Global Cloud Services Market Set to Surpass USD 2.27 Trillion by 2030

According to the latest market research study published by P&S Intelligence, the global cloud services market is witnessing robust expansion, with its size estimated at USD 882.5 billion in 2024 and projected to reach USD 2,273.8 billion by 2030, growing at a strong CAGR of 17.1% during 2024–2030. This growth reflects the rising reliance of enterprises on cloud-based IT applications and resources, including servers, storage, databases, networking, analytics, and software, delivered on demand by third-party providers. By eliminating the need for heavy upfront investments in physical data centers, cloud services enable organizations to access scalable computing capabilities through flexible, pay-as-you-go models.

Cost efficiency remains a primary driver, as enterprises across sectors significantly reduce annual operating expenses by shifting from on-site infrastructure to cloud platforms. The increasing adoption of IoT, connected devices, and wireless networking is further accelerating demand, as cloud environments provide the computing power and storage needed for real-time data exchange and centralized monitoring. Additionally, rapid digitalization in developing regions, coupled with the expansion of manufacturing hubs and growing awareness of cloud benefits among SMEs, continues to create substantial growth opportunities for cloud service providers worldwide.

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Key Insights

• The market is segmented by deployment model into private, public, and hybrid cloud, with public cloud leading at a 55% share in 2024 due to its cost efficiency, scalability, and suitability for large enterprises.
• Hybrid cloud is the fastest-growing deployment model, advancing at a CAGR of 17.5% during 2024–2030, as it combines the flexibility of public clouds with the control and security of private environments.
• Hybrid cloud systems enable workload portability and orchestration across multiple environments, ensuring business continuity by shifting tasks during system failures.
• By type, Software as a Service (SaaS) dominates the market with a 50% share in 2024 and is also the fastest-growing segment, registering a CAGR of 17.6% through 2030.
• The strong growth of SaaS is driven by its low maintenance requirements, ease of deployment, and cost-effectiveness, alongside rising demand for data storage and security solutions.
• Infrastructure as a Service (IaaS) supports use cases such as primary storage, disaster recovery, backup, archiving, and compute, addressing enterprise needs for flexible infrastructure.
• Platform as a Service (PaaS) facilitates application development, testing, analytics, integration, and data management, supporting digital transformation initiatives.
• Large enterprises hold a dominant 65% share in 2024, leveraging cloud services for scalability, global collaboration, enhanced communication, and secure operations.
• Small and medium enterprises are the fastest-growing organization size segment, expanding at a CAGR of 17.3%, as cloud adoption eliminates the need for costly on-site infrastructure.
• Among verticals, IT & telecom leads with a 25% share in 2024, using cloud platforms to manage vast volumes of sensitive customer data and enable cloud-based telecom services.
• BFSI is the fastest-growing vertical, with a CAGR of 17.8%, driven by rising demand for digital banking, payment gateways, online fund transfers, and real-time reporting.
• North America dominates the global market with a 45% share in 2024, supported by early adoption of advanced technologies and the presence of major cloud service providers.
• Asia-Pacific is the fastest-growing regional market at a CAGR of 17.7%, fueled by economic growth and rapid adoption of AI, IoT, blockchain, 5G, and connected devices.
• The market is highly concentrated, with leading players such as Amazon Web Services, Microsoft, Google, IBM, Oracle, and Alibaba driving innovation and strategic collaborations.