The cloud services market consists of sales of cloud services 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.
The global cloud services market is expected to grow from $344.4 billion in 2019 to $354.8 billion in 2020 at a compound annual growth rate (CAGR) of 3.1%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 12% from 2021 and reach $490.4 billion in 2023. North America was the largest region in the global cloud services market, accounting for 61% of the market in 2019. Western Europe was the second largest region accounting for 21% of the global cloud services market. Africa was the smallest region in the global 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 companies 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.
The major players in the global cloud services market are IBM, Microsoft, Amazon, Google, Salesforce
The countries covered in the global cloud services market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam
The Global Cloud Services Market is segmented:
1) By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
2) By End-User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Others
3) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Others
4) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
5) By Organisation Size: Large Enterprises, Small And Medium Enterprises