In its latest report, Allied Market Research reported that the global cloud service industry is expected to read $1,620.59 billion by 2030, growing at a CAGR of 15.8% from 2021 to 2030.
The rise is partially attributed to cost-effectiveness, surge in adoption of cloud in SMEs and increase in demand due to the Coronavirus disease (COVID-19) pandemic. Still, there are concerns surrounding data security that could potentially limit market growth.
- By offering, the service segment is expected to register the highest CAGR of 21.9% during the forecast period, as it assures effective functioning of cloud-based platforms, solutions, and software.
- By type, the SaaS segment dominated the market in 2019, contributing to nearly two-fifths of the global cloud services market, due to presence of software as multitenancy which is crucial for cloud computing.
- By region, the global cloud services market across North America held the largest share in 2019, accounting for nearly three-fifths of the market, due to high adoption of cloud computing services and emerging sector for cloud computing services in the region.