Westford, USA, Aug. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Public Cloud Market will attain a value of USD 2213.7 Billion by 2031, with a CAGR of 17.41% during the forecast period (2024-2031). Adoption of digital technologies has undoubtedly influenced operation processes and business models modification in many industries. The public cloud offers the ideal environment for creating an open inter-company network, and connection with customers, other industries, and external partners is only growing. Public cloud services include a wide range of features, from traditional office programs to artificial intelligence (AI) and natural language processing (NLP), as well as the fundamentals of storage, processing, and networking capacity.
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Browse in-depth TOC on the " Public Cloud Market "
- Pages - 157
- Tables - 40
- Figures – 74
Public Cloud Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $613.02 Billion |
| Estimated Value by 2031 | $2213.7 Billion |
| Growth Rate | Poised to grow at a CAGR of 17.41% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Business Model, Organization Size, Vertical and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Public cloud boom amid global electronics slowdowns |
| Key Market Opportunities | Improved effectiveness for hosting applications in public cloud |
| Key Market Drivers | Surge in public cloud services Aamid rising data needs |
SaaS Business Model to Dominate the Market Due to being Cost-Effectiveness and Scalable
As the high-spending on-information technology (IT) and their complicated operations enable them to put in place expandable cloud-based solutions, big institutions lead the global public cloud market. Such financial resourcefulness enables holistic data governance as well as analytics thereby enhancing rationalization as well as spur-of-the-moment invention. Therefore, they are also re-enforcing themselves through increasing demand for advanced technologies and digitization initiatives.
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Large Enterprises is Largest Growing Sub-Segment Due to Fulfilling Complex Operational Needs
Due to their enormous IT expenditures and intricate operational requirements, which allow them to invest in scalable cloud solutions, large organisations dominate the global public cloud market. The ability to manage all types of data with high performance improves efficiency and creativity. The need for advanced technologies and digital transformation projects strengthens their market position even further.
Greater Understanding of Big Data Analytics Helped North America to Dominate the Market
With over 40% of the overall sales, North America dominated the global market. American businesses have garnered a reputation as pioneers in the use of cutting-edge technologies such as connected industries, additive manufacturing, big data analytics, Internet of Things (IoT), Artificial Intelligence (AI), Augmented Reality (AR), Machine Learning (ML) and Virtual Reality (VR). Furthermore, they have also adopted latest LTE, 5G and 4G telecommunications technologies.
Public Cloud Market Insight
Drivers:
- Surge in Public Cloud Services Amid Rising Data Needs
- Big Data, AI, and ML integration with cloud
- Improved Effectiveness for Hosting Applications in Public Cloud
Restraints:
- Rising Challanges of Regulatory Adherence in the Evolving Public Cloud Market
- Businesses in Developing Regions Limit Level of Technical Expertise
- Higher Costs Associated with Cloud Data Storage
Prominent Players in Public Cloud Market
The following are the Top Public Cloud Companies
- AWS (US)
- Microsoft (US)
- Google (US)
- Salesforce (US)
- Alibaba Cloud (China)
- Oracle (US)
- IBM (US)
- SAP (Germany)
- Tencent (China)
- Workday (US)
Key Questions Answered in Global Public Cloud Market Report
- How much is the global public cloud market likely to be worth by 2031, and what is the predicted compound annual growth rate (CAGR) for this market?
- Why is the public cloud industry becoming more and more dominated by the SaaS business model?
- Which region leads the world market for public clouds, and what proportion of total sales does it account for?
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This report provides the following insights:
- Analysis of key drivers (Surge in public cloud services amid rising data needs, improved effectiveness for hosting applications in the public cloud, increasing demand for flexible & scalable IT infrastructure and operating procedures in business models), restraints (Concerns regarding data security & privacy, Higher costs associated with cloud data storage and limited technical expertise in businesses located in developing regions) opportunities (Expansion of services and features offered by public cloud providers, increased adoption of cloud-based solutions by large enterprises and growing demand for remote work solutions & collaboration tools), and challenges (Intense competition among major players in the public cloud market and rapid technological advancements requiring continuous adaptation) influencing the growth of public cloud market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the public cloud market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the public cloud market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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