Public Cloud Market by Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises), End Use (BFSI, IT and Telecom, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Healthcare, Media and Entertainment, Government and Public Sector, and Others), and Region  2023-2028

Public Cloud Market by Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises), End Use (BFSI, IT and Telecom, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Healthcare, Media and Entertainment, Government and Public Sector, and Others), and Region 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A7071
Year End sale Buy Now

Market Overview:

The global public cloud market size reached US$ 492.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,889.7 Billion by 2028, exhibiting a growth rate (CAGR) of 21.50% during 2023-2028. The escalating shift toward the cloud to enable a seamless transition, the availability of a wide range of services and the rise in cyber threats and data breaches are some of the major factors propelling the market.

Report Attribute
 Key Statistics
Base Year
Forecast Years
Historical Years
Market Size in 2022 US$ 492.8 Billion
Market Forecast in 2028 US$ 1,889.7 Billion
Market Growth Rate 2023-2028 21.50%

The public cloud is a type of computing service provided by third-party providers, where resources, including servers, storage, and networking capabilities are delivered over the internet. These services often operate on a pay-as-you-go pricing model, enabling businesses to scale their infrastructure based on demand without the need for major capital expenditure. Public cloud platforms, such as Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure, offer a wide variety of services ranging from simple computing power to complex machine learning and analytics tools. By utilizing the technology, organizations can achieve greater scalability, flexibility, and efficiency, allowing them to focus on their core business rather than managing IT infrastructure. However, this also requires careful management of security and privacy, as data is stored on shared resources outside the direct control of the organization.

As businesses embrace digital transformation to stay competitive and agile, they are increasingly turning to the cloud to enable a seamless transition. Public cloud platforms offer a wide range of services, including AI, machine learning, big data analytics, and IoT capabilities, empowering companies to innovate and deliver modern, data-driven solutions to their customers. Along with this, the growth of IoT devices generates massive volumes of data that require scalable storage and processing capabilities. Numerous leading providers provide specialized IoT platforms that enable organizations to collect, store, analyze, and act upon data from IoT devices effectively, driving IoT adoption across various industries. In addition, edge computing complements the capabilities of the cloud by processing data closer to the source, reducing latency and bandwidth consumption. Therefore, public cloud providers are offering edge computing solutions, enabling businesses to build and deploy applications that require real-time processing and analysis. With an increase in cyber threats and data breaches, public cloud providers are continuously improving their security measures. They invest in encryption, identity management, and compliance certifications to instill confidence in customers about the security of their data in the cloud.

Public Cloud Market Trends/Drivers:

Scalability and Elasticity

One of the primary market drivers for public cloud adoption is the unmatched scalability and elasticity it offers to businesses of all sizes. Traditional on-premises infrastructures often struggle to handle sudden spikes in demand, leading to costly overprovisioning or underutilization of resources. Numerous providers allow businesses to scale their resources up or down rapidly in response to changing requirements. With the ability to provision and de-provision computing resources on-demand, organizations dynamically adjust their infrastructure to match fluctuations in user activity, seasonal demands, or market trends. This scalability eliminates the need for large upfront capital investments and provides cost efficiency by only paying for the resources used. It enables businesses to focus on innovation and growth without worrying about capacity limitations or infrastructure maintenance.

Advent of Cost-Effectiveness and Pay-as-You-Go Model

Public cloud services have revolutionized the way businesses manage their IT budgets. The pay-as-you-go model allows organizations to access a wide array of services without incurring upfront costs for hardware and software. Traditionally, procuring and managing hardware meant significant investments, but the cloud's operational expenditure (OpEx) approach changes the financial landscape. In confluence with this, the pay-as-you-go pricing model benefits startups and small businesses with limited capital and allows larger enterprises to optimize their IT spending. Apart from this, it encourages experimentation, as companies try out new ideas without committing to significant expenses, which is providing an impetus to the market. Moreover, numerous leading providers offer cost management tools and analytics to help businesses optimize resource usage, further reducing operational costs, and thereby contributing to the demand.

