Cloud Services Market Size, Share, Growth Analysis, By Deployment Model(Private, Hybrid, Public), By Enterprise Size(Large Enterprise, Small & Medium Enterprise), By Service Model(Infrastructure as a Service (Primary Storage, Archiving, Storage, and Disaster Recovery & Backup)), By Vertical(BFSI, Energy & Utilities, Telecommunications, Others), By Region - Industry Forecast 2024-2031

Cloud Services Market size was valued at USD 565.58 billion in 2022 and is poised to grow from USD 660.60 billion in 2023 to USD 2288.12 billion by 2031, at a CAGR of 16.8% during the forecast period (2024-2031).

By utilising cloud services, businesses can cut more than 35% of their annual operational expenses. The second factor consists of all the practical characteristics that enhance an organization's capacity for business operations. As businesses prioritised digitization initiatives to address market challenges, global investment in cloud infrastructure services increased 34% to $55.9 billion in the January–March quarter (Q1). The top three cloud service providers, which grew 42 percent year over year and accounted for 62 percent of worldwide consumer spending, benefited from expanding usage and size, claims market research firm Canalys. Of the top three, Google Cloud had the strongest performance, growing by 54% in the most recent quarter to account for 8% of the market. Expanding digital transformation among enterprises, rising internet and mobile device penetration globally, and higher Big Data consumption are the main factors propelling the market's expansion. Industrial solutions of the future will be cloud-enabled, and to exhibit their digital business skills, a cloud platform will be needed. In addition, businesses are anticipated to value computing technology more as a result of the deployment of IoT, 5G, edge computing, and real-time analytics made possible by Machine Learning (ML) and Artificial Intelligence (AI).

US Cloud Services Market is poised to grow at a sustainable CAGR for the next forecast year.