Cloud services allow organizations to use computation, software, data access, storage, and infrastructure resources without on-premise hardware and internal support staffs. This facilitates companies to focus on core business activities and leverage IT resources to gain competitive advantages. The adoption of cloud platforms modernizes IT infrastructure, enhances business agility and workforce productivity through advanced automation.

The global Cloud Services Market is estimated to be valued at US$ 539.9 Bn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for advanced automation through cloud platforms is expected to drive significant growth in the cloud services market over the forecast period. Advanced cloud-based solutions empower organizations to automate routine tasks and processes through workflow automation, AI-driven bots and remote workforce management. This allows enterprises to scale operations, reduce manual errors and increase productivity multi-folds. Automation of IT infrastructure management and software delivery through cloud also helps optimize costs and resources. Growing demand for digital transformation and automation across industries is likely to boost the adoption of cloud-based automation solutions in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Global Cloud Services Market Size is moderate as substantial initial investments are required to set up the infrastructure. However, new players can enter the market by offering niche or specialized cloud services.
Bargaining power of buyers: The bargaining power of buyers in the cloud services market is high as there are many providers offering similar cloud services. Buyers can negotiate on price and switch between providers easily.
Bargaining power of suppliers: The bargaining power of suppliers is low since major cloud service providers have established relationships with infrastructure and technology providers.
Threat of new substitutes: The threat of substitutes is moderate as other emerging technologies like edge computing can replace certain cloud services. However, cloud services have a wide range of uses making substitutions difficult.
Competitive rivalry: The competitive rivalry among existing players is high due to their large number and similarities in services provided. Players compete based on pricing, customization, and other value-added services.

SWOT Analysis

Strength: Cloud services provide scalability, flexibility, and pay-per-use pricing model which reduces upfront infrastructure costs. Service providers have global networks and strong technical expertise.
Weakness: Security and privacy concerns continue to be challenges. Downtime and interoperability issues can arise due to the complexity of cloud infrastructure.
Opportunity: Increased adoption of technologies like ML/AI, IoT, and big data analytics is driving the need for advanced cloud-based offerings. Emerging applications also present opportunities.
Threats: Stricter data regulations around the world could impact cross-border data transfers. Economic uncertainties may affect IT budgets of businesses.

Key Takeaways

The global cloud services market is expected to witness high growth during the forecast period of 2023 to 2030, growing at a CAGR of 13%. Regional analysis indicates that North America currently dominates the market and is expected to retain its leading position, followed by Asia Pacific and Europe. The increasing adoption of cloud services by large enterprises and growing demand for specialized offerings are fueling the growth.

Key players operating in the cloud services market are J.P. Morgan Treasury Services, Bank of America Merrill Lynch, Citibank, Wells Fargo, HSBC Global Banking and Markets, BNP Paribas, Deutsche Bank, PNC Bank, and Barclays. U.S. Bank and other leading managed service providers are also expanding their cloud offerings for businesses across industries.

Regional analysis North America dominates the global cloud services market currently due to heavy investments in cloud technologies by key players and increased demand from various industries such as IT & telecom, BFSI, healthcare, and retail. Asia Pacific is expected to grow at the fastest pace during the forecast period, driven by rising adoption of cloud in countries like China, India and investments in data center build-outs. Europe also presents considerable opportunities for market expansion.

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