Cloud services allow businesses to access computer system resources, such as applications and data storage, without direct active management by the user. This provides scalability, flexibility, increased collaboration, backup and disaster recovery options, and reduced costs.
The global Cloud Services Market is estimated to be valued at US$ 539.9 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The expansion of cloud technologies is expected to be a major driver for the growth of the global Cloud Services Market over the forecast period. Cloud computing has emerged as a scalable and cost-effective solution that allows enterprises to deploy services and resources dynamically based on demand. Various factors such as increasing mobile workforce, rise of IoT solutions, and growing emphasis on digitization among organizations are encouraging more companies to adopt cloud technologies. This wide scale adoption of cloud computing technologies will significantly support the growth of the global cloud services market during the forecast period.
SWOT Analysis
Strength: Cloud services provide scalability, flexibility and cost efficiency. They allow organizations to avoid upfront infrastructure costs and pay only for the resources utilized.
Weakness: Security and privacy concerns remain top challenges for adoption of cloud services. Organizations are wary of potential data breaches and loss of control over sensitive data and applications.
Opportunity: Growing need for collaboration and remote working presents an opportunity for cloud services providers. The pandemic has accelerated demand for cloud-based tools that support hybrid work models.
Threats: Dependency on public cloud providers poses risks related to price hikes and service disruptions. Lack of internal IT skills is another challenge for small businesses adopting cloud services.
Key Takeaways
The Global Cloud Services Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a size of US$ 539.9 Billion in 2023 and projected to grow at a CAGR of 13% during the forecast period.
Regional analysis indicates North America currently dominates the global cloud services market with highest adoption across all sectors. However, Asia Pacific region is witnessing fastest growth and is expected to surpass North America by 2030 led by growing demand from China, India and other developing countries in the region.
Key players operating in the cloud services are J.P. Morgan Treasury Services, Bank of America Merrill Lynch, Citibank, Wells Fargo, HSBC Global Banking and Markets, BNP Paribas, Deutsche Bank, PNC Bank, Barclays, U.S. Bank. These major players are focusing on expanding their cloud infrastructure and service offerings through strategic collaborations. For example, in 2023 JPMorgan Chase partnered with Google Cloud to accelerate the bank’s digital transformation using Google’s state-of-the-art cloud technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it