Cloud Services Market is estimated to be US$ 1046.0 billion by 2034; Adoption of Digital Technologies to Foster Industrial Growth

Cloud Services are platform or software that exist on Internet and are hosted by third party providers and allow customers to leverage powerful computing resources maintaining hardware and software. Microsoft Office, G Suite, Slack and Dropbox are some examples of Cloud Services which offers flexible resources, faster innovation and economies of scale. Wide variety of applications of cloud services has become the major contribution in target market growth. Government activities to protect data safety and integrity, more spending on cloud services is further expected to drive the market growth. For instance, in 2022, according to IDC (International Data Corporation) total spending on Cloud Services in Asia Pacific (excluding Japan) is expected to reach USD$ 282 billion by 2025, and Google announced the plan to bring three new Google Cloud regions to Thailand, Malaysia and New Zealand. Cloud Services Market was valued at US$ 694.9 billion in 2024 and is projected to grow at a CAGR of 4.60% to reach US$ 1046.0 billion by 2034.

The report  “Cloud Services Market, By Type (Public Cloud, Private Cloud, Hybrid Cloud, and Community Cloud), By Application (Government, Private organizations, Academics & Education, Banking, Financial Services & Insurance, Health Care, and Supply Chain Management), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

• In February 2023, Oracle launched new cloud services “Banking Cloud Services” to meet customer demands. The Cloud-native SaaS (software-as-a-service) suitefeatured with security, speed and scale and will provide corporate and retail banks the ability to modernize their banking applications to meet demand of customers.
• In September 2022, NVIDIA launched its first software-and-infrastructure-as-a-service NVIDIA Omniverse Cloud a comprehensive suite of cloud services for developers, artists and enterprise teams to design, publish, operate and experience metaverse applications with 3D workflows.

Analyst View:

The key factor driving the growth of the Cloud Services market is increasing demand for Cloud Services due to its various benefits such as secure & storage management, agile deployment, high level computing, low total cost ownership and utility based sharing models. Wide variety of services are provided by cloud services such as databases, servers, software, networking, virtual sources, and also allows to store and access data over internet without any kind of limitations which has driven the Cloud Services market growth. Further, increasing adoption of hybrid models and Omni Cloud systems is expected to fruitful the demand for Cloud Services market growth.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Cloud Services Market, By Type (Public Cloud, Private Cloud, Hybrid Cloud, and Community Cloud), By Application (Government, Private organizations, Academics & Education, Banking, Financial Services & Insurance, Health Care, and Supply Chain Management), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Cloud Services Market was valued at US$ 694.9 billion in 2024 and is projected to grow at a CAGR of 4.60% to reach US$ 1046.0 billion by 2034. Cloud Services Market is segmented based on Type, Application and Region.

• Based on Type, Cloud Services Market is segmented into Public Cloud, Private Cloud, Hybrid Cloud, and Community Cloud.
• Based on Application, Cloud Services Market is segmented into Government, Private organizations, Academics & Education, Banking, Financial Services & Insurance, Health Care, and Supply Chain Management.
• By Region, the Cloud Services Market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Competitive Landscape & their strategies of Cloud Services Market:

The prominent players operating in the Cloud Services Market includes, Amazon, Akamai, Cisco Systems, Google, IBM, HP, Dell Inc., Microsoft Corporation, VMware, Yahoo, and others.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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