Global Cloud Services Market to Reach $841.63 Billion by 2029, Growing at 8.3% CAGR

What combination of drivers is leading to accelerated growth in the cloud services market?
Accelerated uptake of online gaming is anticipated to fuel the expansion of the cloud services market. Online gaming encompasses video games played via the internet or any accessible computer network. Cloud services are utilized in online gaming to offer platform-independent gaming, accessibility, scalability, cost-efficiency, convenience, and an enhanced gaming experience. For instance, in March 2023, it was noted in a blog post by CyberCrew UK, a UK-based digital audio and video media firm, that there had been a 63% increase in the number of gamers in the UK since the 2021 lockdown. Video game players spent $5.2 billion in 2020, marking the first time that videogame sales in the UK exceeded $5 billion. Revenue is projected to reach $7.6 million by 2025. Consequently, the escalating demand for online gaming is spurring the cloud services market's growth.

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What is the projected compound annual growth rate (CAGR) of the cloud services market from 2025 to 2034, and what factors influence it?
The size of the cloud services market has experienced significant growth in the past few years. The market size is predicted to increase from $570.22 billion in 2024 to $611 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.2%. Factors contributing to this historical growth include greater internet access, widespread usage of cloud services by SMEs, advancements in technology, focus on decreasing IT infrastructure expenses, governmental strategies, and favourable low-interest rates.

In the coming years, the cloud services market is projected to witness robust growth, with market size predicted to escalate to $841.63 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.3%. The surge throughout the forecast period can be credited to the increased adoption of cloud services in emerging regions, the rise of the Internet of Things (IoT), the spread of COVID-19, the expansion of smart cities, and the growing reach of e-commerce. Upcoming trends for the forecast period consist of heightened attention on virtual desktop solutions, the integration of artificial intelligence (AI), partnerships with fellow cloud service providers, strides in quantum computing research and development, incorporating public cloud platforms into offerings, putting resources into research and innovation, and the construction or outsourcing of green data centers for cost efficiency.

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How are the latest trends influencing the growth of the cloud services market?
A significant trend rising to prominence in the cloud services market is the emergence of novel tools. Such tools in the context of cloud services pertain to the software, infrastructure, or platforms that are hosted by providers from the third-party and made accessible to users over the web. Taking a case in point, Google LLC, a technology enterprise based in the US, rolled out new data and analytics capabilities for its data cloud in September 2022. These encompass new data sharing platforms and data lake platforms and are devised to allow users to handle more data at a reduced cost. These tools aim to surmount the common obstacles inhibiting what firms can accomplish with data.

What are the major segments of the cloud services market and their role in driving growth?
The cloud services market covered in this report is segmented -

1) By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Organisation Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications
5) By 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

Subsegments:
1) By Software as a Service (SaaS): Customer Relationship Management (CRM) Software, Enterprise Resource Planning (ERP) Software, Human Resource Management (HRM) Software, Collaboration and Productivity Tools, Content Management Systems (CMS)
2) By Platform as a Service (PaaS): Application Development Platforms, Database Management Systems, Middleware Solutions, Integration Platforms, Analytics and Business Intelligence Platforms
3) By Infrastructure as a Service (IaaS): Virtual Servers, Storage Solutions, Networking Services, Backup and Disaster Recovery Solutions, Bare Metal Servers
4) By Business Process as a Service (BPaaS): Financial and Accounting Services, Human Resources Outsourcing, Customer Service and Support Solutions, Supply Chain Management Services, IT Management and Support Services

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Which regions are key players in the growth of the cloud services market?
North America was the largest region in the cloud services market in 2024. Western Europe was the second largest region cloud services market. The regions covered in the cloud services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the cloud services market?
Major companies operating in the cloud services market include Amazon, Microsoft Corporation, IBM Corporation, Oracle Corporation, Dell Technologies Inc., Salesforce, SAP, Alibaba Group Holding Limited, Nippon Telegraph And Telephone Corp, Kingsoft Corporation, UCloud Information Technology, Tencent Cloud, KingCloud, Fujitsu Ltd., Hitachi Ltd., KDDI Corporation, Infosys Technologies Ltd., Tata Consultancy Services, Cisco Systems, Zenith Infotech Limited, DigitalOcean, Inc., Wipro Ltd, NetApp India Pvt Ltd., SAVVIS Australia Pty Ltd, OVH, CloudSigma AG, Capgemini SE, Castleton Technology PLC, Caretower Ltd, Niu Solutions, HPE United Kingdom, SiteGround, CROC Incorporated, Servionica, Comarch, Onlanta Ltd., Red Hat, Inc., Google LLC, Adobe Inc., Claro, Locaweb, AllCloud Platforms Ltd, Commtouch, Visual Tao, Libox

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What Is Covered In The Cloud Services Global Market Report?

•Market Size Forecast: Examine the cloud services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cloud services market for a structured understanding.
•Key Players Overview: Analyze major players in the cloud services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cloud services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cloud services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cloud services market.
•Industry Challenges: Identify potential risks and obstacles affecting the cloud services market.
•Competitive Landscape: Review strategic developments in the cloud services market, including expansions, agreements, and new product launches.

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