New York, May 09, 2022 (GLOBE NEWSWIRE) -- Public Cloud Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Public Cloud Market” information by Cloud Computing, by Organization Size, by Services, by Industry and Region – Forecast to 2030” market size to reach USD 1386.14 billion, growing at a compound annual growth rate of 21.4% by 2030.
Market Scope:
Cloud technologies automate and enhance business operations with security. Depending on the enterprise’s IT needs, public cloud can also handle additional tasks. Resultantly, public cloud has become a viable solution, preferred increasingly, which, in turn, drives the market growth. Besides, increasing usage of cloud-based applications in growing numbers of businesses for data storing is a key driving force behind the public cloud market growth.
Dominant Key Players in Public Cloud Market Covered are:
- Microsoft Corporation (US)
- Com Inc. (US)
- Fujitsu Limited (Japan)
- International Business Machines Corporation (US)
- Cisco Systems Inc. (US)
- VMware Inc. (US)
- Oracle Corporation (US)
- Google Inc. (US)
- Hewlett-Packard Enterprise (US)
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Market USP Exclusively Encompassed:
Public Cloud Market Drivers
The scope of cloud offerings and capabilities is continually expanding across various sectors, with a number of users worldwide sharing their resources on the cloud and maintaining the privacy of their shared data. Also, enterprises across the globe are spending exponentially on public cloud services. Such growing IT spending, in turn, increases the adoption of public cloud, translating into greater returns.
The rise in cloud automation propels the market growth, supporting business needs while delivering services speedily. On the other hand, associated risks such as private information leak, data theft, and data misuse are key factors impeding the public cloud market growth, restricting the uptake of cloud-managed services.
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Segmentation of Public Cloud Market Covered in the Research:
The public cloud market report is segmented into cloud computing, services, organization size, industry, and regions. The cloud computing segment is sub-segmented into cloud infrastructure, cloud communication platforms, cloud access security, high-performance computing, cloud billing, and others. The service segment is sub-segmented into IaaS, SaaS, PaaS, and others.
The organization size segment is sub-segmented into large enterprises and small & medium enterprises. The public cloud industry segment is sub-segmented into IT & telecommunication, manufacturing, BFSI, retail, healthcare, government, aerospace & defense, and others. The region segment is bifurcated into North America, Europe, Asia-Pacific, the Middle East & Africa, and others.
Regional Analysis
North America dominates the global public cloud market, witnessing vast adoption. The presence of major technology providers and technological advancements drive the growth of the regional market. Simultaneously, well-established infrastructure and seamless internet connectivity impact the regional market growth positively.
Industry Trends
One major trend influencing the adoption of public cloud is the sustainability drive promoting the carbon-neutral cloud. Enterprises focused on ensuring carbon-neutral IT infrastructure and operations are moving to the carbon-intelligent cloud. By the end of 2023, these new sustainability requirements will become mandatory for cloud service providers. Making public cloud services sustainable will transform the entire cloud data ecosystem.
Given the growing digital transformation, it is expected that public cloud will shape business strategists shortly. Also, enterprises across industries are increasingly investing in adopting public cloud that can ensure compliance with their business requirements. The rise of cloud ecosystems and rampantly growing regulatory fragmentation across the globe are impacting the public cloud market growth positively.
Growing pressure to meet cybersecurity and industry compliance has encouraged cloud providers to establish new vertical cloud ecosystems across the globe. Sharing data services on public cloud enables businesses to minimize their vendor lock-in periods and abolish all single points of failure (SPOFs) stemming locally or while roaming.
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Also, initiatives by governments and industry leaders to develop a framework of control and governance influence market dynamics. Such frameworks will help implement a set of policies and rules for cloud-related or storage-related applications. Enabling a compatible and accessible public cloud across the globe is another major trend.
Public cloud services can seamlessly run on hybrid, multi-cloud, and edge environments, reflecting resiliency, scalability, flexibility, and speed. Moreover, 5G R16 and R17 wireless communications will restore public cloud imperative. Further, public cloud will enable several banks and fin-tech enterprises to enhance the mobile banking experiences of customers, offering system reliability, modernization, and hybrid support.
These cost-effective, cloud-based applications are increasingly adopted due to their economical manner of storing data. Rising pressure to curtail IT costs and increasing focus on business function fosters the market size. The growing usage of cloud-based applications encourages the uptake of public cloud technology among businesses to efficiently manage their IT operations.
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Competitive Landscape
The public cloud market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on April 14, 2022, RiverMeadow Software Inc., a leading global provider of cloud migration & disaster recovery software and services, announced the addition of a new capability to its market-leading cloud migration platform that can allow the option to carry out VM-based or OS-based migrations to any cloud. RiverMeadow offers flexibility in terms of deployment and migration to cloud by VM or OS.
With VM-based migration capability, RiverMeadow aims to become the only multi-cloud migration platform in the market, offering users the choice to migrate to public clouds. The company is focused on delivering the most flexible migration platform on the market. By leveraging RiverMeadow’s migration platform, users can address the vast majority of diverse use cases, making cloud adoption faster and more cost-effective.
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