Press release
Global Cloud Services Market Size, Share –Industry Growth 2020-2022 | Microsoft, Amazon, Fujitsu
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.
The key drivers of the cloud services market include:
Increased Internet Penetration – Internet penetration grew rapidly during 2014-2018. It increased from 40.7% in 2014 to 55.1% in 2018. About 4.2 billion people had access to the Internet in 2018 and 48.2% of the Internet users accessed the web from a mobile device. Initiatives such as Internet.org by Facebook also contributed to the rise in the internet penetration. Increased number of internet users and faster wireless Internet access was a major driver for the cloud services industry during this period.
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Cloud Services Market Segmentation:
The Cloud Services market is segmented by type, and by geography
By Type - The cloud services market is segmented by type into
1) SaaS
2) BPaaS
3) IaaS
4) PaaS
Software as a service accounted for the largest share of the cloud services market in 2018 at 42.5%. The Infrastructure as a service market will be the fastest-growing segment going forward.
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By Geography - The cloud services market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the cloud services market are
1. Microsoft
2. Amazon
3. International Business Machines Corporation (IBM).
4. Nippon Telegraph And Telephone Corp
5. Fujitsu
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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