Customers can access public cloud services online for storing pertinent data and other mixed media designs. The enormous amount of data consumed and the need for sizable server farms sparked interest in the public cloud industry.
Demand for public cloud services will increase due to cloud computing
The demand for public cloud services has increased due to the widespread use of smartphones, smart devices, and other consumer electronics. Enterprises and individuals can store essential data using public cloud services safely and securely. The broad range of encryption options built into cloud accounts to secure data can considerably increase demand for public cloud services.
SMEs are a potential new market for cloud computing
Pay-per-usage models enable small and medium-sized businesses (SMEs) to manage operations and gain access to data easily. Because they can keep their operations under control and increase productivity, SMEs are a target market for cloud service providers. Additionally, governments' promotion of digital services offers fantastic opportunities for the public cloud industry to grow. Over the predicted period, the demand for smart devices for private and professional use will increase, increasing the scope for public cloud service providers.
Threats to data security will limit market expansion
The growth of the worldwide public cloud market can be slowed down by compromising private and confidential data due to cyber-attack vulnerability. But to reduce risk and guarantee complete confidentiality, cloud service providers offer sophisticated level encryption to their clients.
CX will drive the public cloud market's growth
Due to rising cloud service spending and a corporate drive toward digitization, the public cloud industry is expected to grow at an explosive rate. The emphasis on the client experience and guarantee of flawless security will stimulate the market. The market may benefit from the low cost of SaaS solutions and the possibilities of cloud management services.
Due to deploying new applications without individual installation, the SaaS category is predicted to dominate and take up a sizable portion of the worldwide public cloud market. According to estimates, public cloud requirements will increase with rising business application spending and business intelligence investments.
The BFSI sector will experience significant growth in the global market
The BFSI sector is poised for growth due to stimulating economies, demand for novel goods, ease of doing business indices across numerous nations, and simple fund transfers via mobile applications. Until the conclusion of the forecast period, the demand for public cloud computing may be driven by businesses' emphasis on customer-centricity and the introduction of new business models for meeting client needs.
North America will account for the largest share of the global market
Due to growing digitization and the adoption of the cloud for storing and managing vast amounts of data, North America now has the greatest market share infrastructure and is poised to dominate the market. The high rate of technology adoption by significant US suppliers suggests as much. Particularly the US is anticipated to have a robust CAGR of 22.01% during the forecast year. The regional market expansion may be fueled by numerous well-known public cloud service providers and businesses' preferences for data centers.
Several companies offer public cloud services, including Amazon, Google, Microsoft, IBM, and Oracle. Hundreds of thousands of people share the same resources. Public services for Google Cloud Storage include the public cloud infrastructure provided by Google Cloud Platform. Some examples of public cloud services include Gmail and Google Drive.