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The global cloud services market is expected to reach 1.17 trillion by 2030, an increase of 398% from 235 billion in 2019.

This is according to Report According to Allied Market Research (AMR), the compound annual growth rate (CAGR) from 2021 to 2030 is projected to be 15.8%.

One of the key points from the report is that cost effectiveness is the most important factor driving the global cloud market. AMR claims that the introduction of cloud services can reduce enterprises annual operating costs by more than 35%.

Other key factors contributing to market growth include the surge in cloud adoption by SMEs and the increase in demand due to the outbreak of COVID-19, which requires improved remote work.

Meanwhile, concerns about data security and protection continue to hinder market growth. That said, increasing adoption of cloud services in emerging economies is expected to open up favorable opportunities for market players in the coming years.

Allied Market Research expects service segments to register the highest CAGR of 21.9% during the forecast period by offering to ensure the effective functionality of cloud-based platforms, solutions and software. increase.

In terms of type, the SaaS segment dominated the market in 2019, contributing to nearly two-fifths of the global cloud services market due to the presence of software as a multi-tenancy essential to cloud computing.

However, because IaaS can be shared and cost savings, the IaaS segment is expected to record the highest CAGR of 17.7% during the forecast period.

Finally, by region, the cloud services market across North America had the largest share in 2019, accounting for almost three-fifths of the global market. This is believed to be due to the high adoption of cloud computing services in the region and the emerging sector of cloud computing services.

However, the Asia-Pacific-wide market is expected to reach a CAGR of 18.8% during the forecast period due to the rapid adoption of cloud computing, increased investment in infrastructure as a service, and fierce competition in the region. It is predicted.

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tag: Allied market research, CAGR, Cloud insights, Cloud service, Market insights, Market research

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Cloud computing market will reach 1.17 trillion by 2030 - Illinoisnewstoday.com