The cloud services market was valued at $551.76 billion in 2021 and is estimated to reach $2492.6 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.
WILMINGTON, DE, UNITED STATES, December 4, 2023 /EINPresswire.com/: According to a new report published by Allied Market Research, titled, “Cloud Services Market, by Component (Solution, Services), by Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), Others), by Deployment Model (Private Cloud, Public Cloud, Hybrid), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Application (Asset Management, Customer Relationship Management (CRM), Enterprise Resource Management (ERP), Supply Chain Management (SCM), Project and Portfolio Management, Business Intelligence, Others), by Industry Vertical (BFSI, IT and Telecom, Government, Media and Entertainment, Healthcare, Manufacturing, Oil and Gas, Metals and Mining, Petrochemicals, Energy and Utilities, Pulp and Paper, Agriculture, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″
The cloud services market was valued at $551.76 billion in 2021 and is estimated to reach $2492.6 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.
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Cloud services provide elevated business performance due to various benefits such as agile deployment, secure storage management, low total cost ownership, utility-based sharing models, and high-level computing.
However, there are some factors that are limiting the growth of the market, with data security being the most significant one due to the threat of data breaches and misusage by third parties. Data location and administration are another restraint, as they can be easily breached and misused due to the different non-governed locations. Insecure interfaces and APIs also limit market growth as organizations are unaware of the location of these interfaces. Developing economies are expected to adopt cloud technology due to cost benefits, which offer growth opportunities for the market. Another opportunity that market players can tap into is the need for ERP as a software solution, which can be used in the health care sector to keep track on patient records.
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Competitive Analysis:
The competitive environment of Cloud Services Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Cloud Services Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
Alibaba Group Holding Limited
Amazon Web Services
Cisco Systems, Inc.
Dell Inc.
Google LLC
Hewlett Packard Enterprise Development LP
International Business Machines Corporation
Microsoft
Oracle
RACKSPACE TECHNOLOGY and Many More
Region-wise, North America dominated the cloud services industry in 2021. North America has been the early adaptor of cloud computing services. In addition, this region has shown its willingness to embrace cloud service technology in every sector. The IT sector has already adopted this technology. The emerging sector for cloud computing services in the North American region is the healthcare sector. Cloud computing services are adopted mainly for data recording and keeping both clinical and non-clinical information. However, Asia-Pacific is expected to observe the highest growth rate during the forecast period. The region has come up with the Asia Cloud Computing Association (ACCA), which is a member-driven association set up to accelerate the adoption of cloud computing services. Its members include cloud service providers, governments, and cloud consumers. China is expected to invest billions in infrastructure as a service. Moreover, the competitive scenario of the Asia-Pacific region is extremely attractive.
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The global cloud services market is in its developing phase and exhibits high growth potential due to the rise in the implementation of advanced technologies such as artificial intelligence (AI) and machine learning (ML). In addition, an increase in collaborations between enterprises is expected to promote cloud services market growth in the future. For instance, in October 2022, UBS and Microsoft Corp. announced a landmark expansion of their partnership to accelerate UBS’s public cloud footprint over the next five years. Through this transformational initiative, UBS plans to have more than 50% of its applications, including critical workloads, run on Microsoft Azure, now UBS’s primary cloud platform.
The partnership furthers UBS’s cloud-first strategy and the modernization of its global technology estate. Through this partnership, UBS has access to the most comprehensive cloud platform, trusted by more than 95% of Fortune 500 companies, with a rich set of productivity and collaboration tools, enabling the firm to increase the speed at which it can deliver and improve upon its digital experiences for clients and employees.
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