Cloud Services Market

Cloud Services Market Size By Deployment (Private, Hybrid, and Public), By Service (Platform as a Service (PaaS), Software as a Service (SaaS), and Infrastructure as a Service (IaaS)), and By Organization Size (Large Enterprises and Small and Medium-sized Enterprises (SMEs)), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13895
  • Published Date: Dec, 2023
  • Pages: 238
  • Category: Information Technology & Semiconductors
  • Format: PDF
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The global cloud services market was valued at USD 621.4 billion in 2022, growing at a CAGR of 15.8% from 2023 to 2032. The market is expected to reach USD 2694.3 billion by 2032. Pay-as-you-go models, hybrid models, omni-cloud systems, and the functional ability of cloud computing to boost business performance in large companies are expected to propel the market's growth. Additionally, cloud services are becoming increasingly popular in emerging nations as organisations look to better their digital operations.

Market Introduction:

Cloud services comprise a variety of IT applications and resources, such as platforms, software, and infrastructure, that are hosted by outside providers and made available to businesses and individuals via the Internet on a demand basis. The terms can be used interchangeably because they can also be called cloud computing. Customers can also access software, cloud storage, processing power, IT infrastructure, and other services by using cloud services without paying for maintenance or updating hardware and software. Cloud service providers charge clients using various billing models depending on the resources used. Cloud services are made available to consumers and organisations via the Internet on a demand basis. They consist of various IT applications and resources hosted by third-party providers, including software, platforms, and infrastructure. The terms can be used synonymously because they can also be called cloud computing. By utilising cloud services, users may access software, processing power, cloud storage, IT infrastructure, and other services without paying for upkeep or upgrades for their hardware and software. Cloud service providers charge customers using various billing models, depending on the resources consumed.

Cloud Services Market Size

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Recent Development

In January 2019, Microsoft and Walgreens Boots Alliance Inc. worked together to develop innovative healthcare technologies and delivery strategies. Its goal was to link health information systems and WBA retailers.

In September 2022, At the 2022 Alibaba Cloud Summit, Alibaba Cloud—the digital technology and intellectual core of the Alibaba Group—unveiled its most recent global strategic roadmap. The reputable cloud provider unveiled new products to encourage technological innovation in businesses, a USD 1 billion investment to upgrade the global partner ecosystem, and improved customer services to offer all-encompassing support for customers during their digitalization journey during the three-day summit.

In September 2022, The intellectual and technological core of the Alibaba Group, Alibaba Cloud, today unveiled its suite of Alibaba Cloud for Financial Services solutions, which includes over 70 products aimed at assisting FSIs (financial services institutions) of all sizes in digitalizing their banking, insurance, securities, and FinTech operations.

Market Dynamics:


Increasing acceptance of cloud platform services- Business organisations may now swiftly develop and implement apps in their current software infrastructure owing to the cloud platform. The programme creates lucrative revenue streams with little expenditure, allowing established companies to keep ahead of rapidly emerging start-ups. Cloud platforms allow organisations to easily expand and customise their apps while opening doors for digital company transformation and growth. Business organisations are substantially using cloud services to capitalise on these advantages. Additionally, companies employ planning, consultancy, and integration services to determine which apps should be put on the cloud and how to interface them with their current infrastructure.


Lack of technical knowledge- Organisations need technical personnel to implement, process, analyse, and protect cloud services. Nonetheless, IT professionals need more technical abilities, especially in cloud computing. Due to this ignorance, businesses are losing out on the advantages of emerging technologies and the cloud, resulting in a decline in market share and income. Due to several issues, including quick hiring procedures, high pay for seasoned cloud workers, and trouble finding people who fit with the company's culture, hiring managers need help finding qualified applicants. Should the scarcity of cloud labour persist, the company's expansion engines may need to catch up.


Rise in cloud services adoption- The first nations to investigate and take advantage of the potential presented by technical innovations like the cloud and cloud computing services are the more developed ones. The adoption of innovations in shared computing is happening rather quickly, particularly in the private sector, due to higher rates of information and communications technology (ICT) penetration in wealthy economies. Furthermore, the use of cloud-based solutions by the public sector in wealthier economies is trending positively. The availability of infrastructure, strong regulatory frameworks, increased appetite for capital investment, and ongoing efforts to reduce service delivery costs have all contributed to accelerating the adoption of cloud services.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the largest region for the global cloud services market, with a 39.8% market revenue share in 2022.

US companies prioritise digitalization and are often considered leaders in emerging technologies, including IoT, big data analytics, additive manufacturing, linked industries, machine learning, augmented reality, artificial intelligence, virtual reality, and the newest telecommunications innovations. For instance, to modernise and grow its cloud-based products and services, including News Plus, Apple Music, iCloud, and others, Apple Inc. introduced its cloud computing infrastructure in June 2020.

North America Region Cloud Services Market Share in 2022 - 39.8%

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Deployment Segment Analysis

The deployment segment is divided into private, hybrid, and public. The private segment dominated the market, with a market share of around 40% in 2022. Since private clouds provide organisations with greater self-service, scalability, and flexibility, they have computational capabilities.

Service Segment Analysis

The service segment is divided into platform as a service (PaaS), software as a service (SaaS), and infrastructure as a service (IaaS). The software as a service (SaaS) segment dominated the market, with a market share of around 43% in 2022. The rise in demand for hybrid cloud platforms, together with the increasing inclination towards business data storage and security solutions, are the reasons for the growth of the SaaS segment.

Organization Size Segment Analysis

The organization size segment is divided into large enterprises and small and medium-sized enterprises (SMEs). The large enterprises segment dominated the market, with a market share of around 59% in 2022. One major element propelling the segment's growth in the global market is the ability of cloud services providers to enable large organisations to practically reduce capital expenditures and tight budgets while growing and expanding their business service models at no upfront expenses.

Some of the Key Market Players:
  • Microsoft
  • Amazon Web Services
  • Google LLC
  • International Business Machines Corporation
  • Oracle 
  • Cisco Systems Inc.
  • Hewlett Packard Enterprise Development LP
  • Alibaba Group Holding Limited
  • Dell Inc.

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 621.4 Billion
Market size value in 2032 USD 2694.3 Billion
CAGR (2023 to 2032) 15.8%
Historical data 2019-2021
Base Year 2022
Forecast 2023-2032
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
Segments Deployment,  Service, Organization Size

Frequesntly Asked Questions

As per The Brainy Insights, the size of the cloud services market was valued at USD 621.4 billion in 2022 to USD 2694.3 billion by 2032.

The global cloud services market is growing at a CAGR of 15.8% during the forecast period 2023-2032.

North America emerged as the largest cloud services market.

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This study forecasts global, regional, and country revenue from 2019 to 2032. The Brainy Insights has segmented the global cloud services market based on the below-mentioned segments:

Global Cloud Services Market By Deployment:

  • Private
  • Hybrid
  • Public

Global Cloud Services Market By Service:

  • Platform as a Service (PaaS)
  • Software as a Service (SaaS)
  • Infrastructure as a Service (IaaS)

Global Cloud Services Market By Organization Size:

  • Large Enterprises
  • Small and Medium-sized Enterprises (SMEs) 

Global Cloud Services Market By Region:                                    

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


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Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

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The demand side for the market is estimated through:

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In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

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  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

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This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

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