Cloud Computing Services Market Predicted to Reach $2 Trillion at a CAGR of 18.1% by 2032

The global 𝐂𝐥𝐨𝐮𝐝 𝐂𝐨𝐦𝐩𝐮𝐭𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 size was valued at USD 398.9 billion in 2022, and is projected to reach $2 trillion by 2032, growing at a CAGR of 18.1% from 2023 to 2032. 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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 268 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/119

Cloud computing services provide elevated business performance due to various benefits such as agile deployment, secure & storage management, low total cost ownership, utility-based sharing models and high-level computing. However, there are some factors that are limiting the growth of the market such as data security being the most significant one due to threat of data breaches and misusage by the third party. In addition, data location and administration, and insecure interfaces & APIs also hampering the growth of the market, as it can be easily breached and misused due to the different non governed locations.

Based on type, the software as a service (SaaS) segment held the highest market share in 2022, accounting for less than two-thirds of the cloud computing services market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of web services has led to the increased use of cloud computing services. Easier administration and global access are the main drivers of the software as service in cloud computing market. However, the platform as a service (PaaS) segment is expected to portray the largest CAGR of 20.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of the platform as a service is mainly due to the availability of a common platform to develop software projects. The easy access and cost benefits are driving this industry.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/cloud-computing-services-market/purchase-options

Furthermore, the developing economies are expected to adopt the cloud technology due to cost benefits which offers lucrative opportunities for the cloud computing services market forecast. In addition, increasing investment by government authorities and top vendor for cloud-based services are also expected to create numerous opportunities for the market growth during the forecast period.

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.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

Google, LLC, Alibaba Cloud, VMware,Inc., Microsoft Corporation, Salesforce, Inc., IBM Corporation, Oracle Corporation, Amazon Web Services, Inc., Atos Corporation, SAP SE

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/119

By region, North America dominated the market share in 2022 for the cloud computing services industry. The increasing investment in advanced technologies such as cloud computing, IoT, AI, ML, and business analytics solution to improve businesses and customer experience are anticipated to propel the growth of the cloud computing services market.

Furthermore, as many prominent cloud services provider companies reside in North America such as Google LLC and IBM Corporation are further expected to boost the growth of the market in the upcoming years. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is due 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.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/119

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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Cloud Native Technologies Market - https://www.alliedmarketresearch.com/cloud-native-technologies-market-A08796

Confidential Computing Market - https://www.alliedmarketresearch.com/confidential-computing-market-A188159

Community Cloud Market - https://www.alliedmarketresearch.com/community-cloud-market-A14623

𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.