Global Cloud Services Market is Expected to Reach $555 Billion, Globally, by 2020
PORTLAND, Oregon, July 1, 2014 /PRNewswire/ –
According to the new report by Allied Market Research, titled “Global Cloud Services
Market (Services, Type, End User and Geography) – Global Analysis, Industry Growth,
Trends, Size, Share, Opportunities and Forecast, 2013-2020″, 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 healthcare segment.
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, evolution of much value-creating
productive solutions has 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 the cloud services.
Detailed report with TOC is available at
Strong growth is anticipated within the varied segments of cloud services market such
as infrastructure as a service (IaaS), software as a service (SaaS), platform as a service
(PaaS), business process as a service (BPaaS), cloud advertisement services, and cloud
management & security services. Cloud advertising services will be the largest segment
followed BPaaS with about 47% and 28% market share respectively in 2013. The cloud
management & security services will be the fastest growing segment at a CAGR of 28.4%
during the forecast period.
On the basis of cloud type the market is categorized as public cloud, private cloud,
hybrid cloud and community cloud. Public cloud hold prominent share of the market through
2020 and is expected grow at a CAGR of 16.4% during the forecast period. The reduction of
the total cost of ownership on deployment of cloud services acts as the major driver for
the adoption of public clouds. The market attracts numerous new entrants due to liberal
government regulations. Private cloud will have fastest growth during the analysis period
whereas hybrid and community cloud services will gain gradual momentum with steady
adoption within specialized end use segments.
Based on end users, 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 organizations segment. The
segment is expected to grow at a CAGR of 24.1% during the forecast period and it is
anticipated to register 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.
Varied market dynamics has been observed within the geographic market segments for
cloud services. North America region being the early adopter of these services holds the
highest market share throughout the analysis period. The fastest growing market is 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 acts as the key
driving factors in developing countries of Asia Pacific.
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SOURCE Allied Market Research