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Public Cloud Market Research Report By Service Model (IAAS, SAAS, PAAS) By Organization Size (Small & Medium Enterprises and Large Enterprises), By Industry (IT & Telecommunication, Manufacturing, BFSI, Retail, Healthcare, Government, Aerospace & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) –Industry Forecast Till 2032

ID: MRFR/SEM/1684-CR | 179 Pages | Author: Shubham Munde| February 2024

Global Public Cloud Market Overview

Public Cloud Market Size was valued at USD 607.57 Billion in 2023. The Public Cloud market industry is projected to grow from USD 685.3823 Billion in 2024 to USD 1797.32 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.81% during the forecast period (2024 - 2032). 

With the growing use of internet and surging data storage issues due to limited storage capacities in devices, cloud plays a crucial role in handling data effectively. Public cloud is a platform offered by third parties like AWS, IBM, Google, and others which enable internet users to upload files on cloud for free or as per plans offered by the individual partners. 

This not only supports the government and individuals to store data effectively but also secures it and enable individuals to access data from anywhere. This process also supports the idea of sustainability, and it is environmental friendly, as it reduces paper work and the requirement of multiple devices to handle it like hard drives, pen drives, and others.

Public Cloud Market

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Public Cloud Market Opportunity

  • Increasing Demand for AI, Machine Learning, And the Internet of Things

IoT and artificial intelligence (AI) are examples of advanced computing technologies that are widely used in commercial sectors and industries. The increased adoption of IoT solutions generates massive amounts of data, and cloud computing plays a vital role in storing and managing the data. Many young entrepreneurs are operating their operations by mixing AI and the cloud. Veritone, for instance, has developed an AI-based operating system based on a cognitive computing platform that is native to the cloud for evaluating the huge amounts of information collected from diverse sources. 

Another company, Quantifi, analyzes enormous amounts of information using cloud-based AI to optimize the placement of digital advertisements for different businesses. Similarly, all major AI and IoT-based apps are cloud-powered in the backend, and their increasing penetration in varied industry verticals is providing a variety of potential prospects for the public cloud market.

Furthermore, these technologies are transforming the market by assisting individuals in monitoring, analyzing, and displaying unprocessed data. Using these emerging technologies in combination with cloud solutions helps firms improve their visualization capabilities and make complex data accessible and usable. The expanding use of Al and ML technologies in enterprises has increased data utilization while decreasing data storage concerns. These technologies also help to boost business efficiency, improve decision-making processes, and reduce operating costs.

Businesses are embracing AI-powered solutions to become more strategic, efficient, and insight-driven. Al can automate repetitive and difficult procedures to enhance production and execute data analysis without the need for manual intervention. IT departments can also use Al to monitor and manage critical workflows. Companies that provide cloud solutions and services are always focusing on R&D, product upgrades, and new product releases that incorporate Al and ML. For instance, Microsoft Corporation launched Azure Health Data Services in March 2022. It is a platform as a service (PaaS) that is intended to accommodate both analytical and transactional workloads. It combines health data and supports cloud-based artificial intelligence (AI), exclusively supporting protected health information (PHI). Thus, the increasing adoption of IoT, AL, and ML is expected to drive market growth.

Public Cloud Market Service Model Segment Insights:

Public Cloud Service Model Insights

Based on Service Model, the Public Cloud Market segmentation includes infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS). SaaS dominates the market in 2022. SaaS provides businesses with access to software applications over the internet, eliminating the need for businesses to install and manage software on their own IT infrastructure. SaaS providers typically offer a range of business applications, including email, productivity suites, and customer relationship management (CRM) tools.

SaaS has become a popular option for businesses of all sizes, as it offers numerous benefits over traditional software installation and management. One key advantage is that it reduces the need for businesses to invest in expensive hardware and IT infrastructure, as all the software applications are hosted and managed by the SaaS provider. This also means that businesses can scale their software usage up or down as needed, without having to worry about managing physical infrastructure. It also offers more flexibility and accessibility compared to traditional software installation. Since the applications are accessed over the internet, users can work from anywhere with an internet connection and on any device, including laptops, tablets, and smartphones. This is particularly important in today's increasingly mobile and remote workforce.

Furthermore, SaaS providers often offer regular software updates and maintenance, ensuring that the applications are always up-to-date and secure. This means businesses can focus on their core operations without worrying about software maintenance and security issues.

