Chicago, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Public Cloud Market size is expected to grow from USD 444.7 billion in 2022 to USD 987.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period according to report by MarketsandMarkets. The term "public cloud" refers to offering numerous cloud services to various enterprises at the same time (as well as the general public) on-demand access to storage, computing, and networking services over the Internet. The public cloud providers offer free or fee-based usage-based pricing models for public cloud services. AWS, Microsoft, and Google are one of the major cloud service providers that run and administer public clouds.
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Public Cloud Market Dynamics:
Drivers:
- Increasing cloud spending driving demand for public cloud services
- Big data, AI, and ML integration with cloud
- Increased return on investments with lower infrastructure and storage costs
Restraints:
- Growing security concerns
- Businesses in developing regions limit level of technical expertise
Opportunities:
- Improved effectiveness for hosting applications in public cloud
- Collaboration in market to grow for serverless applications
- Increased use of internet and expansion of digital content
List of Top Companies in Public Cloud Market:
- AWS (US)
- Microsoft (US)
- Google (US)
- Salesforce (US)
- Alibaba Cloud (China)
- Oracle (US)
- IBM (US)
- SAP (Germany)
- Tencent (China),
- Workday (US)
Public clouds offer scalable platform and may be implemented more quickly than on-premises infrastructures. Any employee of a corporation can utilize the same application from any office or branch using any internet-capable device. As a result, businesses may use public clouds to grow IT resources as needed and cut down on capital expenses without having to invest in internal equipment, deploying resources, or implementing software. A pay-per-use price system is typically used to grant access to organizations. Further, any device that can connect to the cloud over the internet allows users to access resources when they're needed. These users now have flexibility in how businesses set up their working environments. The majority of public cloud deployments are made for web servers or development systems, where security and compliance standards are less of an issue.
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The public cloud market by service model is segmented into Infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). SaaS is estimated to hold the largest market share during the forecasted period of the public cloud market. SaaS refers to pre-configured application software that is hosted in the cloud. Web applications that are hosted in the cloud can be quickly accessed using the SaaS model. All of the infrastructure components required to deliver the application, including storage, servers, networking, application software, middleware, and data storage, are hosted and managed by the SaaS provider. Users can use a web browser to access the vendor's entire computing stack. The USP of SaaS is benefits offered such as simplicity, affordability, and convenience of usage. Since the service provider handles the majority of creation and management of the system as well as handling customer support and technical issues, this helps organizations in focusing on their core operations than resource management. The SaaS provider also handles all necessary maintenance, upgrades, and other tasks, organization only have to pay for resources used.
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The public cloud market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is estimated to hold the highest CAGR of 20.6% during the forecasted period. The focus towards optimizing rising enterprise workloads and reduce operational cost is the major reason which is driving adoption of cloud services in APAC. Asia Pacific includes developed and developing economies, such as China, Japan, Australia, Singapore, India, South Korea, and the rest of Asia Pacific. Organizations in the Asia Pacific region concentrate on implementing self-service capabilities and promoting their use to relieve the burden on IT service desks. In addition, the region's increasing urbanization, technical innovation, and backing from the government for the digital economy are important drivers of technological breakthroughs. Many companies have adopted cloud-based strategies as a result of the rapid improvements in telecommunications, and loT. Asia Pacific businesses have always been selective in their investment plans and prioritized affordable alternatives. Due to the availability of a sizable customer base and the improving economic outlook, numerous major firms, including Microsoft, AWS, Google, and IBM, are rapidly increasing their cloud and public cloud offerings in this region. For instance, in August 2022, Google announced to expand its presence in Malaysia, Thailand, and New Zealand in order to compete with other public cloud vendors and increase their market share across the region.
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