Public Cloud Market worth $987.7 billion by 2027, growing at a CAGR of 17.3 % Report by MarketsandMarkets™

Chicago, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The Public Cloud Market size is expected to grow from USD 444.7 billion in 2022 to USD 987.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period according to report by MarketsandMarkets. The term "public cloud" refers to offering numerous cloud services to various enterprises at the same time (as well as the general public) on-demand access to storage, computing, and networking services over the Internet. The public cloud providers offer free or fee-based usage-based pricing models for public cloud services. AWS, Microsoft, and Google are one of the major cloud service providers that run and administer public clouds.

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213 - Tables
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288 - Pages

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Scope Of the Report

Public clouds offer scalable platform and may be implemented more quickly than on-premises infrastructures. Any employee of a corporation can utilize the same application from any office or branch using any internet-capable device. As a result, businesses may use public clouds to grow IT resources as needed and cut down on capital expenses without having to invest in internal equipment, deploying resources, or implementing software. A pay-per-use price system is typically used to grant access to organizations. Further, any device that can connect to the cloud over the internet allows users to access resources when they're needed. These users now have flexibility in how businesses set up their working environments. The majority of public cloud deployments are made for web servers or development systems, where security and compliance standards are less of an issue.

 The public cloud market by service model is segmented into Infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). SaaS is estimated to hold the largest market share during the forecasted period of the public cloud market. SaaS refers to pre-configured application software that is hosted in the cloud. Web applications that are hosted in the cloud can be quickly accessed using the SaaS model. All of the infrastructure components required to deliver the application, including storage, servers, networking, application software, middleware, and data storage, are hosted and managed by the SaaS provider. Users can use a web browser to access the vendor's entire computing stack. The USP of SaaS is benefits offered such as simplicity, affordability, and convenience of usage. Since the service provider handles the majority of creation and management of the system as well as handling customer support and technical issues, this helps organizations in focusing on their core operations than resource management. The SaaS provider also handles all necessary maintenance, upgrades, and other tasks, organization only have to pay for resources used.

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The public cloud market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is estimated to hold the highest CAGR of 20.6% during the forecasted period. The focus towards optimizing rising enterprise workloads and reduce operational cost is the major reason which is driving adoption of cloud services in APAC. Asia Pacific includes developed and developing economies, such as China, Japan, Australia, Singapore, India, South Korea, and the rest of Asia Pacific. Organizations in the Asia Pacific region concentrate on implementing self-service capabilities and promoting their use to relieve the burden on IT service desks. In addition, the region's increasing urbanization, technical innovation, and backing from the government for the digital economy are important drivers of technological breakthroughs. Many companies have adopted cloud-based strategies as a result of the rapid improvements in telecommunications, and loT. Asia Pacific businesses have always been selective in their investment plans and prioritized affordable alternatives. Due to the availability of a sizable customer base and the improving economic outlook, numerous major firms, including Microsoft, AWS, Google, and IBM, are rapidly increasing their cloud and public cloud offerings in this region. For instance, in August 2022, Google announced to expand its presence in Malaysia, Thailand, and New Zealand in order to compete with other public cloud vendors and increase their market share across the region.

Top Trends in Global Public Cloud Market

• In order to avoid vendor lock-in, boost flexibility, and optimise cost and performance by selecting the best cloud for diverse workloads, several organisations started implementing multi-cloud and hybrid cloud strategies. The demand for efficient cloud management and integration solutions was being driven by this development.
• With serverless computing, programmers can concentrate on building code without worrying about the supporting infrastructure. For applications with variable workloads, it provided enhanced scalability, decreased operational overhead, and cost savings.
• In order to lower latency and enhance real-time processing, edge computing, which involves processing data closer to the source (IoT devices, users), has gained popularity. To accommodate this tendency, public cloud providers expanded their services to the edge.
• Cloud service providers started to offer AI and ML services, allowing businesses to use these tools without making large upfront infrastructure and staffing commitments. Across data analysis, automation, and predictive capacities, this trend was revolutionizing various industries.
• Because of their mobility and scalability advantages, containers and container orchestration platforms like Kubernetes have been widely used. To make deployment and maintenance simpler, managed Kubernetes services and container-related tools were being offered by public cloud providers.

Key Industry Development

• Major public cloud service providers including Amazon Web Services (AWS), Microsoft Azure, Google Cloud Platform (GCP), and others faced increasing rivalry. To increase their market share, these service providers were always adding new services, bringing down their rates, and coming up with new ideas.
• The COVID-19 pandemic made clear how crucial cloud computing is for facilitating remote work, digital transformation, and online communication. To assure business continuity and agility, several organisations hastened the use of the cloud.
• In order to enable processing and analytics closer to the sources of data, public cloud providers were expanding their services to the edge. Applications needing low latency, real-time computing, and IoT-related use cases were catered to by this expansion.
• Cloud service providers are rapidly creating solutions for certain industries, like healthcare, banking, and manufacturing, that are suited to their particular demands and legal restrictions.
• The usage of Kubernetes and containerization has increased steadily, revolutionizing how cloud applications are created, deployed, and managed. Container-native solutions and managed Kubernetes services were supplied by public cloud operators.

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