Cloud Service Market to Garner $1,620.59 Bn, Globally, by 2030 at 15.8% CAGR: Allied Market Research

Major determinants of the market growth Major determinants of the market growth Rise in demand due to cost-effectiveness, surge in adoption of cloud in SMEs, and increase in demand due to Covid-19 outbreak have boosted the growth of the global cloud services market. However, concerns regarding data security and protection hinder the market growth. On the contrary, increase in cloud services adoption in emerging economies is expected to open lucrative opportunities for the market players in...

PORTLAND, Ore., 09/08/2021 (informazione.it - comunicati stampa - internet)

Rise in demand due to cost-effectiveness, surge in adoption of cloud in SMEs, and increase in demand due to Covid-19 outbreak have boosted the growth of the global cloud services market. However, concerns regarding data security and protection hinder the market growth. On the contrary, increase in cloud services adoption in emerging economies is expected to open lucrative opportunities for the market players in the coming years.

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By offering, the service segment is expected to register the highest CAGR of 21.9% during the forecast period, as it assures effective functioning of cloud-based platforms, solutions, and software. However, the solution segment held the lion's share in 2019, accounting for more than 95% of the global cloud services market, due to benefits of cloud-based solutions to end-users and businesses such as increased capacity, scalability, functionality, and reduced maintenance cost.

By type, the SaaS segment dominated the market in 2019, contributing to nearly two-fifths of the global cloud services market, due to presence of software as multitenancy which is crucial for cloud computing. However, the IaaS segment is expected to register the highest CAGR of 17.7% during the forecast period, as IaaS can be shared and the cost can be reduced.

By region, the global cloud services market across North America held the largest share in 2019, accounting for nearly three-fifths of the market, due to high adoption of cloud computing services and emerging sector for cloud computing services in the region. However, the market across Asia-Pacific is projected to portray the highest CAGR of 18.8% during the forecast period, due to rapid adoption of cloud computing, rise in investments in infrastructure as a service, and intense competition in the region.

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