Figure2: Public Cloud Market, by Service Model, 2022 & 2032 (USD Billion)

Public Cloud Market, by Service Model

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Public Cloud Market Organization Size Segment Insights:

Public Cloud Organization Size Insights

Based on Organization Size, the Public Cloud Market segmentation includes Small and Medium Enterprises and Large Enterprises. With the growing startup culture, especially across emerging economies supported by government initiatives, the SMEs numbers are growing. Small and medium enterprises, also known as SMEs, are organizations that have fewer than 500 employees and generate lower revenue compared to large enterprises. SMEs may have limited IT resources and budgets and may not have in-house IT teams. Cloud computing provides SMEs with access to affordable, scalable, and reliable IT resources, without the need for significant upfront investments in hardware and infrastructure. Cloud solutions enable SMEs to improve their productivity, collaboration, and data security, while also reducing costs and increasing their agility.

Public Cloud Market Industry Segment Insights:

Public Cloud Industry Insights

Based on the Industry, the Public Cloud Market segmentation includes IT & Telecommunication, Manufacturing, BFSI, Retail, Healthcare, Government, Aerospace and Defense, Others. By Industry, BFSI segment holds the majority market share in 2022 contributing 25.1% of the market share. The Banking, Financial Services, and Insurance (BFSI) industry is one of the most regulated and data-intensive industries. Cloud computing solutions enable BFSI companies to securely store, manage, and analyze their data, while also improving their customer engagement and reducing their costs. Cloud solutions also enable BFSI companies to enhance their risk management, fraud detection, and compliance with regulatory requirements.

Followed by IT & Telecommunication, the IT & Telecommunication industry is one of the largest adopters of cloud computing solutions. Cloud computing enables IT & Telecommunication companies to provide efficient and cost-effective services to their customers, while also improving their own internal operations. Cloud solutions allow these companies to scale up or down quickly, to keep pace with the changing market demands, and to reduce the burden of maintaining and upgrading hardware and software.

Public Cloud Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America dominates the market, growth in the region is attributed to improved internet access, higher adoption of cloud technology for increased automation and agility, expanding government initiatives to build IoT connections, and the need for enterprises to offer work from home options for employees in the region. Public cloud computing adoption in the region due to the ever-increasing demand to improve the customer experience drives the market growth in the region. Furthermore, the region is the location of a variety of cloud technology firms that are cooperating with telecom providers, industry leaders, and others to provide cloud solutions to organizations. For instance, Ingram Micro, a Mexican firm, has partnered with Cisco to provide cloud solutions to its customers. Such new advancements are projected to promote market growth during the forecast period.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

According to the MRFR research, the United States held the largest market share in 2022, and this trend is predicted to continue till 2032, followed by Canada and Mexico. Furthermore, the United States has well-established end-user sectors and suppliers that are constantly adapting to current technologies in order to boost corporate productivity and labor efficiency. Several small and large public cloud solution providers, including Amazon, Microsoft, Google, VMware, Salesforce, Oracle, and IBM, are based in the United States and are major drivers of the country's public cloud market expansion. In North America, around 94% of US corporate IT decision-makers use at least one type of public cloud deployment.

Furthermore, cloud storage is the top IT/operational priority for 64% of American infrastructure in the upcoming year. Managed service providers and global service integrators assist businesses in the United States with cloud migration projects. The United States accounts for 44% of global public cloud provider revenue and 51% of global hyperscale data center capacity.

Public Cloud Key Market Players & Competitive Insights

The public cloud market has witnessed significant growth over the forecast period due to increasing penetration of cloud services among SMES and increasing demand for AI, machine learning, and the internet of things. There are several domestic, regional, and global players operating in the public cloud market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the public cloud market who have contributed to the market growth. These include Alibaba Group Holding Limited, Inc, Adobe Inc, Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Inc, SAP SE, Fujitsu Limited, Cisco Systems Inc, VMware Inc, Hewlett-Packard Enterprise, Tencent Cloud, OVH Cloud, LUMEN, Rackspace Cloud.

Among these, AWS, Microsoft, Salesforce, Google, and Alibaba are among the top 5 players in public cloud market. These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.

Amazon's strategy is based on leveraging its technological capabilities. It follows a cost leadership strategy aimed at offering maximum value to its customers at affordable rates. To increase its sales, the company focuses on improving all aspects of customer experience, including affordability, ease of use, and reliability. To enhance its corporate network and increase its technical expertise, Amazon acquires and builds partnerships with several technology giants. It has set several strategic priorities to drive growth and improve revenue in the upcoming years. The company applies product development as a supporting strategy for its business growth.

Microsoft’s business strategy is focused on technological innovations, which helps it maintain its position in a competitive environment. The company is focusing on developing its intelligent cloud portfolio by investing heavily in its Windows Server and virtualization platform. The company prioritizes investments to capture the expanding market opportunities through product innovations complemented by acquisitions and partnerships. It strategizes to broaden its product offerings and reach new audiences in the global market.

