According to the latest report by IMARC Group, titled "Public Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global public cloud market size reached US$ 492.8 Billion in 2022. Public cloud refers to a type of cloud computing service that comprises built-in security measures and regular updates, ensuring data protection and reducing the burden on internal IT teams. It is offered by third-party service providers that maintain and manage the underlying infrastructure, allowing businesses to focus on their core operations without the need for extensive IT infrastructure. It helps organizations and users share the same infrastructure, including servers, storage, and networks that offer scalability and flexibility, enabling businesses to quickly scale up or down their computing resources based on demand. It provides enhanced agility, as applications and services can be deployed and accessed from anywhere with an internet connection. It also empowers businesses to streamline operations, drive innovation, and achieve greater efficiency in the digital era.
Global Public Cloud Market Trends:
At present, there is a rise in the demand for public cloud, as it provides a perfect platform for establishing an open inter-company network across the globe. This, along with the increasing awareness among the masses about the benefits of public clouds, represents one of the key factors supporting the growth of the market. In addition, the growing utilization of public clouds for covering a large number of functions, from the basics of storage, processing, and networking power through artificial intelligence (AI) and natural language processing (NLP), is offering a favorable market outlook. Besides this, various advantages offered by public cloud services, such as unlimited capacity, attractive costs rising from large-scale infrastructures and related operational practices, and a pay-as-you-go pricing model that are making up-front server purchases obsolete, are propelling the growth of the market. Moreover, the growing demand for pay per subscription-based model among small and medium enterprises (SMEs) to grow to their full potential is positively influencing the market. Apart from this, there is an increase in the demand for software as a service (SaaS) on account of its flexible costs, easy maintenance, and enterprise size around the world. This, coupled with the escalating demand for public cloud services in the BFSI sector to store and manage customer data, is bolstering the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,889.7 Billion by 2028, exhibiting a CAGR of 21.50% during 2023-2028.
- On the basis of the service, the market has been segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Presently, software as a service (SaaS) represents the largest market share.
- Based on the enterprise size, small and medium-sized enterprises hold the biggest market share, followed by largest enterprises.
- On the basis of the end use, the market has been segregated into BFSI, IT and telecom, retail and consumer goods, manufacturing, energy and utilities, healthcare, media and entertainment, government and public sector, and others. BFSI currently accounts for the total market share.
- Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America (the United States and Canada) enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Alibaba Group Holding Limited, Amazon Web Services Inc, Cisco Systems, Inc., Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Rackspace Technology Inc.
|Base Year of the Analysis
||Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)
|Enterprise Sizes Covered
||Large Enterprise, Small and Medium-sized Enterprises
|End Uses Covered
||BFSI, IT and Telecom, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Healthcare, Media and Entertainment, Government and Public Sector, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Alibaba Group Holding Limited, Amazon Web Services, Inc., Cisco Systems, Inc., Google LLC (Alphabet Inc.), Hewlett Packard Enterprise Development LP, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Rackspace Technology Inc., etc.
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