Global Cloud Computing Services Market Is Expected to Reach USD 750.1 Billion In 2026
The global cloud
computing services market was valued at USD 270.2 billion in 2018 and is
expected to reach USD 750.1 billion in 2026, growing at a CAGR of
14.3% during the forecast period.
Cloud computing
services are defined as a real-time provision of computer system resources
services, which include data storage and computing power. These services are
provided without direct interference by the consumer. Basically cloud computing
service is the offering of data centers by using the internet. Nowadays, users
prefer large cloud databases which are often distributed over multiple locations
for multiple purposes. These are connected by a central server. These services
are aimed at different sizes of end-users which involves small and medium-sized
organizations to large scale public sectors.
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Adoption of industrial
automation and a growing emphasis on improving the agility of operations are
some of the factors driving the market growth of cloud computing services.
Rising business competition is creating a need for enhanced consumer
experience. This need can be easily fulfilled by implementing cloud computing.
Moreover, several benefits offered by cloud computing services which include
cost reduction, value-added manageability, and fewer maintenance works, among
others, are anticipated to further propel the industry growth in the forecast
period.
However, high risk of
cyber-attacks data theft is some of the factors which are creating a major
hindrance for its market growth. On the other hand, rising adoption of cloud
computing services in small and medium scale industries is anticipated to offer
multiple growth opportunities during the forecast period. Adoption of
industrial automation and a growing emphasis on improving the agility of
operations are some of the factors driving the market growth of cloud computing
services. Rising business competition is creating a need for enhanced consumer
experience. This need can be easily fulfilled by implementing cloud computing.
Moreover, several benefits offered by cloud computing services which include
cost reduction, value-added manageability, and fewer maintenance works, among
others, are anticipated to further propel the industry growth in the forecast
period.
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However, high risk of
cyber-attacks data theft is some of the factors which are creating a major hindrance
for its market growth. On the other hand, rising adoption of cloud computing
services in small and medium scale industries is anticipated to offer multiple
growth opportunities during the forecast period. The software as a service
(SaaS) segment expected to grow at the fastest rate of 20% CAGR during the
forecast period Based on the service type, the global cloud computing services
market has been segmented into infrastructure as a service (IaaS), platform as
a service (PaaS), and software as a service (SaaS).
The software as a service
(SaaS) segment expected to grow at the fastest rate of 20% CAGR during the
forecast period owing to growing demand for software distribution is one of the
factors accounting for the growth of SaaS. Affordability and benefit of
on-demand software service make SaaS as a lucrative segment for SMEs as well as
large scale industries.
Based on the end use
industry, the retail and consumer goods segment is expected to hold nearly 19%
market share in 2018 Based on the end use industry, the market has been
segmented into banking, financial services and insurance, IT and
telecommunications, healthcare, government and public sector, retail and
consumer goods, and others. Rapidly growing retail industry spearheaded global
cloud computing services industry in 2018 by accounting more that 19% market
share.
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IT and
telecommunications sector is anticipated to grow at highest CAGR owing to
availability of 5G services in key regional markets. North America to dominate
the cloud computing services market throughout the forecast period North
America accounted for nearly 45% share of the global cloud computing services
market in 2018 and is expected to dominate the market throughout the forecast
period followed by Europe and Asia Pacific. Highest adoption rate of cloud
services which is coupled with stable economy are some of key factors driving
the cloud computing services industry in this region.
On the other hand, the
growth of banking sector in developing economies such as India and China, is
anticipated to result into fastest growth rate for Asia Pacific region. Company
Profiles and Competitive Intelligence: The major players operating in the
global cloud computing services market are AWS (US), Microsoft (US), Google
(US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US),
Rackspace (US), Salesforce (US), Adobe (US), Verizon (US), CenturyLink (US),
Fujitsu (Japan), and NTT Communications (Japan) among others.
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