Cloud services are highly sought-after as they leverage virtualization to provide on-demand computing ability, data storage, and other services to businesses across the world.
The Cloud Services Market is expected to reach a valuation of 2.5 Bn by 2030. The market is set to further aggrandize at a CAGR of nearly 17.5% through 2030
Besides BFSI, government, healthcare, and other industries, education institutions are rapidly adopting cloud-based email services such as email-as-a-service on large scale. These institutions provide email solutions to their staffs in order to do their daily operational tasks. These email solutions are implemented, maintained, and managed by cloud service providers. Educational institutions that are implementing cloud-based email, benefits from several enhanced services such as a user gets 10 GB of mail inbox storage that can be accessed from any place. Moreover, it offers instant messaging capabilities and 25GB of free online storage.
Among services models available, the demand for software as a service (SaaS) is considerably high. FMI has projected it exhibit 21.6% Y-o-Y growth in 2021. Future Market Insights also states that the global cloud services market is expected to rise steadily at a CAGR of 20.4% during the forecast period of 2020 to 2030.
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Key Takeaways of Cloud Services Market Study
Demand for Cloud Services Increased Under Pandemic Crisis
Under the pandemic crisis of COVID-19, the demand for cloud solutions and services has increased significantly, as most of the workforce started working from home/remote places. There is an influx in demand of cloud solution and services as organisations are adopting to remote work, entertainment, gaming, education and virtually everything else.
Many organisations have changed their priorities and by utilizing cloud automation, businesses are increasing their online presence by developing commerce websites on cloud platforms to decrease the impact of COVID-19 on operational efficiency and productivity. Owing to such factors pubic cloud services market revenue is estimated to increase by 1.6X during 2019-2021.
Shift of Enterprises towards Cloud Based Services
Increasing usage of cloud-based services for multiple workloads such as email services, data backups, CRM, ERP and collaboration services is expected to drive growth of the cloud platforms, over the forecast period. Cost of cloud-based services is comparatively cheaper as these do not require setting up of IT infrastructure. Therefore, many companies are shifting towards adoption of security solutions in order to secure their workloads on the cloud without risks of cyber threat.
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Who is Winning?
Some of the leading companies operating in the cloud services market are Microsoft Corporation, IBM Corporation, Cisco System, Inc., AWS, Oracle Corporation, Dell Technologies, SAP, Google, Fujitsu Global, Rackspace Technology, Inc. and others. These companies are expected to focus on various expansion strategies to gain competitive advantage.
For instance, Google LLP acquired Cornerstone Technology, which is based in Netherlands and specializes in mitigating enterprise workloads, in February 2020. This acquisition helped Google LLP to expand its customer base across Europe.
More Valuable Insights on Cloud Services Market
In its latest report, Future Market Insights offers an unbiased analysis of the global cloud services market, providing historical data for period of 2015-2019 and forecast statistics for the period of 2020-2030. To understand opportunities in the cloud services market, the market is segmented on the basis of service model (Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS)), deployment (public cloud, private cloud, hybrid cloud), enterprise size (large enterprises, small and medium enterprises), industry (BFSI, IT & Telecom, Healthcare, Manufacturing, Government, Others) across six major regions.
Key Segments Covered of the Cloud Services Market
Service Model
Deployment
Enterprise Size
Industry
Region
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 16, 2022
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