Adoption of Cloud Computing Services in Various Sector will Boost the Market Growth Globally.

Adoption of Cloud Computing Services in Various Sector will Boost the Market Growth Globally.

Rising business competition is creating a need for enhanced consumer experience. This need can be easily fulfilled by implementing cloud computing. Moreover, several benefits offered by cloud computing services which include cost reduction, value-added manageability, and fewer maintenance works, among others, are anticipated to further propel the industry growth

The global cloud computing services market was valued at USD 270.2 billion in 2018 and is expected to reach USD 750.1 billion in 2026, growing at a CAGR of 14.3% during the forecast period.

Cloud computing services are increasingly being adopted in various industry verticals such as banking, financial services, and insurance and retail and consumer goods, among others. Growing business competitions has created a need for organizations to be efficient, and flexible while keeping operational costs at a minimum possible level. Cloud computing services require less maintenance and save a lot of investment on operational front. Hence multiple small and medium-sized industries are adopting this service, which was previously limited with only large, scaled industries. Moreover, the implementation of Industry 4.0 has resulted in demand for automation in factories. Cloud computing services can play major role in imparting efficient automation to the industry with minimum input efforts.

This report is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Cloud computing services are defined as a service model in which various computer system resources are provided on-demand through interment. Availability of 4G and 5G connectivity is resulting in improved efficiency of organizations availing cloud services. Cloud computing service does not require users to be actively controlling and monitoring the systems as it can be done by a third-party vendor as well via the internet. This benefit is providing improved flexibility to the organization.

The target of the investigation is to characterize Cloud Computing Services market growth of various portions and nations in earlier years and to estimate the qualities to the following Five years. The examination report incorporates explicit portions by area (country), by organization, by Type and by Application. This examination gives data about the sales and revenue during the memorable and forecasted period. Understanding the fragments helps in distinguishing the significance of various variables that guide the market development. The report is intended to consolidate both qualify subjective and quantitative parts of the business regarding every one of the areas and nations associated with the investigation. The report also caters the detailed information about the crucial aspects such as drivers and restraining factors which will define the future growth of the Cloud Computing Services market

Cloud Computing Services Market Segmentation:

By Service Type

• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)
• Others

By End-use Industry

• Banking, Financial Services and Insurance
• IT and Telecommunications
• Healthcare
• Government and Public Sector
• Retail and Consumer Goods
• Others

By Region

• North America (US and Canada)
• Europe (UK, Germany, France, and Rest of Europe)
• Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (GCC and Rest of Middle East & Africa)

Developing economies such as India and China are focusing on becoming as competitive as developed countries. Growth of cloud computing services in these regions is primarily attributed to the rising presence of industries. Moreover, the growing population demands to fuel the need for effective government and public sector operations. However, the lack of skilled professionals in these regions is one of the key restraining factors.

Top key Players of cloud computing services market:

The major players operating in the global cloud computing services market are AWS (US), Microsoft (US), Google (US), Alibaba (China), SAP (Germany), IBM (US), Oracle (US), VMware (US), Rackspace (US), Salesforce (US), Adobe (US), Verizon (US), CenturyLink (US), Fujitsu (Japan), and NTT Communications (Japan) among others.

COVID-19 Impact on Cloud Computing Services Market Size:

The report also contains the effect of the ongoing worldwide pandemic, i.e., COVID-19, on the Cloud Computing Services Market and what the future holds for it. It offers an analysis of the impacts of the epidemic on the international market. The epidemic has immediately interrupted the requirement and supply series. The Cloud Computing Services Market report also assesses the economic effect on firms and monetary markets. Futuristic Reports has accumulated advice from several delegates of this business and has engaged from the secondary and primary research to extend the customers with strategies and data to combat industry struggles throughout and after the COVID-19 pandemic.

This research study of Cloud Computing involved the extensive usage of both primary and secondary data sources. This includes the study of various parameters affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies, and the technical progress in related industry, in addition, the report also delivers insights on major product types, market end-use, and regional trade

Key Findings:

• Based on the service type, the software as a service (SaaS) segment is expected to grow at the highest CAGR of around 20% during the forecast period
• Based on the end use industry, the retail and consumer goods segment is expected to hold nearly 19% market share in 2018
• North America accounted for around 45% share of the global cloud computing services market in 2018

Recent News:

• In September 2019, United States based cloud computing firm Apptio Inc. expanded its regional presence by opening a centre of excellence (CoE) in India.
• In September 2019, Alibaba (China) announced that it will launch cloud computing-based ecommerce business in Asian market.

Read More: https://www.alltheresearch.com/report/199/cloud-computing-services

 

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