The global cloud services market was valued at above $320 billion in 2018. North America is the largest market for cloud service providers, accounting for almost 50% of the global market.
The cloud services market consists of sales of cloud services by entities (organizations, sole traders and partnerships) that provide the delivery of information technology resources and applications on-demand through an Internet platform. Companies in the cloud services industry provide access to servers, storage, databases and a broad set of application services managed by a hardware networking. This market includes sales of storage servers which are used to store, access, secure and manage digital data, files and services.
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Cloud Services Market Size
The global cloud services market size is expected to grow to over $528 billion in 2022 at an annual growth rate of about 12%. Growth in the cloud services market in the historic period resulted from enterprises’ increasing preference for shifting in-house IT infrastructure to third parties to minimize operational costs. Increased internet penetration, technology development, a low interest rate environment, and favorable government initiatives also drove the cloud services market.
Microsoft was the largest competitor in the cloud services market, followed by Amazon, International Business Machines Corporation (IBM), Nippon Telegraph And Telephone Corp, and Fujitsu (exact market shares are mentioned in the report).
Microsoft Corp. develops software products, services and hardware equipment. It is involved in providing services including cloud based software and platform services. It also provides solution support and consulting services. The company was established in 1975 and is headquartered in Washington, the USA.
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With growth and technological advances in the cloud industry, demand is growing for a multi-cloud model. In 2018, the multi-cloud adoption rate rose to 81% among enterprises, while the adoption rate of hybrid cloud declined from 58% in 2017 to 51% in 2018. Multi-cloud solutions provide enterprises with the flexibility to innovate at speed as the solutions are not tied to one provider. The use of multi-cloud solutions also helps minimize costs of data storage by providing an option of shifting operational data to the cheapest cloud service provider whenever there is a change in price.
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