Cloud services facilitate data storage, computing, and information retrieval through the internet in a cost-effective way. Some key products offered under this market include infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). These services help businesses access on-demand computing resources, databases, storage, applications, and other IT services from any internet-connected device without having to build and maintain the required infrastructure.
The global Cloud Services Market is estimated to be valued at US$ 621.97 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of the cloud services market is the rising demand for cost-effective and scalable cloud-based infrastructure from small and medium-sized enterprises. Cloud services allow businesses to access virtualized servers, storage, databases, and network capabilities over the internet and pay only for the resources utilized. This helps organizations avoid upfront capital costs associated with owning and maintaining physical data centers, servers, and other computing hardware. They can dynamically scale their IT infrastructure as and when required. This on-demand, pay-per-use model offered by cloud services makes IT infrastructure highly affordable for small and medium businesses.
Segment Analysis
The global cloud services market is dominated by the public cloud sub-segment. This is because public cloud services offer agility and flexibility to scale up or down on-demand. Public cloud services also have lower upfront costs compared to private cloud, which makes it appealing for cost-sensitive organizations. Key services include Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), Business Process as a Service (BPaaS), and others. IaaS is further expected to witness high growth due to increased spending on virtual infrastructures.
Key Takeaways
The Global Cloud Services Market Size is expected to witness high growth over the forecast period. The global Cloud Services Market is estimated to be valued at US$ 621.97 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
Regional analysis North America region currently dominates the market due to rapid adoption of cloud technologies by enterprises across industries. Other regions such as Asia Pacific are expected to grow at a high rate over the coming years, driven by increasing digitalization and establishment of local datacenters by key cloud players.
Key players operating in the cloud services market are The Toro Company, Kubota Corporation, Honda Motor Co., Husqvarna AB, Briggs & Stratton, Deere & Company, MTD Products, AriensCo, Stihl, Emak S.p.A., AL-KO, Makita Corporation, Robert Bosch, Stanley Black & Decker, Techtronic Industries, Yamabiko Corporation, American Honda Motor Co., Generac Power Systems, Lawn-Boy Inc., AL-KO Gardentech.
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https://www.marketwebjournal.com/cloud-services-market-size-market-share-analysis/
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