Public Cloud Market, Trends, Size, Segments, Emerging Technologies and Market Growth by Forecast to 2030
Public Cloud Market Analysis
Market Research Future (MRFR) projects the global public cloud market to reach USD 1,322.8 billion at a 22.78% CAGR from 2017-2023 (forecast period).
Cloud Computing to Boost the Demand for Public Cloud Services
The widespread use of smartphones, smart devices, and other consumer electronics has increased the demand for public cloud services. Enterprises and individuals can use public cloud services to store important data in a safe and secure manner. The rising number of encryption features integrated into cloud account for data protection can greatly fuel public cloud market demand.
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SMEs to be New Niche for Cloud Computing
Pay-per-usage models enable small and medium-sized businesses (SMEs) to have access to data and manage operations more efficiently. Cloud service providers are focusing on SMEs because of their ability to keep operating heads down and promote productivity. Furthermore, governments' encouragement to embrace digital services gives a golden chance for the public cloud market to expand its reach. Over the projection period, the reliance on smart devices for commercial and personal uses may drive market demand.
The Global Market to Witness Growth Amid COVID-19 Pandemic
The COVID-19 pandemic has led to the global shutdown of numerous operations, as well as national governments enacting lockdowns to halt the virus's spread. The production and value chain of electronics hardware has been significantly impacted, but on the plus side, it has encouraged remote working, which can augur well for the public cloud market. IT resources hosted in the public cloud can provide enterprises and employees with continuous access without disrupting workflow.
The increasing spending on cloud services and digital transformation efforts by large and small enterprises can be positive tailwinds for the Public Cloud Market. Collaboration apps have become a clarion call for public cloud services, as teams worldwide unite on these platforms to ensure seamless productivity. The rise of e-learning and an increase in food ordering mobile applications demonstrate the public cloud's vast potential as a means of diversifying business models.
Public Cloud Market Segmentation
The worldwide public cloud market has been segmented into cloud computing, service, organization size, and industry.
By cloud computing, the worldwide public cloud market has been segmented into cloud billing, cloud high-performance computing, cloud communication platform, cloud access security, and cloud infrastructure.
By service, the worldwide public cloud market has been segmented into SaaS, PaaS, and IaaS.
By organization size, the global public cloud market has been segmented into large enterprises and small & medium-size enterprises.
By industry, the global public cloud market has been segmented into Manufacturing, BFSI, Healthcare, Retail, Government, Aerospace & Defence, IT & Telecommunication.
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Public Cloud Market Key Players
International Business Machines Corporation (U.S.), Oracle Corporation (U.S.), Google (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), Hewlett-Packard (U.S.), Cisco Systems, Inc. (U.S.), Salesforce.com (U.S.), Verizon Wireless (U.S.), VMware, Inc. (U.S.), and Rackspace Inc. (U.S.)
Regional Analysis
North America to Dominate the Global Market
North America is poised to dominate the industry as a result of increased digitalization and cloud use for storing and managing massive amounts of data. This is evidenced by the widespread use of the technology by major providers in the United States. The United States, in particular, is expected to have a robust CAGR of 22.01% during the projection period. The presence of numerous important vendors, as well as enterprises' preference for data centers, may fuel regional market growth.
