Global Cloud Services Market to Reach $927.51 Billion by 2027: Allied Market Research

The MarketWatch News Department was not involved in the creation of this content. Portland, OR , Sep 29, 2020 (GLOBE NEWSWIRE via COMTEX) — Portland, OR , Sept. 29, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global cloud services market estimated at $264.80 […]

The MarketWatch News Department was not involved in the creation of this content.

Portland, OR , Sep 29, 2020 (GLOBE NEWSWIRE via COMTEX) —
Portland, OR , Sept. 29, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global cloud services market estimated at $264.80 billion in 2019 and is expected to hit $927.51 billion by 2027, registering a CAGR of 16.4% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning stratagems, drivers & opportunities, market size & estimations, competitive landscape, and fluctuating market trends.

Surge in demand for cloud services and an increase in the adoption of cloud in SMEs propel the growth of the global cloud services market. However, concerns regarding data security and breaches impede the growth to some extent. On the other hand, surge in the adoption of cloud services in developing regions is anticipated to offer lucrative opportunities to the market players in the coming future.

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Covid 19 Scenarios-

  • The upsurge in the digital user base due to the pandemic has increased the demand for cloud computing by various industries.

  • An increase in the trend of remote working has fueled the adoption of cloud services.

Get detailed COVID-19 impact analysis on the cloud services market: https://www.alliedmarketresearch.com/request-for-customization/393

The global cloud services marketis segmented on the basis of service type, cloud type, enterprise size, industry vertical, and region.

Based on the service model, the market is categorized into IaaS, PaaS, SaaS, BPaaS, and management and security services. The software as a service segment accounted for more than two-fifths of the global market share in 2019 and is anticipated to maintain dominance throughout the forecast period. On the other hand, the infrastructure as a service segment would cite the fastest CAGR of 18.2% from 2020 to 2027.

Based on industry vertical, the industry is segmented into BFSI, IT & telecommunications, government, retail, healthcare, energy & utilities, media & entertainment, manufacturing, and others. The BFSI segment held the highest market share, contributing to nearly one-fifth of the global market revenue in 2019, and is estimated to rule the roost by 2027. Nevertheless, the healthcare segment is projected to manifest the fastest CAGR of 19.1% throughout the forecast period.

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Based on geography, the report has been analyzed across regions including Asia-Pacific, Europe, LAMEA, and North America. The global cloud computing region across North America held the lion’s share in 2019, accounting for nearly two-fifths of the revenue share. On the other hand, the Asia-Pacific region is anticipated to portray the fastest CAGR of 18.6% by the end of 2027.

The market players operating in the cloud services market analysis include Alibaba Cloud, Amazon Web Services, Inc., Cisco System, Inc., Dell Technologies Inc., Google LLC, Hewlett Packard Enterprise Development LP, International Business Machine (IBM) Corporation, Microsoft Corporation, Oracle Corporation, and Rackspace Hosting, Inc.

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