Cloud Services Market Size to Surpass US$ 1630 Billion By 2030

New York, June 10, 2022 (GLOBE NEWSWIRE) -- The global cloud services market size will hit at US$ 454.2 billion in 2022. The cost efficiency is the most important aspect driving the growth of the global cloud services industry. Businesses may save more than 35% of their yearly operating costs by using cloud services. The other element encompasses all functional qualities that improve an organization's business success. Furthermore, an increase in demand for cloud services as a result of the COVID-19 pandemic drove market development. Developing economies have progressively become a hub for IT services, which is one of the primary emphasis areas for cloud services, making them advantageous for market expansion. Furthermore, as the number of small and medium-sized organisations increases, so will the use of cloud services in these locations.

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Regional Snapshot

North America is expected to lead the global market in terms of revenue regional expansion is likely to be fueled by the fast development and acceptance of innovative technologies, as well as significant firms such as IBM Corporation, Amazon Web Services, Apple Inc., and others. Apple, for example, established its cloud computing infrastructure in June 2020 to upgrade and grow its cloud-based products and services, including Apple Music, News Plus, and iCloud.

During the projected period, Asia Pacific is anticipated to grow at an exponential rate. Rising demand for smart electric vehicles (EVs), rising internet penetration, and ongoing digitalization are expected to propel regional growth.

Report Highlights

• Based on the type, the private deployment segment dominated the global cloud computing market with a revenue share of more than 46% in 2021. Private clouds offer computing services across a private network or the internet to a small number of users rather than the general public.
• Based on the services, The Software as a Service (SaaS) segment accounted for a revenue share more than 54% in 2021. The popularity of SaaS may be ascribed to its cost flexibility, ease of maintenance, and deployment.
• North America dominated the cloud services market with a revenue share of over 40% in 2021. The United States' businesses place a high priority on digital transformation and are generally seen as early adopters of next-generation technology.
  
  

Scope of the Report

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Market Dynamics

Driver

Innovative exploration InTechnology

The recent resurgence of technologies such as big data, artificial intelligence (AI), machine learning (ML), and others is projected to spur the market forward. These technologies are transforming the market landscape because they help users monitor, analyse, and visualise unprocessed data. Adopting these technological innovations in conjunction with cloud solutions would assist enterprises in improving their visualisation capabilities as well as making complex data accessible and usable.The well-known use of AI and machine learning technology has improved data usage and reduced data storage issues. These technologies also aid in growing business productivity, improving decision-making processes, and lowering operating expenses. As a result, the industry is likely to grow as big data, AI, and machine learning become more widely adopted.

Restraint

Concerns about data privacy and information security

Concerns about data privacy and information security coupled with cloud solutions are oppressive to market growth. Users utilize cloud services to save sensitive data and information about their business and personal activities. Data loss, data breaches, unanticipated crises, application vulnerabilities, and online cyber-attacks, all of which are connected with cloud-based solutions, are predicted to hinder development. Healthcare, government, IT and telecom, BFSI, and other businesses' revenues may be impacted. In 2019, nearly 60% of corporate-related data and information was stored insecurely on storage systems, according to the arXiv.org e-Print repository.

Opportunity

Rapid adaptation by enterprises

Enterprises with existing infrastructure are migrating to cloud services, and many are using a hybrid strategy to maximise the benefits of both on-premises and cloud services.SMEs are mainly adopting cloud services due to substantial advantages such as no upfront infrastructure expenditures and computing services available on demand. Businesses' adoption of hybrid cloud services is influenced by these variables. The hybrid cloud offers workload management, increased security and compliance, and effective integration within DevOps teams. It also gives users the scalability they need to get a competitive edge over competitors by letting them to transition from on-premises to cloud or across clouds.

Challenge

Data privacy

Cloud services help organizations boost productivity while cutting costs. These services also provide a number of advantages, including flexibility, scalability, and agility.Despite the benefits and security safeguards provided by the cloud, data kept there is nevertheless vulnerable to hackers. As the volume of data expands and organizations' objectives for digital transformation grow, the number of cyberattacks is quickly growing. Company data is vulnerable to cyberattacks like Spectre and Meltdown, as well as cloud malware injection attempts, account or service hijacking, and man-in-the-cloud attacks. These dangers may result in business closures and losses.

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Recent Developments

• In January 2019, Walgreens Boots Alliance Inc. joined hands with Microsoft to developa new healthcare delivery model by connecting WBA stores with health information systems.
  
  

Market Segmentation

By Type

• Public Cloud
• Private Cloud
• Hybrid Cloud
  
  

By Service

• Infrastructure as a Service (IaaS)
  • Primary Storage
  • Disaster Recovery and Backup
  • Archiving
  • Compute
• Platform as a Service (PaaS)
  • Application Development and Platforms
  • Application Testing and Quality
  • Analytics and Reporting
  • Integration and Orchestration
  • Data Management
• Software as a Service (SaaS)
  • Customer Relationship Management (CRM)
  • Enterprise Resource Management (ERM)
  • Human Capital Management (HCM)
  • Content Management
  • Collaboration and Productive Suites
  • Supply Chain Management (SCM)
  • Others
    
    

By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

By Verticals

• BFSI
• Telecommunications
• IT and ITeS
• Government and Public Sector
• Retail and Consumer Goods
• Manufacturing
• Energy and Utilities
• Media and Entertainment
• Healthcare and Life Sciences
• Others (Education, Travel and Hospitality, and Transportation and Logistics)

By Geography

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

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