Cloud computing market surged during recent economic slowdown; with the fact that over 35% of the IT cost can be saved with the adoption of the technology. Since then cloud services segment has greatly emerged as companies in cash crunch required cost-effective solutions with minimum to zero investment and reduced management of IT resources. Although, the cost and functional benefits such as scaling ability and multi-tenancy still driving much of the cloud services market growth, the evolution of much value-creating productive solutions have become the current growth function of the market. The cloud, from an exploratory potential option, has now grown to become the undeniable part of organizations' overall IT portfolio. However, data security has still concerned a number of sensitive potential end-users to opt for cloud services.
Varied market dynamics has been observed within the geographic market segments for cloud services. North America region is the early adopter of these services holds the highest market share throughout the analysis period. The fastest-growing market in the Asia Pacific which is growing with a CAGR of 23.5% during the forecast period while representing a smaller market. Economic benefits from cloud services act as the key driving factors in developing countries of Asia Pacific.
The global cloud services market is expected to grow at a CAGR of 17.6% from 2014 to 2020, reaching a market size of $555 billion in 2020. In 2014, the overall cloud services market revenue will reach $209.9 billion, led by public cloud services. The community cloud services segment is gaining momentum and is expected to garner revenue of $1 billion this year, thanks to its adoption in the healthcare segment.
Based on end-users, the cloud services market can be segmented into government utilities, private organizations, healthcare, academics & education, and supply chain management. Private organizations lead the end-user market due to the rapidly growing IT sector, which is contributing largely to the revenue streams of the private organization's segment. The segment is expected to grow at a CAGR of 24.1% during the forecast period and it is anticipated to register a revenue of $86.8 billion by 2020. Cloud services promote sector-specific services, which are customized for specific end users. One such example is the implementation of ERP in the healthcare sector.
Leading Companies such as Google Inc., IBM, Microsoft and Amazon web services seem very active in merger and acquisition as they want to become the market leaders.
Check out Editorial News at https://www.sitepronews.com/2019/06/03/3-recent-developments-in-the-cloud-service-industry/
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975