What’s Happening in the Cloud Services Market?

News
21.07.2022
What's Happening in the Cloud Services Market?

What are Cloud Services?

Cloud services are inextricably linked with our smartphones and office programs, due to which they are rapidly developing, especially in the field of data storage.

What categories are Cloud Services divided into?

Cloud services are divided into three categories, each of which provides different services.

IaaS – infrastructure as a service

This is the leasing of virtual computing services: data storages, operating systems. Instead of buying expensive hardware, software and data center space, the consumer rents the necessary resources from third-party providers. Microsoft Azure and Amazon Web Services are examples of IaaS.

PaaS – platform as a service

PaaS uses a remote infrastructure, but includes an additional set of services – it offers tools that developers use to create applications. For example, Google App Engine or OpenShift.

SaaS – software as a service

These are applications that run through remote servers such as Dropbox, Google Docs, and Google Apps. In the past, software was sold in physical form in a store, but now much of today’s software runs directly from the cloud. This was made possible thanks to high-speed Internet and powerful computers.

Main cloud service models
What categories are Cloud Services divided into?

Global public cloud application services

The industry is growing rapidly, and the pandemic has further accelerated its development: the cloud has become an integral part of remote work. Sudden shutdowns of offices, schools and businesses have increased the demand for cloud solutions and services.

In 2021, the software as a service (SaaS) market is estimated to be worth approximately 152 billion U.S. dollars and estimated to reach 208 billion U.S. dollars by 2023. SaaS applications are run in the cloud and are usually accessible through a web interface.

Global public cloud application services
Public cloud application services/software as a service (SaaS) end-user spending worldwide from 2015 to 2023(in billion U.S. dollars)

SaaS platforms empower businesses

The overall SaaS market is expected to continue growing, as organizations around the world adopt SaaS solutions for a variety of business functions. Among these are solutions for customer resource management (CRM), enterprise resource planning (ERP), as well as web-hosting and eCommerce.

What is the result

Investing in cloud companies will definitely remain one of the trends among investors in the near future: technologies are widely in demand, easily and quickly scalable, and will most likely have a large market share in the next 5-10 years.

Moving your traditional operations to the cloud reduces the costs of managing and maintain IT systems. Cloud service development shortly is an excellent way to ensure business continuity. You can decrease hardware, software, and staff costs with cloud solutions.

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