Global Reach and Accessibility

Public cloud services offer a geographically distributed network of data centers, allowing businesses to deploy applications and services close to their end users regardless of their location. This global reach ensures low-latency access, resulting in improved performance and user experience. Additionally, it enables redundancy and disaster recovery, ensuring business continuity even in the face of natural disasters or regional outages. Along with this, this accessibility has democratized technology, making advanced computing resources available to businesses worldwide, further acting as a growth-inducing factor. In addition, numerous startups and entrepreneurs now compete on a global scale without having to invest in physical infrastructure or worry about geographic limitations. As a result, the widespread adoption fosters innovation and drives economic growth across regions and thereby contributing to the market growth.

Public Cloud Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global public cloud market report, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on service, enterprise size, and end use.

Breakup by Service:

  • Infrastructure as a Service (IaaS)
  • Platform as a Service (PaaS)
  • Software as a Service (SaaS)

Software as a service (SaaS) dominates the market

The report has provided a detailed breakup and analysis of the market based on the service. This includes infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). According to the report, SaaS represented the largest segment.

SaaS offers businesses a cost-effective and flexible way to access a wide range of software applications and services through the cloud, eliminating the need for on-premises installations and maintenance. The pay-as-you-go subscription model allows organizations to scale their software usage according to their needs, optimizing costs and enhancing operational efficiency. Additionally, SaaS solutions are continuously updated and maintained by the service providers, ensuring users have access to the latest features and security patches without any hassle. This convenience, coupled with the ability to access SaaS applications from anywhere with an internet connection, has driven widespread adoption, particularly among small and medium-sized enterprises seeking streamlined IT management and access to cutting-edge software tools.

Breakup by Enterprise Size:

  • Large Enterprise
  • Small and Medium-sized Enterprises

Small and medium-sized enterprises dominate the market

A detailed breakup and analysis of the market based on the enterprise size has also been provided in the report. This includes large enterprise, and small and medium-sized enterprises. According to the report, small and medium-sized enterprises represented the largest segment.

The public cloud industry has become a game-changer for small and medium-sized enterprises (SMEs), primarily due to its cost savings. Along with this, SMEs often face budget constraints and lack the financial resources for extensive on-premises IT infrastructure. The pay-as-you-go model of services eliminates the need for significant upfront investments, enabling SMEs to access advanced computing resources at a fraction of the cost. Additionally, the scalability and flexibility of the cloud allow SMEs to adjust their resources as their business grows or experiences fluctuations in demand. This agility fosters innovation and empowers SMEs to compete on a level playing field with larger enterprises. Moreover, the cloud's accessibility and ease of implementation enable SMEs to quickly adopt and deploy new applications, enabling faster time-to-market and increased competitiveness in today's rapidly evolving business landscape. As a result, SMEs are increasingly embracing the technology as a transformative technology, propelling their growth and success in the digital era.

Breakup by End Use:

  • BFSI
  • IT and Telecom
  • Retail and Consumer Goods
  • Manufacturing
  • Energy and Utilities
  • Healthcare
  • Media and Entertainment
  • Government and Public Sector
  • Others

BFSI dominate the market

The report has provided a detailed breakup and analysis of the market based on the service. This includes BFSI, IT and telecom, retail and consumer goods, manufacturing, energy and utilities, healthcare, media and entertainment, government and public sector, and others. According to the report, BFSI accounted for the largest market share.

The public cloud industry has become increasingly attractive to the banking, financial services, and insurance (BSFI) sector, primarily due to compelling market drivers. One of the key factors driving BSFI end users to adopt the public cloud is the need for agility and scalability. In the dynamic and highly competitive financial landscape, BSFI institutions require rapid deployment of new applications and services to meet customer demands. In addition, the cloud's ability to scale resources on-demand allows them to handle peaks in customer activity efficiently and optimize costs during periods of low demand. Additionally, the public cloud's vast array of services, including data analytics, artificial intelligence, and machine learning, empowers BSFI institutions to extract valuable insights from their data, enhance risk management, personalize customer experiences, and detect fraudulent activities more effectively. Furthermore, the cloud's robust security measures and compliance certifications provide a level of data protection and regulatory adherence critical to the highly regulated BSFI sector. Overall, the technology presents a transformative opportunity for BSFI end users, enabling them to drive innovation, improve customer experiences, and maintain a competitive edge in the fast-paced financial market.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

North America exhibits a clear dominance, accounting for the largest public cloud market share

The report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America represented the largest market.

