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Cloud Computing Services Industry
Rising demand of cloud computing services to enhance business operation and the growing usage of mobile devices are driving the market growth.
PORTLAND, OR, UNITED STATES, September 19, 2024 /EINPresswire / -- According to the report published by Allied Market Research, "Growing with CAGR of 18.1% | The Global Cloud Computing Services Market Size Reach USD 2 Trillion by 2032". The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
The global cloud computing services market was valued at USD 398.9 billion in 2022, and is projected to reach USD 2 trillion by 2032, growing at a CAGR of 18.1% from 2023 to 2032.
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Rising demand of cloud computing services to enhance business operation and the growing usage of mobile devices are driving the growth of global market. Rise in demand of cloud services in developing regions and growth in serverless computing and function-as-a-service (FaaS) create lucrative opportunities for cloud computing services during the forecast period. Moreover, increasing digitalization and work from home (WFH) policy are expected to propel the growth of the market in the coming years.
The cloud computing services market is segmented into type, enterprise size, end-use and region. The report provides information on various types including infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). In addition, it is categorized by different enterprise size such as large enterprises and small & medium-sized enterprises. The details of the end-use namely BFSI, IT & telecommunication, retail and consumer goods, healthcare, government & public sector and others are also provided in the report. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
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Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing of nearly two-thirds of the cloud computing services market revenue. Rise in demand of digital solution and cloud technology in large enterprises to enhance business operation. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 20.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.
Based on end use, the BFSI segment held the highest market share in 2022, accounting for less than one-third of the cloud computing services market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for cloud computing services in BFSI sector further creates lucrative opportunities in the global market. However, the healthcare sector is projected to manifest the highest CAGR of 22.5% from 2023 to 2032. The increase in security breaches related to medical records, life support systems, and device data in healthcare organizations is fueling the demand for cloud computing services solutions.
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Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the cloud computing services market revenue. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve customer experience are anticipated to propel the growth of the cloud computing services market. However, Asia-Pacific is expected to witness the fastest CAGR of 21.5% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology which are expected to provide lucrative growth opportunities for the market in this region.
The key players that operate in the Cloud computing services market analysis are Microsoft Corporation, Google, LLC, VMware, Inc., IBM Corporation, Alibaba Cloud, Oracle Corporation, SAP SE, Salesforce, Inc., Atos Corporation and Amazon Web Services, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the cloud computing services industry.
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● Recent Product Launch in the Market
In October 2023, Microsoft Corporation enhanced its cloud computing services designed to help customers be more productive and secure and to deliver differentiated value across the cloud and the edge.
In October 2021, VMware, Inc. launched new advancements for VMware cloud, the industry's first and only multi-cloud computing infrastructure that enables customers to move their enterprise apps to the cloud in nearly half the time and less than half the cost.
● Recent Partnership in the Market
In November 2022, Homegrown information technology (IT) services provider, Wipro Ltd., partnered with US-based cloud computing service provider, VMware. Through this partnership they will offer cloud computing and remote work platform, which will allow enterprises to provide their security standards and other services to a distributed workforce.
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Lastly this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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