The global cloud services market is expected to witness substantial growth over the forecast period as the technology delivers on-demand and convenient access to shared pool of data, hardware, and application. Further, technology also plays key role in addressing issues pertaining to resource sharing and enables network sharing among remote servers, which is expected to fuel market demand. In addition, increasing internet usage and the need to manage data efficiently is also expected to drive the market over the forecast period. The cloud services market is highly lucrative owing to several benefits the technology offers, particularly low operating and maintenance cost. Surging demand for data maintenance is also expected to spur market demand over the next few years.
Cloud services are expected to gradually replace traditional services owing to their inability to store huge data and access the same rapidly. Data security concerns and lack of awareness may pose a challenge to the cloud services market growth over the forecast period. However, initiatives to enhance technology awareness along with security standards offer avenues for market growth.
North America is expected to witness high growth over the forecast period owing to rapid technological advancements and IT infrastructure development. Growth across the IT industry in Asia Pacific is expected to drive the regional market growth over the next few years.
Key industry participants include Amazon Web Services, Cisco Systems, Akamai Technologies, Google Inc., Hewlett Packet, Dell, Microsoft Corp, IBM Corp VM-Ware and Yahoo Inc., etc. Vendors in the market focus on innovation and providing customized solutions as a part of their business strategy.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.