Cloud Computing Services

The global market for cloud computing services reported a strong growth in 2022, and it is forecasted to grow significantly during the period 2022–2024.

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    Cloud Computing Services market report transcript

    Cloud Computing Services Global Market Outlook

    • The global cloud services market was $386.5 billion in 2021. The market is forecasted to grow at a CAGR of about 17.2 percent during the period 2021–2024. The cloud services market is estimated to be $452.9 billion in 2022

    • Global enterprise demand for cloud services is increasing, due to increased focus on digitalization, innovation, and cost optimization

    Cloud Computing Services Market Overview

    • The global market for cloud computing services is forecasted to grow at a CAGR of about 17.2 percent for 2021–2024. The market is estimated to be $386.5 billion in 2022

    • The adoption of cloud services has increased significantly in the last 2-3 years. Enterprises are driving digital transformation initiatives with cloud services as the key focus area

    • North America is the largest market for cloud services, with the US having a highly mature buyer and supplier ecosystem

    • Global IT leaders are migrating applications and workloads to public/private/hybrid cloud to ensure availability, business continuity, anytime data access and operational flexibility

    • Amazon Web Services (AWS), Microsoft Azure and Google Cloud are the leading global cloud services offerings

    Cloud Computing Services Drivers and Constraints


    Speed of deployment

    • Enterprises can leverage cloud services instantaneously, which leads to reduction in development and go-to-market time

    Data scalability

    • High volume of data generated across all platforms can be stored efficiently in cloud without investing in dedicated hardware infrastructure on-premise. This allows enterprises to scale business operations effectively


    • Remote working as a result of the COVID-19 pandemic led to challenges in collaboration for enterprises. A cloud-based application allows users to develop and collaborate effectively with minimal impact to business


    Skilled Resources

    • Availability of certified cloud professionals with digital skills knowledge is challenging. Technology leaders are investing in programs to support students/professionals to upskill

    Regulatory Compliance

    • Cloud service providers are governed by data regulations by regions and industry to ensure no misuse of data

    Cloud Computing Services Cost Structure Analysis

    Infrastructure Costs

    • Cloud services providers incur major IT infrastructure costs for building data centres with servers, storage and network hardware to meet the required volume of customer data/services with high availability and minimum outages/ downtime. Infrastructure costs are majorly upfront for every data centre/cloud region

    Software and Resource Costs

    • Development of cloud-based applications, enabling of customer data migration from on-premise legacy applications to cloud applications is delivered by investments in software and cloud certified professionals to ensure seamless data, service transition

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