Cloud Services & Private Cloud Services Market Worth Value Size Growth Forecast Industry Statistics | Valuates Reports

The cloud services market size was valued at USD 264.80 billion in 2019, and is projected to reach USD 927.51 billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027.

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Cloud computing refers to the model or network where a program or applications run, which can be accessed by many devices or servers at a time. Cloud computing technology is a shift in the tradition of computing, which has given newer and faster methods to provide computing solutions, infrastructure solutions, and application layers. The cloud services market report focuses on the emerging cloud computing technology and its application. It also gives a comparative analysis of the cloud computing technology with the conventional technology and describes how the cloud computing technology scores an upper hand than the conventional technology.

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The cloud computing technology comprises of both hardware as well as the software through which the services are delivered. This report contains only the services category and excludes the hardware. Hence, the report also focuses on the cloud services market opportunities. There lies a great potential in the cloud computing services market due to several benefits such as access to a broader network, on-demand service, pay as you go benefits, resource pooling, business agility, rapid elasticity, cost-cutting, and others.

The global adoption of cloud computing services in various sectors such as medical & healthcare, banking financial services & insurance, and the educational sector with the help of various deployment models determines the scope of a further increase in the global cloud computing services market.

The government organizations adopted cloud services due to technological automation in various government processes such as ID, passport, and citizen records; therefore, this application had the highest market share in 2019. The BFSI sector had the second-highest market share in 2019 due to the deployment of cloud services to simplify the complex procedures that are highly confidential. The private organization's application is expected to grow at the highest CAGR during the forecast period as the IT sector is expected to adopt cloud services on a large scale for developing various software and application for business.

The North American region had the highest revenue share in 2019 billion as it adopted the technology early as most of the market players hail from this region. Europe is a close second in terms of cloud services market share, as the region is adopting the cloud services in various sectors such as healthcare, banking financial services & insurance, and education sector. Asia-Pacific is expected to grow at the highest CAGR for the forecast period of 2020-2027 due to the presence of developing economies such as India and China.

The report focuses on the growth prospects, restraints, and market analysis. The study provides Porter's five forces analysis of the cloud services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

SEGMENT REVIEW

The cloud services market is segmented on the basis of service type, cloud type, enterprise size, industry vertical, and region. By service type, it is categorized into IaaS, PaaS, SaaS, BPaaS, and management and security services. On the basis of cloud type, it is divided into a public cloud, private cloud, and hybrid cloud. By enterprise size, it is classified as intolarge enterprises and small and medium enterprises. Depending on industry vertical, it is divided intoBFSI, IT & telecommunications, government, retail, healthcare, energy & utilities, media & entertainment, manufacturing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The market players operating in the cloud services market analysis include Alibaba Cloud, Amazon Web Services, Inc., Cisco System, Inc., Dell Technologies Inc., Google LLC, Hewlett Packard Enterprise Development LP, International Business Machine (IBM) Corporation, Microsoft Corporation, Oracle Corporation, and Rackspace Hosting, Inc.

TOP IMPACTING FACTORS

The technological maturity of the cloud computing is a primary reason for the shift in the paradigm as the global adoption of cloud would lead innovations in the technology and impact cost correction significantly. An increase in adoption of cloud computing services in SMEs and the financial limitations of the emerging companies provide a platform for cloud computing technology to prove its cost-effective capabilities. These are major factors that drive the growth of the global

cloud services market. However, data security creates a feeling of distrust among the organizations and it is observed that the organizations hesitate in adopting the technology which in turn hampers the market growth. Furthermore, the evolving technology market is an opportunistic factor that is completely focused on improvising the functional capabilities in the coming years and in turn boost cloud services market growth.

Over the past few decades, a growth in the number of small as well as medium enterprises has been observed. The increased number of small and medium enterprises has a significant effect on the cloud services market opportunities; however, this factor is expected to have a huge impact on the cloud computing market in the long run. The financial benefits motivate entrepreneurs to opt for cloud computing technology. The growth in these SMEs is expected to propel the growth of the cloud services market forecast. The rise in the number of SMEs has large deployment of cloud computing services possibilities that impacts market growth positively.

KEY BENEFITS FOR STAKEHOLDERS
o This study includes the cloud services market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets.
o The report presents information related to key drivers, restraints, and opportunities of the cloud services industry.
o The cloud services market share quantitatively analyzed from 2019 to 2027to highlight the financial competency of the industry.
o Porter's five forces analysis illustrates the potency of the buyers & suppliers in the cloud services market.

KEY MARKET SEGMENTS
By Service Type
o IaaS
o PaaS
o SaaS
o BPaaS
o Management & Security Services.

By Cloud Type
o Public Cloud
o Private Cloud
o Hybrid Cloud

By Enterprise Size
o Large Enterprises
o Small & Medium Enterprises

By Industry Vertical
o BFSI
o IT & Telecommunications
o Government
o Retail
o Healthcare
o Energy & Utilities
o Media & Entertainment
o Manufacturing
o Others

By Region
o North America
o U.S.
o Canada
o Europe
o Germany
o France
o UK
o Rest of Europe
o Asia-Pacific
o Japan
o China
o India
o Rest of Asia-Pacific
o LAMEA
o Latin America
o Middle East
o Africa

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Key Market Players
o Alibaba Cloud
o Amazon Web Services, Inc.
o Cisco System, Inc.
o Dell Technologies Inc.
o Google LLC
o Hewlett Packard Enterprise Development LP
o International Business Machine (IBM) Corporation
o Microsoft Corporation
o Oracle Corporation
o Rackspace Hosting, Inc.

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Private Cloud Services Market Size:

In 2016, the global private cloud services market size was measured at USD 3.703 Billion and was expected to hit USD 14.111 Billion by 2023, rising at a CAGR of 21.1 percent from 2017 to 2023.

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