Global Cloud Computing Services Market Is Expected to Reach USD 750.1 Billion In 2026

The global cloud computing services market was valued at USD 270.2 billion in 2018 and is expected to reach USD 750.1 billion in 2026, growing at a CAGR of 14.3% during the forecast period.

Cloud computing services are defined as a real-time provision of computer system resources services, which include data storage and computing power. These services are provided without direct interference by the consumer. Basically cloud computing service is the offering of data centers by using the internet. Nowadays, users prefer large cloud databases which are often distributed over multiple locations for multiple purposes. These are connected by a central server. These services are aimed at different sizes of end-users which involves small and medium-sized organizations to large scale public sectors.

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Adoption of industrial automation and a growing emphasis on improving the agility of operations are some of the factors driving the market growth of cloud computing services. Rising business competition is creating a need for enhanced consumer experience. This need can be easily fulfilled by implementing cloud computing. Moreover, several benefits offered by cloud computing services which include cost reduction, value-added manageability, and fewer maintenance works, among others, are anticipated to further propel the industry growth in the forecast period.
However, high risk of cyber-attacks data theft is some of the factors which are creating a major hindrance for its market growth. On the other hand, rising adoption of cloud computing services in small and medium scale industries is anticipated to offer multiple growth opportunities during the forecast period. Adoption of industrial automation and a growing emphasis on improving the agility of operations are some of the factors driving the market growth of cloud computing services. Rising business competition is creating a need for enhanced consumer experience. This need can be easily fulfilled by implementing cloud computing. Moreover, several benefits offered by cloud computing services which include cost reduction, value-added manageability, and fewer maintenance works, among others, are anticipated to further propel the industry growth in the forecast period.

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However, high risk of cyber-attacks data theft is some of the factors which are creating a major hindrance for its market growth. On the other hand, rising adoption of cloud computing services in small and medium scale industries is anticipated to offer multiple growth opportunities during the forecast period. The software as a service (SaaS) segment expected to grow at the fastest rate of 20% CAGR during the forecast period Based on the service type, the global cloud computing services market has been segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). The software as a service (SaaS) segment expected to grow at the fastest rate of 20% CAGR during the forecast period owing to growing demand for software distribution is one of the factors accounting for the growth of SaaS. Affordability and benefit of on-demand software service make SaaS as a lucrative segment for SMEs as well as large scale industries.

Based on the end use industry, the retail and consumer goods segment is expected to hold nearly 19% market share in 2018 Based on the end use industry, the market has been segmented into banking, financial services and insurance, IT and telecommunications, healthcare, government and public sector, retail and consumer goods, and others. Rapidly growing retail industry spearheaded global cloud computing services industry in 2018 by accounting more that 19% market share.

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IT and telecommunications sector is anticipated to grow at highest CAGR owing to availability of 5G services in key regional markets. North America to dominate the cloud computing services market throughout the forecast period North America accounted for nearly 45% share of the global cloud computing services market in 2018 and is expected to dominate the market throughout the forecast period followed by Europe and Asia Pacific. Highest adoption rate of cloud services which is coupled with stable economy are some of key factors driving the cloud computing services industry in this region.

On the other hand, the growth of banking sector in developing economies such as India and China, is anticipated to result into fastest growth rate for Asia Pacific region. Company Profiles and

Competitive Intelligence: The major players operating in the global cloud computing services market are AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), Verizon (US), CenturyLink (US), Fujitsu (Japan), and NTT Communications (Japan) among others.

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