Global Cloud Services Industry to Reach $2.27 Trillion by 2030

NEW YORK - Nov. 7, 2024 - PRLog -- The global cloud services market is estimated to have reached a value of USD 882.5 billion in 2024, with projections suggesting it will soar to USD 2,273.8 billion by 2030, growing at a robust CAGR of 17.1%. A key trend propelling this growth is the proliferation of the Internet of Things (IoT), connected devices, and wireless networks, which rely on cloud computing to provide essential processing power and storage. Cloud platforms allow organizations to store data on servers that can be remotely accessed, enabling real-time interactions and data sharing across devices.

Wireless networking cloud integration connects wireless devices and networks to cloud systems, offering scalability, security, flexibility, and cost benefits over traditional infrastructures. Cloud services are further bolstered by economic growth in emerging markets, an increasing number of enterprises establishing production facilities, and a growing awareness of the substantial benefits cloud solutions offer to businesses and individuals. By adopting cloud services, companies can reduce recurring IT expenses, bypassing the need for substantial investments in physical IT infrastructure.

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Key Market Insights:

• The public cloud segment is the largest in 2024, holding a 55% market share, driven by demand for scalable, secure, and cost-effective solutions.
• With a 17.5% CAGR during 2024–2030, hybrid cloud solutions, which blend private and public cloud benefits, are gaining traction.
• SaaS is the largest and fastest-growing cloud service category, representing 50% of the market in 2024, with a 17.6% CAGR, driven by cost efficiency, low maintenance, and the rise of hybrid clouds.
• Large enterprises dominate with a 65% market share in 2024, utilizing cloud services for scalability, efficiency, collaboration, and security.
• IT & telecom holds a 25% share, leveraging cloud solutions for secure data analysis and storage, with growth fostered by collaborations like Airtel and Vultr's partnership in 2023.
• The BFSI sector is anticipated to grow at a 17.8% CAGR from 2024 to 2030, leveraging cloud for digital payments, data security, and compliance.
• North America leads with a 45% market share due to advanced tech adoption and major cloud providers, while Asia-Pacific is the fastest-growing region, driven by economic expansion and advanced tech adoption.