Security News > 2021 > December > Cloud services market to reach $927.51 billion by 2027

The cloud services market size was valued at $264.80 billion in 2019, and is projected to reach $927.51 billion by 2027, growing at a CAGR of 16.4% from 2020 to 2027, according to ResearchAndMarkets.

The services provided by the cloud computing technology are referred to as cloud services.

Cost effectiveness driving the global cloud services market growth.

In addition to this, upsurge in demand for cloud services due to COVID-19 pandemic boosted growth of the market.

Data security is the key restrain for the growth of cloud services market as organizations believe that their data is more secure in in-house data centers as compared to a virtual cloud network.

Developing economies have gradually grown to become the hub for IT services, which is one of the largest target segments for cloud services thus being opportunistic for the market growth.

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