A recent study by Allied Market Research (AMR) revealed that the global cloud services market is expected to reach £1.17 trillion by 2030.
Indeed, the report predicts a combined annual growth rate of 15.8% from 2021 to 2030. It also found out that cost-effectiveness is driving significantly the global cloud market, with cloud services deemed able to cut more than 35% of the annual operating costs of organizations.
The surge in cloud adoption by Small and Medium Enterprises (SMEs) and the rising demand for cloud services during the pandemic contributed largely to the market’s growth. The study then expects global cloud services to reach the highest CAGR of 21.9% by 2030.
However, there are still concerns about data security and protection that prevent the growth of the market.
Moreover, the study found out that the SaaS segment was on top of the market in 2019 due to the presence of software as multitenancy, yet it is the IaaS segment that is expected to get the highest CAGR of 17.7% by 2030, as IaaS can be shared with lower costs.
The cloud services market across North America currently holds the largest share but it is predicted that the Asia-Pacific market will soon take over due to the rapid adoption of cloud computing, and the rise in investments in infrastructure as a service.