The global market for cloud computing services is estimated to reach $937.5 billion sizes from $313.1 billion in 7 years, according to the “Cloud Computing Services – Global Market Trajectory & Analytics” report. This emphasizes growing at a CAGR of 17% over the analysis period 2020-2027. The report shows an early analysis of the business implications of the pandemic and its induced economic crisis on the global market for cloud computing services.
China will reach US$222.5 billion by 2027
Infrastructure as a Service is one of the segments analyzed in the report. This segment is estimated to record an 18.4% CAGR and reach $449.3 billion between 2020-2027. Platform as a Service segment is readjusted to a revised 16.2% CAGR for the next 7-year period.
The cloud computing services market in China, the world’s second-largest economy, is forecast to reach a projected market size of $222.5 billion by the year 2027. This growth emphasizes a CAGR of 22.1% over the analysis period 2020 to 2027.
Japan and Canada, located in the other noteworthy geographic markets, are estimated to grow at 12% and 15.1%, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 13.4% CAGR.
Regional market leader is China
In terms of software as a service segment, the USA, Canada, Japan, China, and Europe will drive the 14.2% CAGR estimated. In the regional market segment, China will remain the fastest-growing. The market in Asia-Pacific is led by countries such as Australia, India, and South Korea. This regional market will reach $145.6 billion by the year 2027, while Latin America will expand at a 16.8% CAGR through the analysis period.
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