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The introduction of new and innovative products in the market by key players is expected to boost the growth during the cloud services industry forecast period.
PORTLAND, OR, UNITED STATES, October 4, 2024 /EINPresswire / -- The global cloud services market is experiencing growth due to various factors, such as increasing acceptance of cloud
platform services, surge in adoption of cloud among SMEs, and rise in cloud services adoption in developing regions. By deployment model, the public cloud segment accounted for the highest share in 2021. The Asia-Pacific region is expected to see the fastest growth in the market, with a high CAGR projected by 2031.
According to the report published by Allied Market Research, the global cloud services market size generated $551.8 billion in 2021, and is estimated to reach $2.5 trillion by 2031, witnessing a CAGR of 16.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Covid-19 Scenario:
1. The Covid-19 Pandemic had a positive impact on the global cloud services market because of the growing need for the cloud to support various essential e-commerce applications and the remote work culture for efficient business operations.
2. Furthermore, cloud solutions can be accessed from a mobile device or from a remote location. Thus, the COVID-19-related surge in remote work trends among businesses acted as one of the major opportunities for market growth in the cloud services industry.
The report offers a detailed segmentation of the global cloud services market based on industry vertical, component, type, deployment model, enterprise size, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on industry vertical, the BFSI segment accounted for the highest share in 2021, for nearly one-fifth of the global cloud services market revenue. However, the healthcare segment is expected to continue its lead in market revenue during the forecast period. Also, the same segment would manifest the fastest CAGR of 22.6% during the forecast period. The report also discusses IT and telecom, government, media & entertainment, manufacturing, oil & gas, metals & mining, petrochemicals, energy & utilities, pulp & paper, agriculture and others segments.
Based on components, the solution segment accounted for the highest share in 2021, generating more than two-thirds of the global cloud services market revenue and is projected to rule the roost by 2031. However, the services segment would showcase the fastest CAGR of 18.5% during the forecast period.
Based on type, the software as a service (SaaS) segment contributed to nearly two-fifths of the global cloud services market revenue in 2021. However, the infrastructure as a service (IaaS) would dominate the market in terms of revenue during the forecast period. On the other hand, the platform as a service (PaaS) segment would portray the fastest CAGR of 19.8% throughout the forecast period. The others segment is also studied in the report.
Based on deployment model, the public cloud segment held the major share in 2021, garnering more than two-thirds of the global cloud services market revenue and is projected to maintain its dominance by 2031. However, the hybrid segment would display the fastest CAGR of 19.4% throughout the forecast period. The private cloud segment is also analyzed in the report.
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Based on region, North America held the major share in 2021, garnering nearly half of the global cloud services market revenue and is projected to rule the roost by 2031. However, the Asia-Pacific region would showcase the fastest CAGR of 19.9% throughout the forecast period. The other provinces studied in the report include Europe and LAMEA.
The prominent market players analyzed in the global cloud services market report include Cisco Systems Inc., Hewlett Packard Enterprise Development LP, Google LLC, Microsoft, Oracle, RACKSPACE TECHNOLOGY, International Business Machines Corporation, Amazon Web Services, Alibaba Group Holding Limited, and Dell Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report helps formulate the business performance and developments by the top players.
Challenges
1. Data Security and Privacy: Concerns regarding the security of sensitive information in the cloud can hinder adoption.
2. Regulatory Compliance: Navigating different regulations across regions can be complex for businesses.
Future Trends
1. Multi-Cloud Strategies: Organizations are increasingly adopting multi-cloud approaches to avoid vendor lock-in and improve redundancy.
2. Edge Computing: The rise of IoT and real-time applications is driving the need for edge computing solutions integrated with cloud services.
3. AI and Machine Learning Integration: Cloud services are increasingly incorporating AI and ML capabilities to enhance analytics and automation.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
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 ata 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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