A cloud service is any IT service which is provisioned & accessed from a cloud computing provider and delivered via the internet. These services are designed to provide high flexibility in provisioning, duplicating & scaling resources to balance the requirements of users and hosted applications or solutions. Some examples are included hosted office suites & document collaboration services, online data storage & backup solutions, web-based e-mail services, managed technical support services, database processing, and more. The key benefits are included better security, higher speed, and flexible scaling.
According to the study, “Cloud Services Global Market Report 2019” the key companies operating in the global cloud services market are Akamai Technologies, International Business Machine (IBM) Corp., Yahoo Inc., Amazon Web Services, Hewlett Packard (HP), Microsoft Corp., Dell Inc., Cisco Systems, Google Cloud platform, VM Ware, Salesforce.com Inc., Nippon Telegraph And Telephone Corp., Fujitsu Limited, Infosys Limited, Capgemini SE, Rackspace, HCL Technologies Limited, SAP SE, ServiceNow, Inc., Workday Inc., Virtustream, Inc., Kamatera, Zoho Corporation Pvt. Ltd., NTT DATA, Oracle Corporation, Atos, Apprenda Inc., OVH, Red Hat, Inc., CloudSigma AG, Castleton Technology PLC, HPE United Kingdom, Niu Solutions, Alibaba Cloud, UCloud Information Technology, Kingsoft Corporation, Tencent Cloud, Toshiba Corporation, KDDI Corporation, Hitachi, Infosys Technologies Ltd., Zenith Infotech Limited, Tata Consultancy Services, NetApp India Pvt Ltd., DigitalOcean, SAVVIS Australia Pty Ltd, Wipro Ltd., CROC Incorporated, SiteGround. The key companies are offering concise solutions & quick turnarounds for customers.
Based on the type of services, the global cloud services market is segmented into Platform as a Service (PaaS), Infrastructure as a Service (IaaS), Software as a Service (SaaS), cloud advertisement services, business process as a service, and cloud management & security services. SaaS is also known as on-demand software. Based on cloud type, the market is segmented into the public cloud, public cloud, community cloud, hybrid cloud and others (multi-cloud, HPC cloud, distributed cloud, and big data cloud). Based on application, the market is segmented into backup & recovery, managing spikes with scalability, big data analytics and Customer Relationship Management (CRM). Based on end-user, the market is segmented into private organizations, healthcare, Banking, Financial Services & Insurance (BFSI), academics & educations, Supply Chain Management (SCM) and others.
The cloud service market is driven by an increase in internet usage, followed by rising in the need to manage data efficiently, increase in small & medium enterprises, increase in internet penetration, low-interest-rate environment, rise in technology development, functional capability & anywhere access, increase in economic benefits, elevated business performance, and favorable government initiatives. However, data security & protection, lack of awareness, insecure interfaces & Application Program Interfaces (API’s) and data location & administration may impact the market. Moreover, growth in developing economies and an increase in the need for Enterprise resource planning (ERP) are some major opportunities for the market. Furthermore, quantum computing and rise in demand for multi-cloud are key trends of the market.
Based on geography, the Asian-Pacific region holds a major market share in the cloud services market owing to growth in the IT industry in the region. North-America is expected to witness higher growth rate due to rapid technological advancements & IT infrastructure development over the forecast period. The market is also expected to witness substantial growth on account of technology delivers on-demand and convenient access to a shared pool of data, hardware & application.
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