Public Cloud Global Market Report 2023: Increasing Cloud Spending Driving Demand for Public Cloud Services
Global Public Cloud Market
Dublin, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The "Public Cloud Market by Service Model (Infrastructure as a Service, Platform as a Service, Software as a Service, Organization Size (Large enterprises, Small and Medium Enterprises (SMEs)), Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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. In public cloud deployment model, a CSP hosts scalable, on-demand IT resources and delivers them to users over the Internet. However, due to security concerns, businesses avoid sharing critical information over the public cloud. The consumer can choose to pay for cloud services on a pay-per-use basis or receive them for free at all times. The public cloud is automatically managed by numerous customers and contains a large number of virtual resources. The resources available here make it simple to handle swings in demand.
As per the service model, IaaS segment holds the highest CAGR during the forecast period
The service model of the public cloud market is segmented into Infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). IaaS is estimated to hold the highest CAGR of 21.9% during the forecasted period of the public cloud market. Infrastructure as a Service (laaS) is a model that defines how vendors deliver cloud-based virtualized resources over the Internet. In addition to enabling the scalability and composability that cutting-edge technologies and applications demand, the cloud helps enterprises to meet new needs such as sovereignty, data integration, and improved consumer experiences.
laaS has an extremely simple concept, users can rent cloud infrastructure, such as servers, storage, and networking, as needed using a pay-per-use business model. Utilizing laas, it is possible to access online virtualized computer resources that are hosted by organizations such as Amazon Web Services (AWS), Microsoft Azure, or Google.
Some providers may additionally charge fees based on the virtual machine space a customer utilizes. Most public cloud service providers use this method to deploy their systems. The ability to alter the scope of their IT resources as needed is provided by laaS solutions to customers. Cloud vendors, who also increase the dependability of their infrastructure, make it easier for users to access new applications.
As per vertical, BFSI vertical holds the largest market size during the forecast period
The vertical segment is further sub-segmented into BFSI, telecommunications, IT and ITeS, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences, and other verticals. As per vertical, the BFSI industry is expected to hold the largest market share during the forecast period. Public cloud service providers offer organizations and people on-demand access to computing services such as computing and storage, develop-and-deploy environments, and apps via the public internet. Cloud computing has long been a popular choice for banks looking to reduce expenses, increase flexibility, and foster digital growth.
Utilizing the cloud has typically meant using it privately or with restrictions due to security and regulatory considerations. Furthermore, the utilization of public cloud platforms has recently become more popular. This is due to the fact that banks have innovated more swiftly, continue to see their margins squeezed, and reduce costs - all of which can be aided by the public cloud in the BFSI sector. The public cloud, which provides services such as laaS and PaaS, is increasingly being used by many financial organizations.
The utilization of the public cloud enables scalability, prompt end-user service delivery, and uniformity of the construction and management of associated integrations. The public cloud can help manage mobile payment applications, give individualized financial advice, or do speedy insurance checks via chat. These services call for a sizable quantity of computing power and security. In a traditional data center, it is difficult to achieve such scalability and security. This can be challenging, even for banks and businesses with internal IT professionals.
As per region, North America holds the largest market share during the forecast period
The public cloud market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of global public cloud market share, North America is anticipated to hold the largest market share in 2022, and this trend is anticipated to last throughout the forecast period. Top contributors to the market for public clouds in North America include the US and Canada. The region's market is mature due to the significant presence of various companies supplying public clouds. An increase in digital business practices and business migration to cloud services are two variables that are expected to accelerate the use of public cloud products in North America. The region is predicted to support market expansion as large corporations and small and medium-sized enterprises (SMEs) focus on developing cutting-edge public clouds integrated with cutting-edge technologies, such as loT and predictive maintenance.
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
Growing Security Concerns
Businesses in Developing Regions Limit Level of Technical Expertise
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
Higher Costs Associated with Cloud Data Storage
Fear of Vendor Lock-In
No. of Pages
2022 - 2027
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
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