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.
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