The Cloud Services Global Market Report 2023 by The Business Research Company, provides cloud services market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Cloud Services Global Market Report 2023, the market size grew from $446.1 billion in 2022 to $489.77 billion in 2023 at a compound annual growth rate (CAGR) of 9.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cloud services market is expected to grow to $698.01 billion in 2027 at a CAGR of 9.3%.
The impact of COVID-19 (COVID-19) is expected to drive the cloud services market in the forecast period as the increasing number of people are working from home due to lockdowns imposed by governments globally that restrict the gathering of people in public places. Steps by national governments to contain the transmission have resulted in people working from home by accessing work-related systems and applications through the cloud.
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The cloud services market 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 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
3) By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications
4) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
5) By Organisation Size: Large Enterprises, Small And Medium Enterprises
Top Major Players:
Microsoft
Amazon.com Inc
SAP SE
International Business
Machines Corporation
North America was the largest region in the cloud services market in 2022.
Cloud service providers are increasingly using artificial intelligence to increase the efficiency and speed of cloud computing services. Artificial intelligence leverages computers and machines to mimic the problem-solving and decision-making capabilities of the human mind. Using AI in cloud services can increase productivity and efficiency while automating repetitive tasks and supporting human capabilities. The advantages of using AI for cloud-based services include lowering adoption costs, facilitates co-creation, innovation, and driving AI-powered transformation for enterprises. Cloud service providers can use AI-powered network security tools to track and evaluate network traffic. For example, the IBM cloud park for automation and Amazon GuardDut are some of the AI based cloud services that are used for providing prebuilt workflows for AI-powered automation and for threat detecting. In addition, in 2020, Salesforce, the leading customer relationship management platform introduced a tool named Einstein, which offers the ability to capture customer data, making it easier to track and personalize customer relationships.
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The cloud services market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Cloud Services Market Characteristics
4. Cloud Services Market Product Analysis
5. Cloud Services Market Supply Chain
………………………………………………………
20.Financial Performance
21. Key Mergers And Acquisitions In The Cloud Services Market
22. Market Background: IT Services Market
23. Recommendations
24. Appendix
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