The public cloud industry in North America is experiencing robust growth, fueled by the region's flourishing digital economy and the widespread adoption of advanced technologies. It is further leading to an increased demand for scalable and flexible cloud solutions. Organizations across various sectors are leveraging the public cloud's agility to quickly deploy applications, access cutting-edge technologies, and respond swiftly to changing market dynamics. Additionally, the cost-effectiveness of cloud services appeals to businesses seeking to optimize their IT budgets. The pay-as-you-go model allows companies to avoid large upfront capital expenditures and only pay for the resources they consume, enabling cost efficiency and operational scalability.

In addition, the presence of major cloud service providers with extensive data center networks, reinforces the reliability and accessibility of cloud services in the region. Moreover, the increasing trend of remote work and the need for seamless collaboration have accelerated the adoption of cloud-based communication and productivity tools in North America. As organizations prioritize digital transformation, security, and innovation, the public cloud industry is poised to increase further, driving technological advancements and economic growth in the region.

Competitive Landscape:

The global public cloud market is experiencing significant growth due to the expansion of global network of data centers to ensure low-latency access and redundancy for their customers. This involves building new data centers in different regions and countries to comply with data residency requirements and improve service performance. Along with this, the growing investments in research and development to introduce new services and features to their platforms, including artificial intelligence, machine learning, Internet of Things (IoT), big data analytics, containerization, and serverless computing, impacting the market. Apart from this, several cloud providers are increasingly adopting sustainable practices and renewable energy sources to reduce their environmental impact and achieve carbon neutrality. Furthermore, cloud companies often collaborate with other technology providers, software vendors, and startups to expand their ecosystem and offer comprehensive solutions to their customers. Additionally, they are acquiring smaller companies to incorporate their technology or expertise into their own service offerings, contributing to the market.

The report has provided a comprehensive analysis of the competitive landscape in the global public cloud market. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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
  • Rackspace Technology Inc.

Recent Developments:

  • In June 2023, Cisco Systems, Inc. launched a new security service edge (SSE) solution to enable better hybrid work experiences and significantly streamline access from any place to any device to any application.
  • In May 2023, Alibaba Group Holding Limited announced plans to separate its cloud computing company. As the Chinese e-commerce business begins a restructure of its operations in the goal of fostering development, its logistics and grocery sections will investigate initial public offerings.
  • In September 2022, Amazon Web Services, Inc. signed into a go-to-market strategic collaboration agreement with ZainTech. With the support of this arrangement, ZainTech will be able to provide businesses with a one-stop shop for all of their connection and cloud requirements by utilizing the AWS cloud, the Zain Group's regional reach, and its cutting-edge network.

Public Cloud Market Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Service
  • Enterprise Size
  • End Use
  • Region
Services Covered 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
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the global public cloud market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the global public cloud market?
  • What is the impact of each driver, restraint, and opportunity on the global public cloud market?
  • What are the key regional markets?
  • Which countries represent the most attractive public cloud market?
  • What is the breakup of the market based on the service?
  • Which is the most attractive service in the public cloud market?
  • What is the breakup of the market based on the enterprise size?
  • Which is the most attractive enterprise size in the public cloud market?
  • What is the breakup of the market based on the end use?
  • Which is the most attractive end use in the public cloud market?
  • What is the competitive structure of the global public cloud market?
  • Who are the key players/companies in the global public cloud market?

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the public cloud market from 2017-2028.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global public cloud market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the public cloud industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Public Cloud Market by Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), Enterprise Size (Large Enterprise, Small and Medium-sized Enterprises), End Use (BFSI, IT and Telecom, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Healthcare, Media and Entertainment, Government and Public Sector, and Others), and Region  2023-2028
Purchase options Year End sale

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More