The global Cloud Computing Services Market Size was valued at USD 398.9 billion in 2022, and is projected to reach $2 trillion by 2032, growing at a CAGR of 18.1% from 2023 to 2032. Cloud computing 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. However, there are some factors that are limiting the growth of the market such as data security being the most significant one due to threat of data breaches and misusage by the third party. In addition, data location and administration, and insecure interfaces APIs also hampering the growth of the market, as it can be easily breached and misused due to the different non governed locations.
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Rising demand of cloud computing services to enhance business operation and the growing usage of mobile devices are driving the growth of global market. However, data privacy and security concerns and costs and budget constraints hamper the growth of the market. Furthermore, rise in demand of cloud services in developing regions and growth in serverless computing and function-as-a-service (FaaS) create lucrative opportunities for cloud computing services during the forecast period. Moreover, increasing digitalization and work from home (WFH) policy are expected to propel the growth of the market in the coming years.
On the basis of end-use, the global cloud computing services market size was dominated by the BFSI sector in 2022 and is expected to maintain its dominance in the upcoming years. owing to advances in technologies enabling cloud computing services to transform several industries globally. An increase in the adoption of digital solutions services in the BFSI sector has led to the development of completely advanced programs that adhere to the maintenance of payment systems. In addition, the growing integration of cloud computing services in the banking and finance sector enables numerous benefits including retail banking, corporate banking, investment banking, fund management, and treasury.
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Based on enterprise size, the large enterprises segment accounted for the largest share in 2022, contributing of nearly two-thirds of the cloud computing services market revenue. Rise in demand of digital solution and cloud technology in large enterprises to enhance business operation. These factors further drive the demand for this segment in the global market. However, the small and medium-sized enterprises segment is expected to portray the largest CAGR of 20.4% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of this segment is mainly driven by the cost-efficient solutions provided by various organizations.
Leading Market Players:
Microsoft Corporation, Alibaba Cloud, SAP SE, Atos Corporation, VMware,Inc., Amazon Web Services, Inc., Oracle Corporation, Salesforce, Inc., Google, LLC, IBM Corporation
The report provides a detailed analysis of these key players in the cloud computing services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
