Cloud services companies are offering concise solutions and quick turnarounds for their customers. Changes in data processing technologies enable companies to move functions to data rather than data moving to functions. Bypassing layers of the technology stack has improved cloud services companies’ productivity. For example, with the new warehouse platforms in the insurance industry, queries that took hours now run in minutes, delivering critical insights to insurance companies.
THE BUSINESS RESEARCH COMPANY EXPECTS THE CLOUD SERVICES MARKET TO GROW TO $405.3 BILLION BY 2021
North America was the largest region in the cloud services market in 2017, accounting for approximately 60% of the market share.
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According to The Business Research Company’s Consultant, many cloud service providers are offering services for storing long-term data in the cloud. They are offering solutions for moving data from in-house servers to remote servers, hence eliminating issues arising due to archiving. Many companies are migrating from small, in-house facilities to mega data centers operated by large service providers. For instance, according to IDC, worldwide datacenter space is expected to increase to 1.94 billion square feet in 2018.
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IBM was the largest company in the cloud services market in 2017, generating revenues worth $35.3 billion for the financial year 2016. IBM’s growth strategy is to increase its global cloud data center footprint through acquisitions. In 2015, IBM invested $1 billion to expand its cloud business and made seven cloud acquisitions including Cleversafe, Gravitant and Clearleap.
The word ‘cloud services’ refers to delivery of information technology resources and applications on-demand through the Internet platform. Companies in the cloud services industry provide access to servers, storage, databases and a broad set of application services managed by a hardware networking.
Cloud Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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