Pune, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Public Cloud Market Size Analysis:
“According to SNS Insider, the Public Cloud Market was valued at USD 607.55 Billion in 2023 and is projected to reach USD 1800 Billion by 2032, growing at a compound annual growth rate (CAGR) of 12.83% over the forecast period from 2024 to 2032.”
Accelerating Adoption of Digital Transformation
One of the primary drivers contributing to the growth of the public cloud market is the increasing adoption of digital transformation strategies across various industries. Organizations are increasingly leveraging public cloud solutions for their flexibility, scalability, and cost-efficiency. The shift from traditional IT infrastructure to cloud-based systems allows businesses to enhance their operational efficiency and reduce overhead costs. Furthermore, the rising demand for remote work solutions and collaboration tools has propelled organizations to adopt public cloud services, allowing employees to access applications and data from anywhere at any time. As reported by the U.S. National Institute of Standards and Technology (NIST), over 90% of federal agencies are now utilizing cloud services, highlighting a significant shift towards cloud-based infrastructure in government operations.
The market is also bolstered by significant advancements in cloud technologies, including machine learning and artificial intelligence, which enhance data processing capabilities and operational efficiencies. According to industry reports, global spending on public cloud services is expected to grow substantially, with many enterprises prioritizing cloud migration to achieve improved performance and security.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) (Amazon EC2, Amazon S3)
- Microsoft Azure (Azure Virtual Machines, Azure SQL Database)
- Google Cloud Platform (GCP) (Google Kubernetes Engine, BigQuery)
- IBM Cloud (IBM Cloud Kubernetes Service, IBM Watson)
- Oracle Cloud (Oracle Cloud Infrastructure, Oracle Autonomous Database)
- Alibaba Cloud (Elastic Compute Service, Alibaba Cloud Storage)
- Salesforce (Salesforce Customer 360, Salesforce Einstein)
- VMware (VMware Cloud on AWS, VMware vCloud Director)
- DigitalOcean (Droplets, App Platform)
- SAP Cloud (SAP Business Technology Platform, SAP Analytics Cloud)
- Cisco (Cisco Webex, Cisco AppDynamics)
- Huawei Cloud (Cloud Container Engine, Huawei Cloud Database)
- Red Hat (Red Hat OpenShift, Red Hat Ansible Automation)
- Rackspace Technology (Rackspace Managed Cloud, Rackspace Cloud Backup)
- Zendesk (Zendesk Support Suite, Zendesk Sunshine)
- Mendix (Mendix Low-Code Platform, Mendix Cloud)
- ServiceNow (ServiceNow IT Service Management, ServiceNow Cloud Management)
- Atlassian (Jira Cloud, Confluence Cloud)
- Dropbox (Dropbox Business, Dropbox Paper)
- Box (Box Platform, Box Governance) and others.
Public Cloud Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 607.55 Bn |
| Market Size by 2032 | US$ 1800 Bn |
| CAGR | CAGR of 12.83% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Organizations are increasingly adopting public cloud services as a budget-friendly alternative to traditional IT infrastructures, allowing them to allocate resources more effectively while reducing capital expenditure •The rise of AI and machine learning technologies is driving significant cloud spending as businesses seek to leverage cloud platforms for the development and deployment of AI applications •The shift towards remote work has accelerated the adoption of cloud-based collaboration and productivity tools, with organizations relying on public cloud services to facilitate seamless communication and workflow |
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Market Segmentation Analysis
By Service Model
In 2023, the SaaS segment led the public cloud market and accounted for a sizeable 53% of the total revenue. Such a substantial share illustrates the increasing relevance of cloud-based software solutions in the market as more businesses are shifting from traditional versions of installations to cloud systems. The reasons supporting the transition are numerous and include the requirements for flexibility, scalability, and cost-effectiveness. Thus, businesses are not required to invest in expensive hardware or software licenses. Instead, they can opt for software applications in the cloud and subscribe to using them on the pay-as-you-go model. In such a way, companies can increase or decrease their usage of the given application with the necessity to pay only for the services that they use. Additionally, the SaaS service model is also appreciated as it enhances the accessibility to the application. As such, employees can access the software applications from any location given that they have an internet connection. Also, it is expected that the IaaS and PaaS will be developing rapidly in the current market as they offer solid solutions to businesses in such areas as software deployment or development.
By Industry Vertical
The BFSI sector led the global market in 2023 and accounted for 30% of total revenue. Financial institutions are increasingly using public cloud services to improve customer experiences, streamline operations, and conform to stringent regulatory requirements. Particularly, the former factor is crucial as the system allows data collection and analytics. In such a way, banks can leverage the presented capabilities to make informed decisions and offer customers personalized services. Additionally, the area of healthcare and IT is expected to develop most rapidly in the future as both sectors are extensively using cloud solutions for patient care and data management, which provides secure data-sharing opportunities and promotes collaboration.
Public Cloud Market Segmentation:
By Service
- Infrastructure as a Service (IaaS)
- Platform as a Service (PaaS)
- Software as a Service (SaaS)
By Enterprise Size
- SMEs
- Large Enterprises
By End Use
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Healthcare
- Media & Entertainment
- Government & Public Sector
- Others
Regional Analysis | North America Leads the Public Cloud Market
North America is the leading region in the public cloud market, driven by a highly developed digital infrastructure and a robust technology ecosystem. The region accounted for a substantial share of the global market in 2023, fuelled by the presence of key players such as Amazon Web Services, Microsoft Azure, and Google Cloud. Additionally, high levels of investment in cloud technologies and a growing emphasis on innovation have propelled market growth.
According to the U.S. Cloud Security Alliance, cloud adoption in North America has reached unprecedented levels, with over 90% of organizations using cloud services to varying extents. Furthermore, the U.S. government has enacted various initiatives to promote digital transformation, including the Federal Cloud Computing Strategy, which aims to accelerate cloud adoption across federal agencies.
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Latest News in the Public Cloud Market
- September 2024: Microsoft announced the expansion of its Azure cloud services to include advanced AI capabilities, aimed at improving enterprise productivity and automation.
- August 2024: Amazon Web Services launched a new suite of machine learning tools designed to help businesses integrate AI solutions into their existing cloud frameworks.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Public Cloud Market Segmentation, By Service
8. Public Cloud Market Segmentation, By Enterprise Size
9. Public Cloud Market Segmentation, By End-use
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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