The global web hosting services market size is projected to reach USD 267.10 billion by 2028, exhibiting a CAGR of 18.0% during the forecast period. According to the Fortune Business Insights™ report, titled “Web Hosting Services Market, 2021-2028”, the market value stood at USD 75.03 billion in 2020.
The COVID-19 pandemic outbreak has caused unprecedented upheavals in physical business infrastructures as governments across the globe have had to impose lockdowns and social distancing measures to curb the spread of the virus. For example, a survey by the National Bureau of Economic Research (NBER) found that 43% of the respondents faced a temporary or permanent shutdown of business in the US in 2020 due to the pandemic. Similarly, a private survey in India revealed that the pandemic is set to hit 74% of the startups in the country. This dire situation has, therefore, led the market to register a lower CAGR of 11.9% and reach a value of 83.99 billion in 2021.
More information: https://www.fortunebusinessinsights.com/industry-reports/web-hosting-services-market-100863
