Computing Services Market Globally Growing with CAGR of 14.3% to Reach USD 750.1 billion in 2026

Cloud computing services are defined as a service model in which various computer system resources are provided on-demand through interment. Availability of 4G and 5G connectivity is resulting in improved efficiency of organizations availing cloud services. Cloud computing service does not require users to be actively controlling and monitoring the systems as it can be done by a third party vendor as well via the internet. This benefit is providing improved flexibility to the organization.

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Cloud computing services are increasingly being adopted in various industry verticals such as banking, financial services, and insurance and retail and consumer goods, among others. Growing business competitions has created a need for organizations to be efficient, and flexible while keeping operational costs at a minimum possible level. Cloud computing services require less maintenance and save a lot of investment on the operational front. Hence multiple small and medium-sized industries are adopting this service, which was previously limited to only large scaled industries. Moreover, the implementation of Industry 4.0 has resulted in demand for automation in factories. Cloud computing services can play a major role in imparting efficient automation to the industry with minimum input efforts.

Developing economies such as India and China are focusing on becoming as competitive as developed countries. The growth of cloud computing services in these regions is primarily attributed to the rising presence of industries. Moreover, the growing population demands to fuel the need for effective government and public sector operations. However, the lack of skilled professionals in these regions is one of the key restraining factors.

Key Findings:
-Based on the service type, the software as a service (SaaS) segment is expected to grow at the highest CAGR of around 20% during the forecast period
-Based on the end-use industry, the retail and consumer goods segment is expected to hold nearly 19% market share in 2018
-North America accounted for around 45% share of the global cloud computing services market in 2018

Recent News:
-In September 2019, United States-based cloud computing firm Apptio Inc. expanded its regional presence by opening a center of excellence (CoE) in India.
-In September 2019, Alibaba (China) announced that it will launch a cloud computing-based e-commerce business in the Asian market.

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