Westford USA, June 19, 2024 (GLOBE NEWSWIRE) --
SkyQuest projects that the cloud services market will attain a value of USD 1959.01 billion by 2031, with a CAGR of 16.8% during the forecast period (2024-2031). Increasing digitization efforts by the businesses, rising demand for cost-effective and scalable IT solutions along with expanding global internet and mobile device penetration has together helped in the rapid growth of the cloud service market. These cloud platforms are becoming more and more essential for businesses looking to showcase their digital profile and business capabilities as the future of the industrial solutions is expected to be cloud-enabled.
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Browse in-depth TOC on "Cloud Services Market"
- Pages - 197
- Tables - 62
- Figures – 77
Cloud Services Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 565.58 Billion |
| Estimated Value by 2031 | $ 1959.01 Billion |
| Growth Rate | Poised to grow at a CAGR of 16.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Model, Deployment Model, Enterprise Size, Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing Adoption of Hybrid and Multi-Cloud Strategies |
| Key Market Drivers | More People Are Using Cloud Services due to its Superior Properties |
Private Deployment Segment Leads the Market by Offering Computational Capabilities
With more than 45.90% of total revenue, the private deployment segment is leading this market. The private cloud offers computational capabilities across private network or the internet. It offers companies elasticity, scalability, customization and controls that are hosted on an on-premises computer system. By utilizing internal hosting and firewalls to provide high-level data protection, private clouds also provide third-party providers with privacy and security.
Fast Implementation of Hybrid Models Makes Hybrid Segment the Fastest Growing Segment
The hybrid deployment segment is likely to face a huge surge in the integrated environment with public and private models during the predicted year. The hybrid implementation model has become more evident across various industries. Many companies strive to create hybrid cloud models and craft plans that are smart enough to improve business operations, cost optimization, resource usage & consumption, user experience, and application modernization to maximize the said benefits.
Growing Adoption of Transformation Makes North America Dominate the Market
North America emerged as the dominating region and is estimated to account for more than 39% of total revenue. Rapid adoption of digital transformation practices and early adoption of advanced technologies, in the American corporate sector, such as big data analytics, AI, virtual reality, machine learning and many more, are some leading reasons of this region's dominant position.
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Cloud Services Market Insights:
Drivers
- Cost Efficiency and Financial Benefits
- Enhanced Agility and Innovation
- Increasing Use of[VP1] Cloud Services due to its Superior Properties
Restraints
- Security Breach to Hinder Market Growth
- Complexity and Integration Challenges
- Data Security and Privacy Concerns
Prominent Players in Cloud Services Market
The following are the Top Cloud Services Companies
- Amazon Web Services (AWS)
- Microsoft Azure
- Google Cloud Platform
- Alibaba Cloud
- IBM Cloud
- Salesforce
- Oracle Cloud
- SAP Cloud Platform
- VMware Cloud
- Rackspace
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Key Questions Answered in Cloud Services Market Report
- What is the global market size of the cloud[VP2] services market?
- What are some challenges in the cloud services market?
- Which region is leading in the cloud services market?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of cloud services market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the cloud services market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Mr. Jagraj Singh
Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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