Cloud Services Market worth $2,907.49 billion by 2030, growing at a CAGR of 23.69% - Exclusive Report by 360iResearch

The "Cloud Services Market by Service Type (Function as a Service, Infrastructure as a Service, Platform as a Service), Offering (Cloud Advertising Services, Cloud Management & Security Services, Community Cloud Services), Deployment Model, Application, End-Use Industry - Global Forecast 2024-2030" report has been added to 360iResearch.com's offering.

The Global Cloud Services Market to grow from USD 656.25 billion in 2023 to USD 2,907.49 billion by 2030, at a CAGR of 23.69%.

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Cloud services include an extensive range of offerings that enable businesses and individuals to store, manage, process, and access data through remote servers hosted on the Internet. These services provide scalable, on-demand resources for various applications across different industries. The increasing adoption of these services across diverse industry verticals, including manufacturing, retail & eCommerce, and healthcare, is propelling the demand for cloud services. Several organizations are migrating their local systems to these remote platforms as they provide secure access and scalability of resources. In addition, the increasing government initiatives for public cloud management and security services contribute to market growth. Additionally, it is crucial for organizations to carefully assess their needs and evaluate the available options based on cost, performance, security, compliance requirements, and existing infrastructure compatibility when deploying cloud services. Companies can fully capitalize on cloud services' potential advantages by choosing the appropriate service and deployment models tailored to their business objectives. However, the technical limitations of adopting cloud services in legacy systems are a limiting factor for the market. The increasing number of cyber-attack incidents across network infrastructure and the concerns associated with data privacy and security breaches pose challenges for market growth. Moreover, advancements in IaaS and PaaS focusing on AI and ML technologies and increasing adoption of cloud services in developing regions worldwide are expected to create lucrative opportunities for market growth worldwide.

A notable shift toward hybrid cloud adoption in the fast-evolving cloud services landscape in South Africa signifies the industries' move to blend public and private cloud capabilities, offering flexibility, scalability, and enhanced security. This trend is pivotal for sectors dealing with sensitive information, ensuring the optimal equilibrium between control and agility. In addition, threats are rising and there is a heightened emphasis on bolstering cloud security through advanced encryption, rigorous security protocols, and adherence to international data protection laws to preserve data integrity and confidentiality. Small and medium enterprises (SMEs) in South Africa are harnessing cloud computing to drive operational efficiency and scalability, with cloud services enabling access to advanced technologies at a competitive cost. Additionally, cloud providers' integration of artificial intelligence (AI) and machine learning (ML) empowers businesses with data-driven insights, operational optimization, and tailored customer engagement. The proliferation of local and international cloud service providers enriches the spectrum of available services, fostering competitive pricing. As a result, a sustainable approach is being adopted through green cloud computing, utilizing renewable energy and enhancing energy efficiency in data centers, aligning with the global stride toward environmental responsibility. In South Africa's Gauteng Province, the economic hub, there has been a notable surge in the adoption of cloud services, propelled by the presence of both global and local cloud service providers, including giants such as Amazon Web Services, Microsoft Azure, and Google Cloud Platform and domestic players such as Afrihost and MTN Business. The strong financial and professional services sectors of the province have heightened the demand for Software-as-a-Service (SaaS) and Infrastructure-as-a-Service (IaaS) solutions, ensuring data compliance and sovereignty while improving connectivity. The Western Cape, particularly Cape Town, recognized for its vibrant tech ecosystem, has become a breeding ground for innovative SaaS products supported by local data centers such as Teraco Data Environments, fostering the adoption of hybrid and multi-cloud strategies with cloud-based analytics and IoT applications being widely used in its creative, tourism, and agriculture sectors. KwaZulu-Natal embraces cloud services for digital transformation with its diverse economic base, focusing on business agility, operational efficiency, and customer experience, backed by investments in connectivity, including undersea cable systems, and showing a keen interest in cloud-based ERP for industry optimization. The adoption of cloud services is rising in the Eastern Cape, particularly in the education and healthcare sectors. Additionally, it is driven by governmental efforts to enhance IT infrastructure in underserved areas, supporting distance learning, telehealth services, and IT skill development among the youth. Therefore, the region is gradually embracing cloud services, with the adoption rate catalyzed by digital transformation initiatives and the increasing availability of regional data centers by global and local cloud providers.

