance companies.
Potential Opportunities in the Cloud Services Market
With emphasis on reducing it infrastructure cost and increased internet penetration the scope and potential for the global cloud services market is expected to significantly rise in the forecast period.