Huge Demand for Cloud Services

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Cloud computing is the practice of sharing network of remote servers, which are hosted on the Internet to store, process, share, and manage data rather than on a local server or a personal computer. The services provided by the cloud computing technology are referred to as cloud services. It specifically refers to a common storage space through which all the devices in the network can access data simultaneously. The use of cloud services not only provides cost benefits but also makes data accessible to all devices in the network at any time and from any location. 

The most important factor that drives the global cloud services market is cost effectiveness. Deployment of cloud services organizations can save more than 35% of the annual operating costs. The other factor includes all the functional capabilities, which boost up the business performances of the organizations. However, data security is the key restraining factor for the growth of the cloud services market as organizations believe that their data is more secure in in-house data centers than on the virtual cloud network. The other limiting factors are the data location and data administration, which need to be properly worked out to increase the revenue of the market. Opportunities for cloud services market lies in the developing economies as they have become the dominant hub for IT services, one of the largest target segments for cloud services. In addition, substantial increase in the number of small and medium enterprises is expected to lead to the increased adoption of cloud services in such regions.

The cloud services market is segmented on the basis of service type, cloud type, enterprise size, industry vertical, and region. By service type, it is categorized into IaaS, PaaS, SaaS, BPaaS, and management and security services. On the basis of cloud type, it is divided into public cloud, private cloud, and hybrid cloud. By enterprise size, it is bifurcated into large enterprises and small and medium enterprises. Depending on industry vertical, it is classified into BFSI, IT & telecommunications, government, retail, healthcare, energy & utilities, media & entertainment, manufacturing, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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