The global market for end-users who use cloud-based services for public use is expected to increase 23.1 percent in 2021, to reach $332.3 billion which is an increase from $270 billion in 2020, as per the most recent forecast provided by Gartner, Inc.
“The events of last year allowed CIOs to overcome any reluctance of moving mission critical workloads from on-premises to the cloud,” said Sid Nag, research vice president at Gartner. “Even in the absence of the pandemic, there will be an absence of interest in data centers.
“Emerging technologies like containerization, virtualization , and the use of edge computing have become popular and driving more cloud-related spending. In essence the pandemic was an incentive for CIOs’ desire to invest in cloud computing.”
Despite economic headwinds, products that provide cloud-based services for public use are seeing significant growth. Software as a Service (SaaS) is the most lucrative market segment and is expected to hit $122.6 billion by 2021. This is because increasing demand for composable apps will require a different SaaS service (see the table below for Table 1.).
Infrastructure-as-a-service (IaaS) and desktop-as-a-service (DaaS) will see the highest growth in 2021, 38.5% and 67.7% respectively, as CIOs face continued pressures to scale infrastructure that supports moving complex workloads to the cloud and the demands of a hybrid workforce.
Growth of the cash advance services market
The global Online Cash Advance Services market is projected to expand at an average CAGR of 18.42 percent during the forecasted time period of 2019 through 2027. There are several factors driving the growth of the Online Cash Advance Services market. Some of the key drivers include:
– Increasing demand for loans online
– Rising number of people with bad credit scores
– Proliferation of mobile devices and internet connectivity
However, there are some challenges faced by the Online Cash Advance Services industry which is restraining the market growth. Some of these challenges include:
– Stringent government regulations related to interest rates
– High default rate on online loans
The current state of the online cash advance services market
The online cash advance services market is currently in a state of flux. This can be attributed to the changing regulatory landscape and the increasing competition from traditional lenders.
As more people become aware of the benefits of online cash advance services, the demand for these services is expected to grow. However, the market is still in its early stages and there is a lot of room for growth. In addition, the entry of new players into the market is expected to bring about further changes in the coming years.