Press release
Cloud Services Market: Tremendous Growth Predicted with a CAGR of 8.3% by 2029
Cloud Services Market
What Is The Projected Market Size Of The Global Cloud Services Market And Its Growth Rate?
The Global Cloud Services Market has witnessed significant growth in recent years, with the notable progression anticipated in the forecast period.
•The current market size: $570.22 billion in 2024.
•Market projections: Expected to reach $611 billion in 2025 at a CAGR of 7.2%. Factors such as increased internet penetration, technical development, emphasis on reducing IT infrastructure costs and growing adoption in SMEs account for this surge.
•Projected future growth: The market is touted to grow to $841.63 billion in 2029, at a CAGR of 8.3%. Developments like rising adoption in developing regions, the IoT, the COVID-19 outbreak, increasing smart cities, and e-commerce penetration are set to fuel this expansion.
What Is Driving The Growth In The Cloud Services Market?
The unprecedented rise in the adoption of online gaming is a growth driver for the cloud services market. Online gaming is leveraging cloud services to provide platform-independent gaming, scalability, cost-effectiveness, convenience, an enhanced gaming experience. According to CyberCrew UK, the UK gaming base grew by 63% post the 2021 lockdown. Consumers spent $5.2 billion on video games in 2020, surpassing $5 billion for the first time in the UK. By 2025, revenue is anticipated to reach $7.6 million. This strong adoption of online gaming thereby spurs the growth of the cloud services market.
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Who Are the Key Players Driving Cloud Services Market Growth?
•Amazon
•Microsoft Corporation
•IBM Corporation
•Oracle Corporation
•Dell Technologies Inc.
•Salesforce
•SAP
•Alibaba Group Holding Limited
•Nippon Telegraph And Telephone Corp, and others.
What Are The Key Trends In The Cloud Services Market?
Key trends in the forecast period include:
•Inching focus on virtual desktop solutions
•Implementing artificial intelligence (AI)
•Collaboration with other cloud service providers
•Research and development in quantum computing
•The addition of public cloud platforms in their offerings
•Investing in research and development for innovations
•Building green data centers or outsourcing cloud services with green data centers.
What Are The Segments Of The Global Cloud Services Market?
The Global Cloud Services Market is characterized by:
•Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
•Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
•Organisation Size: Large Enterprises, Small And Medium Enterprises
•Application: Storage, Backup, Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications
•End User Industry: BFSI, Media And Entertainment, IT and Telecommunications, Energy And Utilities, Government And Public Sector, Retail And Consumer Goods, Manufacturing, Other End User Industries
Which Region Leads The Cloud Services Market?
North America commanded the largest share in the cloud services market in 2024, with Western Europe securing the second-largest spot. However, strong growth is expected in the Asia-Pacific region, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Cloud Services Market Global Market Report?
- Market Size Analysis: Analyze the Cloud Services Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Cloud Services Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Cloud Services Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Cloud Services Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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