Global Cloud Services Market Value Worth $325.1 Billion In 2018 : Report by TBRC

The global cloud services market reached a value of nearly $325.1 billion in 2018, having grown at a compound annual growth rate (CAGR) of 10.7% since 2014, and is expected to grow at a CAGR of 12.9% to nearly $528.4 billion by 2022.

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The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide the delivery of information technology resources and applications on-demand through an Internet platform. Companies in the cloud services industry provide access to servers, storage, databases and a broad set of application services managed by a hardware networking.

Major Competitors are Microsoft, Amazon, International Business Machines Corporation (IBM), Nippon Telegraph And Telephone Corp, Fujitsu.

Growth in the cloud services market in the historic period resulted from enterprises’ increasing preference for shifting in-house IT infrastructure to third parties to minimize operational costs. Increased internet penetration, technology development, a low interest rate environment, and favorable government initiatives also drove the cloud services market. The capital-intensive environment of the cloud services industry, which requires frequent investment in updating of IT infrastructure to stay efficient and competitive, government regulations, and cyber security concerns restrained the cloud services market in the historic period.

The top opportunities in the global cloud services market will arise in the software as a service (SaaS) segment, which will gain $85.8 billion of global annual sales by 2022. Of the 48 countries covered in this report, the cloud services market size will gain the most in the USA at $52.0 billion of annual sales by 2022.

North America is the largest market for cloud service providers, accounting for 50.1% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, South America and Asia-Pacific will be the fastest growing regions in this market, followed by the Middle East and Africa.

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