Increase in demand for cloud services and rise in adoption of cloud in SMEs drive the growth of the global cloud services market
PORTLAND, Oregon, June 9, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Cloud Services Market by Service Type (IaaS, PaaS, SaaS, BPaaS, and Management & Security Services),Cloud Type(Public Cloud, Private Cloud, and Hybrid Cloud), Enterprise Size (Large Enterprises and Small and Medium Enterprises), andIndustry Vertical (BFSI, IT & Telecommunications, Government, Retail, Healthcare, Energy & Utilities, Media & Entertainment, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global cloud services market estimated at $264.80 billion in 2019, and is expected to hit $927.51 billion by 2027, registering a CAGR of 16.4% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in demand for cloud services and rise in adoption of cloud in SMEs drive the growth of the global cloud services market. On the other hand, concerns regarding data security and breaches hamper the growth to some extent. However, surge in adoption of cloud services in developing regions is expected to create lucrative opportunities in the near future.
The software as a service segment to maintain the lion's share by 2027
Based on service model, the software as a service segment accounted for more than two-fifths of the global cloud services market share in 2019, and is anticipated to lead the trail till 2027. This is attributed to the presence of such software that runs on a single server and serves multiple tenants. At the same time, the infrastructure as a service segment would cite the fastest CAGR of 18.2% from 2020 to 2027. The benefits of infrastructure as a cloud computing service are numerous. The infrastructure services can be shared, and the cost can be reduced. This factor has driven the growth of the segment.
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The BFSI segment to dominate during the estimated period
Based on industry vertical, the BFSI segment contributed to nearly one-fifth of the global cloud services market revenue in 2019, and is projected to rule the roost by 2027. With the efficient use of cloud-computing lot of capital expenditure can be converted into low operational costs which, in turn, has boosted the segment growth. Simultaneously, the healthcare segment would portray the fastest CAGR of 19.1% throughout the forecast period.
North America to dominate in terms of revenue
Based on geography, North America held the highest share in 2019, generating nearly two-fifths of the global cloud services market. The fact that this region has always been proactive to embrace this technology in every sector has propelled the market growth. The Asia-Pacific region, on the other hand, would grow at the fastest CAGR of 18.6% by the end of 2027. The development of this province account for the rise in the overall use of cloud computing services due to their cost benefits.
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Frontrunners in the industry
- Amazon Web Services, Inc.
- Microsoft Corporation
- Rackspace Hosting, Inc.
- Cisco System, Inc.
- Alibaba Cloud
- Google LLC
- Hewlett Packard Enterprise Development LP
- Dell Technologies Inc.
- International Business Machine (IBM) Corporation
- Oracle Corporation
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