Teleworking is fastest growing segment fueling the growth of the global Cloud Services Market

Market Overview:
Cloud services provide flexible and scalable infrastructure, platforms, and solutions to organizations to host, manage and develop their digital assets. It offers benefits such as cost-effectiveness, scalability, accessibility from any location with an internet connection.

Market key trends:
One of the major trends driving the cloud services market growth is the increasing popularity of hybrid cloud computing. Hybrid cloud combines the capabilities of public and private clouds to provide flexibility based on organizational needs. It allows users to choose workloads and data migration between public and private clouds. This provides advantages like scalability, flexibility, increased collaboration and reduced costs, thus fueling its adoption across industries.
Segment Analysis

The global cloud services market is segmented by type, service, industry vertical, organization size and region. Based on type, the market is segmented into public cloud, private cloud and hybrid cloud. The public cloud segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. Public cloud provides high scalability, flexibility and low upfront costs which has increased its adoption among various organizations.

Key Takeaways

The global cloud services market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for scalable and cost-effective infrastructure.

Regional analysis: North America dominated the global cloud services market in 2023 and is expected to continue dominating during the forecast period. High technological exposure and adoption of advanced technologies among organizations in the US and Canada is driving the growth of cloud services in the region.

Key players: Key players operating in the cloud services market are Alibaba Group Holding Limited, Amazon Web Services, Inc., Cisco Systems, Inc., Dell, Technologies Inc., Google Llc , Hewlett Packard Enterprise Development Lp, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, And Rackspace Hosting, Inc. Amazon Web Services witnessed the highest market share in 2023 owing to its early mover advantage and continuous investment in research and development of new solutions and technology.

read more : https://www.ukwebwire.com/cloud-services-market/