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Global Cloud Services Market in 2027

 

According to the report by ResearchAndMarkets.com's,  the global cloud services market was valued at $264.8 billion in 2019, and is projected to reach $927.51 billion by 2027, growing at a growth rate of 16.4% from 2020 to 2027.

The global cloud services market is still at an evolving stage and it has a good growth potential due to several driving factors. The key driver for the market is that it provides cost benefits when it is compared to conventional physical storage as it is estimated that cloud services would save 35% of the annual operations cost.

Major players operating in this market have witnessed significant adoption of strategies that include business expansion and partnership to reduce supply and demand gap. With increase in big data initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative products. This study includes marketanalysis, trends, and future estimations to determine the imminent investment pockets.

The US and Europe data realm

Since the Internet came into wide use in the 1990s, the USA has led the global data-driven economy. It is home to the top ten Internet brands and to seven out of the 10 Internet companies with the largest market value worldwide. These companies include Amazon, Microsoft, Apple, Facebook, Google and Intel and they provide the hardware, software and platforms for digital trade. Four US companies provide more than one half of the worldwide cloud-computing capacity. 

Although the inventor of the World Wide Web Tim Berners-Lee is Swiss and British, European governments and firms did not play a major role in the internet’s development. Today, there are no European firms among the top 15 digital firms by market value or any household names among Europe’s top 20 digital firms. Some EU members (Sweden and Germany) have strong AI, robotics, apps, and software firms. However, while Europe has many strong global competitors in the software and telecommunications sector, it is still just beginning to build new data-based firms. While the EU is the biggest exporter of digital services, US firms control some 54% of the EU’s digital market, compared with 46%for European firms. Although EU Member States consist of mature industrialized economies, their digital markets have significant room to grow.

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Moore's Law - Big Data and IoT

 

In 1965, Moore published an article in which he observed that the number of transistors that would fit onto a circuit board doubled each year. This law is understood to say that computing power doubles every 18 to 24 month. This law is a useful way to explain the development of two of the technological phenomena emerging (or already emerged) - Big Data and IoT.

With Big Data, a new law has emerged - the amount of data doubles each year. In 2016, humans produced as much data as in the entire history of humankind through 2015. By 2025, it is estimated that amount of data will double every 12 hours.

In 2016, estimates for the number of IoT devices in use topped 15 billion worldwide, with spending on these devices approaching $1 trillion globally. In 2020, the number of wearable device shipment is estimated to be more than 200 million.Predictions are that 90 percent of new cars are connected by 2020 with estimates that a quarter of a billion connected vehicles will be on the road by this time.