Cloud services market to reach $1 trillion by 2032

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s Cloud Services Global Market Report 2023 identifies impact of COVID-19 as the major driver for the Cloud Services market’s growth in the forecast period. 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.

The global cloud services 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%.

Major competitors in the Cloud Services market are Microsoft, Amazon.com Inc., SAP SE, International Business, Machines Corporation, Nippon Telegraph And Telephone Corp.

A key trend in the Cloud Services market includes Cloud service providers are increasingly using artificial intelligence. 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.

The Cloud Services market is segmented –

• By Type: Software as a service (SaaS), Platform as a service (PaaS), Infrastructure as a service (IaaS), Business Process as a service (BPaaS)
• 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
• By Application: Storage, Backup, and Disaster Recovery, Application Development and Testing, Database Management, Business Analytics, Integration and Orchestration, Customer Relationship Management, Other Applications
• By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
• By Organisation Size: Large Enterprises, Small And Medium Enterprises

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