by They enable businesses and individuals to access critical data securely from various devices. Cloud services offer various advantages including scalability, flexibility, reduced costs of infrastructure management, pay-as-you-go options and real-time updates.
The global Cloud Services Market is estimated to be valued at US$ 621.97 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rise in cloud computing adoption is one of the key trends driving the growth of the cloud services market. Cloud computing allows on-demand access to shared computing resources such as servers, storage, databases, networking, and analytics tools from any location through the internet. It provides agility and flexibility to businesses by offering computing resources as utilities based on actual usage without upfront infrastructure costs. With increasing digitalization across industries, more organizations are adopting cloud services to achieve scalability, flexibility, affordable costs and focus more on their core business competencies rather than infrastructure management. This has significantly contributed to the increasing demand for cloud services worldwide.
SWOT Analysis
Strength: Cloud services market provide flexibility, scalability and cost-efficiency to businesses. It allows organizations to focus on their core operations rather than investing in IT infrastructures.
Weakness: Security and privacy concerns associated with confidential data stored on third party servers is a major weakness. There are also issues relating to dependence on stable internet connectivity.
Opportunity: Rising demand for disaster recovery solutions and optimization of operational costs present major market opportunities. Growth in startup culture is also fueling opportunities.
Threats: Increased competition from global technology companies is a major threat. Regulatory uncertainty around data sovereignty is another challenge.
Key Takeaways
The Global Cloud Services Market Size is expected to witness high growth over the forecast period of 2024 to 2031. As per forecasts, the market size will increase from US$ 621.97 Mn in 2024 to over US$ 1 Bn by 2031, registering a CAGR of 5.3% during the period.
Regional analysis
North America currently dominates the cloud services market owing to rapid digital transformation of enterprises in the region. The US accounts for the largest share led by widespread adoption of cloud technologies by organizations across industries. Asia Pacific is expected to emerge as the fastest growing regional market for cloud services. Countries like China, India, Japan and South Korea are driving APEJ’s growth due to increased technology adoption, availability of skilled workforce and strong government support for digital initiatives.
Key players
Key players operating in the Cloud Services market are The Toro Company, Kubota Corporation, Honda Motor Co., Husqvarna AB, Briggs & Stratton, Deere & Company, MTD Products, AriensCo, Stihl, Emak S.p.A., AL-KO, Makita Corporation, Robert Bosch, Stanley Black & Decker, Techtronic Industries, Yamabiko Corporation, American Honda Motor Co., Generac Power Systems, Lawn-Boy Inc., AL-KO Gardentech. These companies are focusing on new product launches and partnerships to enhance their market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
