Cloud Services Market is expected to reach a valuation of 2.5 Bn by the year 2030 

Cloud
Services Market is expected to reach a valuation of 2.5 Bn by 2030.
The market is set to further aggrandize at a CAGR of nearly 17.5% through 2030

Along with BFSI, the government, healthcare, and other
sectors, educational institutions are quickly implementing email-as-a-service
on a broad scale. To help its workers with daily administrative chores, several
universities provide email options. Cloud service providers implement, operate,
and support these email solutions. A user receives 10 GB of mail inbox storage
that can be accessed from anywhere when a school implements cloud-based email,
among other upgraded capabilities. Additionally, it gives 25GB of free internet
storage and instant chat functionality.

The demand for cloud-based services to access data on
various devices without requiring any physical data transmission is greatly
influenced by the number of devices per user. However, this is only
advantageous for those that have access to data across numerous devices.
Therefore, when more gadgets, such Smart TVs, smartphones, and PCs, are
embraced by customers, there is a considerable rise in demand for cloud
services.

Software as a service (SaaS) is one of the most popular
service delivery paradigms. According to FMI's forecast, it will expand by
21.6% year over year in 2021. According to Future Market Insights, the global
market for cloud services is anticipated to grow gradually from 2020 to 2030 at
a CAGR of 20.4 percent.

Key Takeaways of Cloud Services Market Study

• Cloud
  services market will exhibit impressive Y-o-Y growth at 19.9% CAGR in
  2021. FMI projects growth trends to remain positive through the forecast
  period


• Both
  U.S. and Canada will exhibit remarkable growth as markets for cloud
  services. Of these, the U.S. will register 64.9% of North America market
  in 2021


• Exhibiting
  20.7% Y-o-Y growth in 2021, the U.K. will emerge as a key market in Europe


• Germany
  and France will remain attractive spots for cloud services market


• Japan
  and South Korea will exhibit demand for cloud services at an accelerated
  pace through the forecast period

Demand for Cloud Services Increased Under Pandemic Crisis

Under the pandemic crisis of COVID-19, the demand for cloud
solutions and services has increased significantly, as most of the workforce
started working from home/remote places. There is an influx in demand of cloud
solution and services as organisations are adopting to remote work, entertainment,
gaming, education and virtually everything else.

Many organisations have changed their priorities and by
utilizing cloud automation, businesses are increasing their online presence by
developing commerce websites on cloud platforms to decrease the impact of
COVID-19 on operational efficiency and productivity. Owing to such factors
pubic cloud services market revenue is estimated to increase by 1.6X during
2019-2021.

Shift of Enterprises towards Cloud Based Services

Increasing usage of cloud-based services for multiple
workloads such as email services, data backups, CRM, ERP and collaboration
services is expected to drive growth of the cloud platforms, over the forecast
period. Cost of cloud-based services is comparatively cheaper as these do not
require setting up of IT infrastructure. Therefore, many companies are shifting
towards adoption of security solutions in order to secure their workloads on
the cloud without risks of cyber threat.

Who is Winning?

Some of the leading companies operating in the cloud
services market are Microsoft Corporation, IBM Corporation, Cisco System, Inc.,
AWS, Oracle Corporation, Dell Technologies, SAP, Google, Fujitsu Global,
Rackspace Technology, Inc. and others. These companies are expected to focus on
various expansion strategies to gain competitive advantage.

For instance, Google LLP acquired Cornerstone Technology,
which is based in Netherlands and specializes in mitigating enterprise
workloads, in February 2020. This acquisition helped Google LLP to expand its
customer base across Europe.

More Valuable Insights on Cloud Services Market

In its latest report, Future Market Insights offers an
unbiased analysis of the global cloud services market, providing historical
data for period of 2015-2019 and forecast statistics for the period of
2020-2030. To understand opportunities in the cloud services market, the market
is segmented on the basis of service model (Software as a Service (SaaS),
Platform as a Service (PaaS), Infrastructure as a Service (IaaS)), deployment
(public cloud, private cloud, hybrid cloud), enterprise size (large enterprises,
small and medium enterprises), industry (BFSI, IT & Telecom, Healthcare,
Manufacturing, Government, Others) across six major regions.

Key Segments Covered
of the Cloud Services Market

Service Model

• Software
  as a Service (SaaS)


• Platform
  as a Service (PaaS)


• Infrastructure
  as a Service (IaaS)

Deployment

• Public
  Cloud


• Private
  Cloud


• Hybrid
  Cloud

Enterprise Size

• SMEs


• Large
  Enterprise

Industry

• BFSI


• IT
  & Telecom


• Healthcare


• Manufacturing


• Government


• Others

Region

• North
  America


• Latin
  America


• Europe


• East
  Asia


• South
  Asia & Pacific


• Middle
  East & Africa (MEA)

To know more:

https://www.futuremarketinsights.com/reports/cloud-services-market