Salesforce pursues the strategy of expansion and product diversification. It focuses on joint investments and R&D projects as a key strategy to meet its digital vision. The company concentrates on streamlining inventories and strengthens operational capabilities. It aims to provide differentiated products and services to customers by integrating the latest technologies into existing products.

Key Companies in the Public Cloud market Include


  • Adobe Inc

  • Google LLC

  • IBM Corporation

  • Microsoft Corporation

  • Oracle Corporation

  • com Inc

  • Sap Se

  • Fujitsu ltd

  • CISCO systems Inc.

  • VMware, Inc

  • Hewlett-Packard Enterprise




  • RackSpace

Public Cloud Industry Developments

  • In March 2023, Alibaba Cloud, the foundation of Alibaba Group's digital technology and intelligence, announced its partnership with long-time partner Dubai Holding to upgrade the facility with cutting-edge cloud infrastructure and a wider range of products and services in analytics, databases, industry solutions, and AI services to provide customers with the best digital solutions during their journey towards digitalization.

  • In February 2023, Alibaba Cloud, the digital technology and intelligence core of Alibaba Group has been selected by e-commerce platform MyEUShop and its joint venture logistics partner, Nederlands Express (NLE), as their preferred cloud service provider and technology partner. MyEUShop and NLE will receive assistance from Alibaba Cloud to optimize their retail solutions and e-commerce platform infrastructure to achieve future commercial growth.

  • In March 2023, AWS, a division of, Inc., has announced plans to open a region for its infrastructure in Malaysia. The new Amazon Region will allow developers, start-ups, entrepreneurs, businesses, government, educational, and charity institutions more options for using Malaysian data centers to operate their applications and serve end users.

  • In October 2022, UBS and Microsoft announced a significant expansion of their collaboration to expand UBS's public cloud footprint over the next five years. As part of this transformational endeavour, UBS intends to operate more than half of its applications, including key workloads, on Microsoft Azure, the firm's primary cloud platform. The collaboration advances UBS's "cloud-first" strategy and modernization of its global technology estate.

  • In July 2022, in India, Adobe Experience Manager (AEM) as a Cloud Service, powered by Adobe Experience Cloud, is now generally available, according to Adobe. With SaaS-like agility and experience management capabilities, AEM, a cloud-native solution, helps businesses manage and scale customized digital content for every channel. This enables marketers and developers to quickly create powerful, personalized digital experiences in just a few weeks, unlike the industry norm of months.

Public Cloud Market Segmentation

Public Cloud Service Model Outlook

  • IAAS

  • SAAS

  • PAAS

Public Cloud Organization Size Outlook

  • Small & Medium Enterprises

  • Large Enterprises

Public Cloud Industry Outlook

  • IT & Telecommunication

  • Manufacturing

  • BFSI

  • Retail

  • Healthcare

  • Government

  • Aerospace & Defense

  • Others

Public Cloud Regional Outlook

  • North America

    • US

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Rest of Europe

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Thailand

    • Malaysia

    • Taiwan

    • Indonesia

    • Vietnam

    • Rest of Asia Pacific

  • Middle East & Africa

    • South America

Report Attribute/Metric Details
Market Size 2023 USD 607.57 Billion
Market Size 2024 USD 685.3823 Billion
Market Size 2032 USD 1797.32 Billion
Compound Annual Growth Rate (CAGR) 12.81% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2019- 2022
Market Forecast Value Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Service Model, Organization Size, Industry, and Region
Geographies Covered Europe, North America, Asia-Pacific, Middle East & Africa, and South America
Countries Covered The U.S, Germany, Canada, U.K., France, Japan, China, India, South Korea, and others.
Key Companies Profiled ALIBABA GROUP HOLDING LIMITED, Inc., Adobe Inc., Google LLC, IBM Corporation, Microsoft Corporation, Oracle Corporation, Inc., Sap Se, Fujitsu ltd., CISCO systems Inc., VMware, Inc., Hewlett-Packard Enterprise, TENCENT, OVH CLOUD,LUMEN TECHNOLOGIES, INC. and RackSpace
Key Market Opportunities Increasing Adoption of Internet-Of-Things
Key Market Dynamics Increasing Penetration of Cloud Services Among SMEs·       Increasing Demand for AI, Machine Learning, and the Internet of Things

Frequently Asked Questions (FAQ) :

The Public Cloud Market size is expected to be valued at USD 607.57 Billion in 2023.

The global market is projected to grow at a CAGR of 12.81% during the forecast period, 2024-2032.

North America had the largest share of the global market.

The key players in the market are, Inc., Alibaba Group Holding Limited, Adobe Inc., Oracle Corporation, and others.

SAAS with 54.9% dominated the market in 2022.

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