Cloud Service Market Transcend USD 1959.01 Billion Valuation by 2031 Due to Surge in the Adoption of Cloud Platform Services | SkyQuest Technology
WESTFORD, Mass., July 22, 2024 /PRNewswire/ -- According to SkyQuest, the global Cloud Services Market size was valued at USD 484.23 billion in 2022 and is poised to grow from USD 565.58 billion in 2023 to USD 1959.01 billion by 2031, at a CAGR of 16.8% during the forecast period (2024-2031).
In recent times, the demand for cloud service market has immensely increased because of high demand in cloud computing to improve business operation and the growing use of mobile devices. Moreover, rising advancement of technology and rising investments from key market players can create multiple opportunities for the market. The use of cloud services helps customers to get easy accessibility to cloud storage, computing power, and IT structure with the requirement for constant maintenance expense or conducting software and hardware updates. Different types of billing models are used by the cloud service providers to charge users, depending on the resources they have consumed. The primary factor that is boosting the growth of the cloud service market is its cost-efficiency. Businesses can save most of their annual operating expenses with the help of cloud services. The functional capabilities that improve business operations also help in the growth. There are immense opportunities for the cloud service market in the developing markets because they have slowly become the center for IT services, one of the largest segments of cloud service. Cloud services are also becoming more prominent due to their adoption in the small and medium sized business.
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Cloud Services Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 565.58 Billion |
Estimated Value by 2031 |
$ 1959.01 Billion |
Growth Rate |
Poised to grow at a CAGR of 16.8% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Service Model, Deployment Model, Enterprise Size, Vertical, and Region |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Increasing adoption of hybrid and multi-cloud to optimize flexibility |
Key Market Opportunities |
Increasing integration of cloud among SMEs due to easy availability and cost-efficiency |
Key Market Drivers |
Growing implementation of cloud computing to get financial benefits like cost-cutting |
Segments covered in Cloud Services Market are as follows:
- Service Model
- Infrastructure as a Service (Primary Storage, Disaster Recovery and Backup, Archiving, Compute), Platform as a Service (Application, Development and Platforms, Application Testing and Quality, Analytics and Reporting, Integration and Orchestration, Data Management), Software as a Service, (Customer Relationship Management, Enterprise Resource Management, Human Capital Management, Content Management, Collaboration and Productive Suites, Supply Chain Management, Others), Business process as a service
- Deployment Model
- Private, Hybrid, Public, Others
- Enterprise Size
- Large Enterprise Size, Small & Large Enterprise Size
- Vertical
- BFSI, IT & Telecommunications, Government, Retail, Healthcare, Energy & Utilities, Media & Entertainment, Manufacturing, Others
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Rising Adoption of Cloud Platform Services to Increase Competitive Edge
Businesses are getting help from cloud platforms to build and use applications in their present software infrastructure. This software is assisting top organizations to stay ahead of the developing start-ups by creating profitable revenue streams with nominal investments. Cloud platforms also help organizations to expand and customize their applications creating immense opportunities for businesses and helping them to grow and become digitalized. Businesses are using strategy, consulting, and integrating services to analyze which application is better on the cloud and how the current infrastructure can be combined with it.
Increasing Use of Cloud Among SMEs will Drive the Cloud Service Market Growth
Today, top market players are under extreme pressure and even lagging because of their incapability to deal with the disruptive business models. To maintain a competitive edge with digital transformation these organizations need versatile software that can help them to adapt and restructure crucial business processes. Today the world has become digitalized due to which SME businesses are concentrating on applying cloud-based applications that will assist them in increasing flexibility and scalability in business operations. The cloud platform helps in integration of applications without any disturbances among the current software landscape. It also offers integrated and improved business solutions that helps in smooth digital transformation. The small and mid-sized companies have started adopting agile applications that will give them access to relevant and real-time data due to the requirements of the disruptive technologies, increasing the growth of the cloud service market. Moreover, to give better cloud service and intensify the adoption of cloud among SMEs, top companies are acquiring cloud service providers to expand their cloud offerings.
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High Demand of Cloud Services in Developed and Developing Regions
The developed countries were the first to invest and use the benefits offered by innovative technologies like cloud and cloud computing services. Therefore, penetration rate of higher information and communication technology in prosperous markets and the implementation of innovation in shared computing is comparatively fast in the private sector. The adoption of cloud has increased due to the strong regulatory structure, rise in capital investment, and the constant focus on minimizing service delivery expense. In the developing economies the demand of scalable data and computing resources can improve productivity, innovation, and service delivery in both private and public sectors. The cloud offers immense opportunities to the financially constrained governments of emerging regions to improve healthcare, education, commerce, and finances. These can be done through mobile healthcare, mobile education, e-commerce, and mobile banking, boosting the growth of cloud service market.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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