Cloud Services Market: A Booming Sector of the IT Industry

Cloud Services Market Report published by Allied Market Research, forecasts that the global market is expected to garner $555 billion by 2020, registering a CAGR of 17.6% during the period 2014 - 2020. In 2014, the overall cloud services market revenue will reach $209.9 billion, led by public cloud services. The community cloud services segment is gaining momentum and is expected to garner revenue of $1 billion this year, thanks to its adoption in healthcare segment.

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Cloud computing is the practice of sharing network of remote servers which are hosted on the internet to store, process, share, and manage data rather than on a local server or a personal computer. It specifically refers to a common storage space through which all the devices in the network can access data simultaneously. The use of cloud computing technology not only provides cost benefits but also makes data accessible to all devices in the network at any time and from any location.

Cloud computing market surged during recent economic slowdown; with the fact that over 35% of the IT cost can be saved with the adoption of the technology. Since then cloud services segment has greatly emerged as companies in cash crunch required cost-effective solutions with minimum to zero investment and reduced management of IT resources. Although, the cost and functional benefits such as scaling ability and multi-tenancy still driving much of the cloud services market growth, evolution of much value-creating productive solutions has become the current growth function of the market. The cloud, from an exploratory potential option, has now grown to become the undeniable part of organizations' overall IT portfolio. However, data security has still concerned a number of sensitive potential end users to opt for the cloud services.

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On the basis of cloud type the market is categorized as public cloud, private cloud, hybrid cloud and community cloud. Public cloud hold prominent share of the market through 2020 and is expected grow at a CAGR of 16.4% during the forecast period. The reduction of the total cost of ownership on deployment of cloud services acts as the major driver for the adoption of public clouds. The market attracts numerous new entrants due to liberal government regulations. Private cloud will have fastest growth during the analysis period whereas hybrid and community cloud services will gain gradual momentum with steady adoption within specialized end use segments.

Varied market dynamics has been observed within the geographic market segments for cloud services.North America region being the early adopter of these services holds the highest market share throughout the analysis period. The fastest growing market is the Asia Pacific which is growing with a CAGR of 23.5% during the forecast period while representing a smaller market. Economic benefits from cloud services acts as the key driving factors in developing countries of Asia Pacific.

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