Major companies in the cloud services market include IBM; Microsoft; Amazon; Google and Salesforce. The global cloud services market is expected to grow from $396. 1 billion in 2020 to $467.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cloud Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009776/?utm_source=GNW
34 billion in 2021 at a compound annual growth rate (CAGR) of 18%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $798.84 billion in 2025 at a CAGR of 14%.
The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide cloud services used for the delivery of information technology resources and applications on-demand through an internet platform. Companies in the cloud services market provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services. It also includes sales of public cloud services, private cloud services, hybrid cloud services and multi-cloud services offered by providers are included. The cloud services market is segmented into software as a service (SaaS); platform as a service (PaaS); infrastructure as a service (IaaS) and business process as a service (BPaaS).
North America was the largest region in the global cloud services market, accounting for 61% of the market in 2020. Western Europe was the second largest region accounting for 21% of the global cloud services market. Africa was the smallest region in the global cloud services market.
With technological advances in the cloud computing and continues requirement of updating in-house IT infrastructure, companies are witnessing a rising demand for public cloud platforms. A public cloud is a service based on the standard cloud computing model, in which a service provider makes resources, such as virtual machines (VMs), applications or storage, available to the general public over the Internet. Companies are increasingly opting for public cloud platforms to minimize their costs as public cloud provides services on pay-as-you-go model, the need for organizations to invest in and maintain their own in-house IT resources, and enables scalability to meet workload and user demands.
Interest rates are expected to increase in developed nations, particularly the USA and Europe, between 2018 and 2022, making it harder and more expensive for companies in capital-intensive industries such as cloud services to raise funds for investments in new technologies to deploy IoT and smart cities management. The cloud services market is characterized as requiring fair amount of capital funds to operate, renovate, innovate and expand business. Therefore, changes in the economy such as changes in interest rates are expected to greatly affect the profit margins, cost structures and expansion strategies of the companies in the cloud services market. For instance, the USA Federal Reserve is expected to increase interest rates in 2021. This will in turn hinder the operation and expansion of businesses in the cloud services market.
The outbreak of Coronavirus disease (COVID-19) is expected to drive the cloud services market in the forecast period as increasing number of people are working from home due to lockdowns imposed by governments globally that restrict gathering of people in public places. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. 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. Uncertainty surrounding the duration of the spread of coronavirus is expected to lead to more companies adopting cloud technology to support their employees working from home, thereby driving market growth.
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