Market Players Also Adopt Numerous Strategies to Curb the Demand Pool Leading to a Healthy Growth of 12.8% of Global Public Cloud Market during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global Public Cloud Market”.

The Public Cloud market is estimated to register a CAGR of 12.81% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Public Cloud market - ALIBABA GROUP HOLDING LIMITED, Inc., Adobe Inc., Google LLC, IBM Corporation, Microsoft Corporation, and others.

Market Highlights

The global Public Cloud market is expected to register a CAGR of 12.81% during the forecast period and is estimated to reach USD 1797.32 Billion by 2032.

The vendor can access businesses' data center infrastructure through the public cloud. All administration, maintenance, updates, and security fall under their purview. The cloud computing industry's technology, goods, and services have grown extensively and varied. This created a multibillion-dollar ecosystem where numerous service providers fight for a constantly growing piece of the cloud market. It is challenging for customers to use and appreciate this cloud ecosystem. Next-generation industrial solutions will be cloud-enhanced and need a platform to demonstrate their capabilities for digital business. Industries are changing their business models and operational procedures due to digital transformation. Public Cloud partners, other industries, and customers communicate more frequently, the public cloud is ideal for creating an open intra-company network. From the fundamentals of storage, processing, and networking power to artificial intelligence and natural language processing (NLP), as well as common office applications, public cloud services serve a wide range of tasks, thus, witnessing high demand which is expected to multiply in coming years.

Cloud computing is gaining popularity because it allows businesses to focus on their most important business events, increasing productivity. A properly implemented cloud provides numerous benefits to businesses, including unlimited computing capacity, simple access to data and apps, cheaper IT expenses, and an increased competitive edge. For SMEs, the public cloud provides the quickest path to adoption and can help them realize returns more quickly because the cloud vendor provides everything needed to build systems and processes in the cloud without SMEs having to invest in the hardware, software, and skills required to build their own cloud platforms. A public cloud solution is expected to be the quickest way to gain better adaptability, cost-effectiveness, and access to cutting-edge technologies.

Furthermore, the last several decades have seen a substantial increase in entrepreneurs with small and medium-sized businesses. Cloud computing services are in high demand due to the benefits they provide, such as cost savings and business flexibility, which are especially beneficial to startups. Because of the growth of these small and medium-sized businesses, the demand for cloud computing services is increasing.

Segment Analysis

The global Public Cloud market has been segmented based on Service Model, Organization Size, and Industry.

Based on service model, the global Public Cloud market segmentation includes IaaS, SaaS, and PaaS. The segment is dominated by the SaaS in 2022 with a market share of 54.9%. However, during the forecast period IaaS is expected to register a prominent growth rate of 14.4%. IaaS is a cloud computing model that provides users with virtualized computing resources over the internet. In this model, a third-party provider hosts and maintains the physical infrastructure, including servers, storage, and networking equipment. Users can then access these resources remotely to build and manage their own applications and services. IaaS offers users the flexibility and scalability of cloud computing without the need to manage their own hardware.

Based on organization size, the global Public Cloud market segmentation includes small & medium enterprises large enterprises. The segment is dominated by the SMEs in 2022 with a market share of 70.7%. However, during the forecast period large enterprises are expected to register a prominent growth rate of 14.0%. Large enterprises are organizations that typically have more than 1,000 employees and generate significant revenue. They may have multiple business units, departments, and geographically dispersed locations. These organizations have complex IT infrastructures and typically have in-house IT teams to manage their technology. Large enterprises have a higher capacity to invest in technology and infrastructure, and therefore are more likely to adopt cloud computing solutions to improve their operational efficiency, reduce costs, and increase scalability.

Based on the industry, the global Public Cloud market segmentation includes IT & Telecommunication, Manufacturing, BFSI, Retail, Healthcare, Government, Aerospace & Defense, Others. The segment is dominated by the BFSI in 2022 with a market share of 25.1%. However, during the forecast period manufacturing is expected to register a prominent growth rate of 14.2%. Manufacturing companies are increasingly using cloud computing solutions to improve their supply chain management, reduce costs, and increase agility. Cloud solutions enable manufacturers to collaborate with their suppliers, distributors, and customers in real-time, to optimize their production processes, and to reduce their inventory and waste.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Public Cloud Market Research Report

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In 2022, North America remained a prominent region accounting for 48.0% share in the global market, followed by Europe. However, it is expected that over the forecast period Asia=Pacific will dominate the market in terms of growth it is estimated to represent a growth rate of 15.3%. Asia-Pacific is the world's largest center for diverse industrial industries, providing enormous growth opportunities for public cloud market participants. Because of the rapid expansion of IT infrastructure, the region has a high potential for adopting public cloud-based solutions. Based on country, the region has been divided into China, Japan, India, and the rest of Asia-Pacific.

In recent years, the rapid rise of China and India, combined with the advent of regional players such as Alibaba Group, has had a beneficial impact on regional market growth. Furthermore, hyperscale cloud providers, including Azure, Amazon Web Services (AWS), and Google LLP, are developing data centers in countries such as Indonesia and Thailand to suit governments' data sovereignty concerns.

The governments of major economies, such as India, China, Japan, Singapore, and others, are emphasizing support for the adoption of modern technologies such as IoT, cloud computing, and AI, which are generating new market growth potential. The Indian government has introduced the "GI Cloud," dubbed "MeghRaj," with the goal of implementing numerous components, such as a governance structure, to assure the proliferation of cloud computing in the government.

Furthermore, the Asia Cloud Computing Association, a regional forum founded by Cisco Systems, Rackspace, REACH, Telenor, EMC Corporation, NetApp, Nokia Siemens Networks, Microsoft, Alcatel-Lucent, Verizon, and PLDT/Smart, is expected to accelerate regional growth.

Key Findings of the Study

  • The global public cloud market is expected to grow at a CAGR of 12.81% during the forecast period and reach a valuation of USD 1797.32 billion in 2032 from a valuation of USD 607.57 billion in 2023.

  • BFSI is expected to grow at a CAGR of 14.2% in the coming years.

  • SMEs accounts for a market share of 70.7% in 2022 and is expected to grow at a CAGR of 12.3% during the forecast period.

  • SaaS to rule the market in 2022, followed by IaaS, which is expected to surpass the SaaS in terms of growth in coming years.

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