Cloud Services Market is Predicted to Grow at a 20.5% CAGR from 2023 to 2033 | Report by FMI

In 2022, the cloud services market is anticipated to be worth US$ 564.4 billion. The market is expected to increase at a CAGR of 20.5% from US$ 678.8 billion in 2023 to US$ 4.4 trillion by 2033.

The cloud services market was valued at US$ 3.7 trillion in 2017 and is expected to rise at a CAGR of around 19.6% between 2017 and 2022 as a result of growing adoption of IoT technology by manufacturing, transportation, and other industries.

Cloud services are expected to grow in popularity because to their utility-based sharing models, agile deployment, secure data management, low total cost of ownership, and advanced computing. Cloud services are expected to rise as they help organisations flourish by enabling them to use AI capabilities and implement cutting-edge technology such as artificial intelligence (AI) and machine learning.

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Cloud services enable the effective and timely execution of business activities in changing market contexts. Furthermore, cloud service use is increasing because it has created countless options for generating extremely engaging client experiences. Furthermore, cloud computing has altered people’s and enterprises’ behaviour, allowing many diverse industries to move beyond technological constraints.

Increased internet penetration, increased cloud adoption in SMEs, technological innovation, a focus on cutting infrastructure costs, government actions, and a low-interest-rate environment all contributed to extraordinary growth. The capital intensity and regulatory constraints limited this expansion.

Cloud services help organisations improve operational efficiency and decrease expenses, but the data housed there is still vulnerable to assaults. As a result of digital transformation in enterprises, the volume of data collected is increasing, as is the number of cyberattacks. Cloud malware injection attacks, account or service hijacking, spectre, meltdown, and man-in-the-cloud attacks are making enterprise data insecure, posing a danger of business closure and financial loss. Cyberattacks, on the other hand, disrupt corporate operations, limiting the market growth for cloud services.

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Key Takeaway from the Cloud Services Market:

• Cloud services sales in the US increased year over year by more than 17% to reach US$ 435 Million in 2019. By 2030, the U.S. market is anticipated to grow at a CAGR of roughly 17.5%.
• The France cloud services market is estimated to reach a valuation of 467 Million by the end of 2030 by registering a CAGR of 22.0%.
• The U.K. is estimated to record an incremental opportunity worth US$ 73.7 Million during the forecast period.
• Brazil’s cloud services market is estimated to register a CAGR of 18.5% during the forecast period.
• Increased adoption of IoT technology by manufacturing, transportation services, and other industries.
• The IaaS sector dominated the cloud services industry in terms of service type.
• In the cloud services market, the SaaS category is predicted to increase significantly during the forecast period.
• In 2019, the hybrid cloud category dominated the cloud services market share. The public cloud segment, on the other hand, is predicted to develop significantly during the forecast period.
• In terms of organization size, large enterprises led the cloud services market in 2019. The small and medium enterprise segment, on the other hand, is predicted to develop significantly during the forecast period.
• Among the East Asian nations, Japan has the largest public cloud market and is predicted to grow at a CAGR of 23% during the projected period. The fastest-growing markets in Japan are IaaS and PaaS.
• The market for cloud services in Brazil is anticipated to grow at a CAGR of 18.5% over the projected period. All Brazilian industries have increased their use of cloud services.

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Who is Winning?

Through partnerships and other forms of collaboration with other significant market players in the field of technology, the companies are concentrating on expanding their product lines and intellectual property. The company’s internal development keeps technical control over the creation of new goods and designs. The corporation invests a significant percentage of its resources in improving and growing its technology, creating new goods, updating current ones, and boosting its technological competence across all of its business sectors.

• in June 2020, Wipro Ltd., a global IT consulting and business process services company, announced its collaboration with IBM Corporation to assist Wipro customers to embark on a seamless and secure hybrid cloud journey.
• The IBM cloud park for automation and Amazon GuardDut are two examples of AI-based cloud services that are used for providing prebuilt processes for AI-powered automation and threat detection.
• Salesforce, the industry-leading platform for customer relationship management, introduced Einstein in 2020. This technology enables the collection of customer data, facilitating the tracking and personalization of client relationships.

Key Segments Covered of the Cloud Services Market

By Service Model:

• Software as a Service (SaaS)
• Platform as a Service (PaaS)
• Infrastructure as a Service (IaaS)

By Deployment:

• Public Cloud
• Private Cloud
• Hybrid Cloud

By Enterprise Size:

• SMEs
• Large Enterprise

By Industry:

• BFSI
• IT & Telecom
• Healthcare
• Manufacturing
• Government
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa (MEA)