On the basis of deployment model, it is divided into public cloud, private cloud, and hybrid cloud. By type, it is categorized into IaaS, PaaS, SaaS, and others. On the basis of offering, the market is segmented into solution and services. The cloud services market is segmented on the basis of offering, type, deployment model, enterprise size, application, industry vertical, and region. The study provides Porter’s five forces analysis of the cloud services industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the cloud services market trends. The report focuses on the growth prospects, restraints, and cloud services market analysis. Moreover, competitive scenario of the Asia-Pacific region is very attractive. China is expected to invest billions in infrastructure as a service. Its members include cloud service providers, governments and cloud consumers. The region has come up with Asia Cloud Computing Association (ACCA), which is a member-driven association set up for to accelerate the adoption of cloud computing services. However, Asia-Pacific is expected to observe highest growth rate during the forecast period. The cloud computing services are adopted mainly in the data recording and keeping in both clinical as well as non-clinical information. The emerging sector for cloud computing services in the North America region is the healthcare sector. The IT sector has already adopted this technology. In addition, this region has showed its willingness to embrace cloud services technology in every sector. The region has been the early adaptor of the cloud computing services.
North America dominates the cloud services market growth. However, private cloud segment is expected to witness the highest growth, as private organizations are deploying the cloud services for asset building. This is mainly attributed to the fact that the public deployment mode is the most accepted deployment model due to the easy access and low costs. Get more information on this report : Request Sample Pagesīy deployment mode, the global cloud services market share was dominated by the public cloud segment in 2020 and is expected to maintain its dominance in the upcoming years.
Another opportunity that market players can tap into is the need for ERP as software solution which can be used in the health care sector to keep a track on patient records. The developing economies are expected to adopt the cloud technology due to cost benefits, which offer growth opportunities for the market. Insecure interfaces and APIs also limit the market growth as the organizations are unknown about the location of these interfaces. Data location and administration is another restraint as they can be easily breached and misused due to different non-governed locations. However, there are some factors that are limiting the growth of the market data security being the most significant one due to threat of data breaches and misusage by the third party. The COVID-19 outbreak has considerably boosted growth of the cloud services market, owing to the accelerating demand for the cloud to support several crucial applications in e-commerce and remote work culture for efficient business operations.Ĭloud services provide elevated business performance due to various benefits such as agile deployment, secure & storage management, low total cost ownership utility based sharing models and high level computing. It also gives a comparative analysis of the cloud computing technology with the conventional technology and describes how the cloud computing technology scores an upper hand than the conventional technology. The report focuses on the emerging cloud computing technology and its application. Cloud computing technology is a shift in the tradition of computing, which has given newer and faster methods to provide computing solutions, infrastructure solutions, and application layers. Cloud computing refers to the model or network where a program or applications run which can be accessed by many devices or servers at a time. The global cloud services market was valued at $325,689 million in 2019, and is projected to reach $1,620,597 million by 2030, registering a CAGR of 15.8%.