NEW YORK -
June 28, 2024 -
PRLog -- In 2024, the size of the worldwide
cloud services industry is projected to have stood at USD 882.5 billion, and it is expected to attain USD 2,273.8 billion by the end of 2030, growing at a CAGR of 17.1% over the forecast period.
A significant development in the market is the Internet of Things, wireless transmissions, and connected devices and equipment, the cloud computing acts as an enabler, delivering computer processing and storage for IoT and other applications. Information can be saved by an organization on a server, which is different from the original place or location.
The expanding economy in developing nations, the growing number of industries and enterprises setting up manufacturing entities, and the growing understanding that many businesses and individuals derive significant benefits from cloud services also drive the market. Assuming the use of cloud service, an enterprise can cut down its annual recurring cost significantly by bypassing investments in its physical IT requirements.
Report Description: https://www.psmarketresearch.com/market-analysis/cloud-se...Key Insights - Public cloud is the largest category with a 55% share in 2024.
- Growth is driven by demand for cost-efficient, scalable, and secure solutions.
- The rise in connected devices, IoT, automation, and digital transformation boosts demand.
- Hybrid cloud is expected to advance at a 17.5% CAGR during 2024–2030.
- Combines the benefits of private and public clouds for better resource optimization, flexibility, and scalability.
- SaaS is the largest category with a 50% share in 2024.
- Growth due to cost-effectiveness, low maintenance, ease of deployment, and rising hybrid cloud usage.
- Large enterprises hold a 65% share in 2024.
- Require cloud services for scalability, operational efficiency, seamless collaboration, and strong security.
- IT & telecom category held a 25% share in 2024.
- Telecommunication providers use cloud services for data analysis, storage, and robust security.
- Collaborations, such as Airtel and Vultr in February 2023, drive growth.
- The BFSI sector is expected to witness a 17.8% CAGR during 2024–2030.
- Requires cloud services for payment gateways, digital wallets, online funds transfer, and data privacy compliance.
- North America held a 45% global market share in 2024.
- Early adoption of advanced technologies and presence of cloud service giants (Amazon, Microsoft, Oracle, Google, IBM).
- Asia-Pacific is the fastest-growing region with a 17.7% CAGR during 2024–2030.
- Economic growth and adoption of advanced technologies (blockchain, robotics, AI, IoT, 5G) drive demand for cloud servers.
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