Market Segmentation & Coverage:

This research report categorizes the Cloud Services Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Service Type, market is studied across Function as a Service, Infrastructure as a Service, Platform as a Service, and Software as a Service. The Infrastructure as a Service commanded largest market share of 42.19% in 2023, followed by Platform as a Service.

Based on Offering, market is studied across Cloud Advertising Services, Cloud Management & Security Services, and Community Cloud Services. The Cloud Management & Security Services commanded largest market share of 44.35% in 2023, followed by Community Cloud Services.

Based on Deployment Model, market is studied across Hybrid Cloud, Private Cloud, and Public Cloud. The Public Cloud commanded largest market share of 42.96% in 2023, followed by Private Cloud.

Based on Application, market is studied across Data Storage & Backup, Database Management, Disaster Recovery, Hosting & Development of Web Applications, and Testing and Development. The Data Storage & Backup commanded largest market share of 26.63% in 2023, followed by Database Management.

Based on End-Use Industry, market is studied across Aerospace & Defense, Automotive & Transportation, Banking, Financial Services & Insurance, Building, Construction & Real Estate, Consumer Goods & Retail, Education, Energy & Utilities, Government & Public Sector, Healthcare & Life Sciences, Information Technology, Manufacturing, Media & Entertainment, Telecommunication, and Travel & Hospitality. The Aerospace & Defense commanded largest market share of 13.32% in 2023, followed by Information Technology.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.43% in 2023, followed by Americas.

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FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Cloud Services Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Cloud Services Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Cloud Services Market, highlighting leading vendors and their innovative profiles. These include Adobe Inc., Afribit, Africa Data Centres, Afrihost, Akamai Technologies, Inc., Alibaba Group Holding Limited, Altron Limited, Amazon Web Services, Inc., Blue Turtle Technologies, Braintree By Vox, Broadcom Inc., Business Connexion Ltd., Capgemini Services SAS, Cisco System, Inc., Cognizant Technology Solutions Corporation, Datacentrix Holdings (Pty) Ltd., Datasmart Technologies, Dell Technologies Inc., Deloitte Touche Tohmatsu Limited, Dimension Data by NTT Corporation, DREAMTEC Innovation (Pty) Ltd., EOH Holdings Limited, Fsp Hub by HubIT (Pty) Ltd., Fujitsu Limited, Google LLC by Alphabet Inc., Haefele Software Ltd., HCL Technologies Limited, Hewlett Packard Enterprise Company, Hooligan Development Pty Ltd, Hostafrica, Huawei Cloud Computing Technologies Co., Ltd., Illation (Pty) Ltd., International Business Machines Corporation, Kyndryl Inc., Matoto Group of Companies, Microsoft Corporation, NetApp, Inc., Nutanix, Inc., OpenText Corporation, Oracle Corporation, Rackzar Pty Ltd., ReportStar Technologies, Routed Hosting, Salesforce Inc., SAP SE, SEACOM, Ltd, ServiceNow, Inc., SITA SOC Ltd., Skywalk Innovations, Snowflake Inc., Solid Systems Info Technology CC, Synthesis Software Technologies (Pty) Ltd., Tarsus on Demand, Tencent Holdings Ltd., Turrito Networks (Pty) Ltd, Umbono Cloud Services (Pty) Ltd., Verizon Communications Inc., Web4Africa, and Xneelo Ltd..

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Cloud Services Market, by Service Type
7. Cloud Services Market, by Offering
8. Cloud Services Market, by Deployment Model
9. Cloud Services Market, by Application
10. Cloud Services Market, by End-Use Industry
11. Americas Cloud Services Market
12. Asia-Pacific Cloud Services Market
13. Europe, Middle East & Africa Cloud Services Market
14. Competitive Landscape
15. Competitive Portfolio

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Cloud Services Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Cloud Services Market?
3. What is the competitive strategic window for opportunities in the Cloud Services Market?
4. What are the technology trends and regulatory frameworks in the Cloud Services Market?
5. What is the market share of the leading vendors in the Cloud Services Market?
6. What modes and strategic moves are considered suitable for entering the Cloud Services Market?

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