Cloud Computing Services Market Reach USD 2 Trillion by 2032 at 18.1% CAGR

According to the report published by Allied Market Research, The Cloud Computing Services Market Reach USD 2 Trillion by 2032 at 18.1% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Rising demand of cloud computing services to enhance business operation and the growing usage of mobile devices are driving the growth of global market. However, data privacy and security concerns and costs and budget constraints hamper the growth of the market. Furthermore, rise in demand of cloud services in developing regions and growth in serverless computing and function-as-a-service (FaaS) create lucrative opportunities for cloud computing services during the forecast period. Moreover, increasing digitalization and work from home (WFH) policy are expected to propel the growth of the market in the coming years.

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The global cloud computing services market was valued at USD 398.9 billion in 2022, and is projected to reach USD 2 trillion by 2032, growing at a CAGR of 18.1% from 2023 to 2032.

The cloud computing services market is segmented into type, enterprise size, end-use and region. The report provides information on various types including infrastructure as a service (IaaS), platform as a service (PaaS) and software as a service (SaaS). In addition, it is categorized by different enterprise sizes such as large enterprises and small & medium-sized enterprises. The details of the end-use namely BFSI, IT & telecommunication, retail and consumer goods, healthcare, government & public sector and others are also provided in the report. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.

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Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing of nearly two-thirds of the cloud computing services market revenue. Rise in demand of digital solution and cloud technology in large enterprises to enhance business operation. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 20.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.

Based on end use, the BFSI segment held the highest market share in 2022, accounting for less than one-third of the cloud computing services market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for cloud computing services in BFSI sector further creates lucrative opportunities in the global market. However, the healthcare sector is projected to manifest the highest CAGR of 22.5% from 2023 to 2032. The increase in security breaches related to medical records, life support systems, and device data in healthcare organizations is fueling the demand for cloud computing services solutions.

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Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the cloud computing services market revenue. The increasing investment of businesses and government bodies in advanced technologies such as cloud-based services, AI, ML, and IoT to improve customer experience are anticipated to propel the growth of the cloud computing services market. However, Asia-Pacific is expected to witness the fastest CAGR of 21.5% from 2023 to 2032 and is likely to enhance the market growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology which are expected to provide lucrative growth opportunities for the market in this region.

The market players operating in the cloud computing services market are Microsoft Corporation, Google, LLC, VMware, Inc., IBM Corporation, Alibaba Cloud, Oracle Corporation, SAP SE, Salesforce, Inc., Atos Corporation and Amazon Web Services, Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the cloud computing services industry globally.

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Impact of COVID-19

● The cloud computing services industry found a distinctive opening with the emergence of the COVID-19 pandemic. As businesses swiftly shifted towards remote work and digital processes to maintain operational continuity, there was a notable upswing in the demand for cloud services.

● This surge presented a profitable prospect for cloud providers to deliver solutions addressing the urgent requirements of businesses, educational institutions, and government agencies. The essential capabilities of rapidly expanding infrastructure, accessing remote collaboration tools, and ensuring data security in the cloud became crucial during this period.

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