Richmond, Feb. 14, 2024 (GLOBE NEWSWIRE) -- According to a research report "Public Cloud Service Market”, by Service (Infrastructure as a service, Platform as a service, Software as a service), Deployment (Public, Private, Hybrid), Application (BFSI, Healthcare, Media and entertainment, Retail and consumer goods , Automotive, IT & Telecom, Manufacturing, Government, Others) and Region - Global Forecast to 2030"
Global Public Cloud Service Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 400 Billion |
| Market size value in 2030 | USD 857.4 Billion |
| CAGR (2023-2030) | 10% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Service, Deployment, Application,End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Public Cloud Service Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The primary goal of Private Cloud Hosting platforms is to enhance the optimization of IT resources throughout the corporate provisioning lifecycle. This includes delivery, monitoring, and control of crucial business applications. Key features involve the flexibility of storage, processing, and networking supply, on-demand access to systems, user or workgroup self-provisioning, and centralized management through a unified dashboard for system administrators, workgroup managers, and end-users. The decision to adopt cloud computing is becoming increasingly common for organizations as the technology advances. Public cloud architecture revolves around sharing and accessing data within in-house IT premises and third-party entities. While this cloud form may raise security concerns, it is as efficient as private cloud architecture. Factors such as a scaled-up environment and continuous bandwidth uptime are also addressed in this cloud form.
The cloud computing environment offers significant flexibility and accessibility to computing resources at a reduced cost. This emerging technology marks the onset of a new era for e-services across various domains. In this paper, we delve into the realm of cloud computing services and applications. We provide examples of services offered by prominent Cloud Service Providers (CSPs) like Google, Microsoft, Amazon, HP, and Salesforce. Additionally, we showcase innovative applications of cloud computing in e-learning, Enterprise Resource Planning (ERP), and e-governance. Through our exploration, we aim to assist individuals and organizations in comprehending how cloud computing can deliver tailored, dependable, and cost-effective services across a diverse range of applications.
Major vendors in the global Public Cloud Service market are
- Alibaba group holding limited
- Amazon web services Inc
- Digital ocean LLC
- Google LLC
- IBM corporation
- Kamatera
- microsoft corporation
- Nuanix
- Oracle Corporation
- OVH SAS
- Rackspace technology
- Salesforce
- Inc SAP SE
- Tencent cloud
- Vmware and Others.
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Increasing growth in the adoption of public cloud services
One of the primary drivers of public cloud services are witnessing a surge in adoption as an increasing number of businesses, ranging from startups to large enterprises, recognize the benefits of leveraging cloud infrastructure and services. Various industries, including finance, healthcare, education, and manufacturing, are embracing public cloud services to streamline operations, enhance flexibility, and gain a competitive edge in the digital landscape. The pay-as-you-go model of public cloud services allows organizations to optimize costs by paying only for the resources they use. This scalability makes cloud services economically attractive for businesses of all sizes. Organizations are incorporating public cloud solutions as a core component of their digital transformation strategies. Cloud services facilitate agility, innovation, and the rapid deployment of new technologies. The global shift towards remote work has accelerated the adoption of cloud services. Cloud platforms enable seamless collaboration, data access, and application use, supporting the evolving needs of remote work environments.
Market Dynamics
Drivers:
- Increasing growth in the adoption of public cloud services
- Increasing utilization of cloud computing solutions in developing nations
- Cost effective and scalable
- Increasing Integration of big data, AI and ML with cloud
Opportunities:
- Technological Advancements
- Improved effectiveness for application in public cloud
- Increasing importance of data security
- Increasingly embracing multi-cloud strategies
Increasing importance of data security
Advancements in services processing play an essential role in propelling the growth of the global Pubic Cloud Service Market. Organizations are increasingly aware of the sensitivity of the data they store in the cloud, including personal and proprietary information. This awareness has led to a heightened focus on protecting data privacy. Stringent data protection regulations, such as GDPR (General Data Protection Regulation) and others, mandate strict compliance with data security standards. Organizations using public cloud services must ensure adherence to these regulations to avoid legal consequences. Public cloud service providers implement robust security measures, including encryption, access controls, and regular security audits. Organizations choose providers with a strong security posture to enhance the protection of their data. Implementing effective IAM policies is crucial for controlling access to cloud resources. Organizations are increasingly investing in IAM solutions to manage user identities, permissions, and authentication securely. The use of encryption, both in transit and at rest, is a fundamental aspect of data security in the cloud. Organizations leverage encryption technologies to safeguard data from unauthorized access, both within and outside the cloud environment.
North America dominates the market for Public cloud service.
North America stands out as the dominating region in the global Public Cloud Service market, with the United States leading in consumption and market share. The region's dominance can be attributed to the high prevalence supportive government initiatives toward AI and IoT-based services. The U.S. market particularly benefits growing number of SMEs.
Asia-Pacific, and specifically India, is emerging as a key player with substantial growth potential in the Public Cloud Service market. Growing rate of Iaas, Paas and Saas will grow more then double. India's market is driven by a rising urban population, increasing disposable incomes, and a shift towards Westernized habits. The convenience factor aligns well with the fast-paced urban life in countries like India, making public cloud service increasingly popular. Additionally, government initiatives promoting the processing sector and improvements in distribution channels contribute to the market's growth.
Another noteworthy region is the Middle East and Africa, where the demand for convenient services solutions is on the rise due to changing lifestyles and an expanding working-class population. South Africa, in particular, showcases promise as a market with high growth potential, driven by urbanization and a growing awareness of convenient services options.
The Hybrid cloud Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global Public Cloud Service market, Hybrid clouds offer the flexibility to scale computing resources up or down based on demand. Organizations can leverage public cloud resources during peak periods while maintaining critical workloads on-premises or in a private cloud. Hybrid cloud solutions allow organizations to keep sensitive data on-premises or in a private cloud, addressing security and compliance concerns. Less sensitive workloads can be run in the public cloud for cost efficiency. Hybrid cloud models provide cost optimization by allowing organizations to use public cloud resources for non-sensitive workloads, taking advantage of the pay-as-you-go pricing model, while retaining control over critical data and applications. Organizations can implement hybrid cloud solutions for robust business continuity and disaster recovery strategies. Critical applications can run on-premises or in a private cloud, while redundant copies and backup data can be stored in the public cloud. Hybrid clouds enable the seamless movement of applications and data between on-premises and cloud environments. This portability allows organizations to choose the most suitable environment for each workload.
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