A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Cloud Computing Services – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Cloud Computing Services Market to Reach $810.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Cloud Computing Services estimated at US$313.1 Billion in the year 2020, is projected to reach a revised size of US$810.8 Billion by 2026, growing at a CAGR of 17% over the analysis period. Infrastructure as a Service, one of the segments analyzed in the report, is projected to record a 18.4% CAGR and reach US$449.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Platform as a Service segment is readjusted to a revised 16.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $98.3 Billion in 2021, While China is Forecast to Reach $184.1 Billion by 2026
The Cloud Computing Services market in the U.S. is estimated at US$98.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$184.1 Billion by the year 2026 trailing a CAGR of 22.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12% and 15.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.4% CAGR.
Software as a Service Segment to Reach US$180.2 Billion by the year 2026
In the global Software as a Service segment, USA, Canada, Japan, China and Europe will drive the 14.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$57.7 Billion in the year 2020 will reach a projected size of US$145.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. PR Newswire