The global public cloud market size was valued USD 211.5 billion in 2020 and is projected to reach USD 596 billion by 2028, expanding at a CAGR Of 14.6% during the forecast period, 2021–2028. The growth of the market is attributed to the advancement in commercial solutions and rising requirement to display the virtual business ability.
Public cloud covers various number of purposes, such as basic storage and networking power through fake intelligence and natural language processing as well as standard office applications. Rapid digitization has encouraged firms to change the working model and functional computing.
The COVID-19 pandemic has concerned some nations and negatively impacted economies dramatically. Moreover, the pandemic had a substantial impact on the ICT sector, distorted the electronics industry.
The report on the global public cloud market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Public Cloud Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year | 2020 |
Historic Data | 2018–2019 |
Forecast Period | 2021–2028 |
Segmentation | Public Cloud Service (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), Public Cloud Enterprises (Large Enterprises and Small & Medium Enterprises), Public Cloud End-users (BFSI, IT & Telecom, Retail & Consumer Goods, Manufacturing, Energy & Utilities, Healthcare, Media & Entertainment, Government & Public Sector, and Others) |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report | Alibaba Group Holding Limited; Amazon.com Inc.; Adobe Inc.; Google LLC; IBM Corporation; Microsoft Corporation; Oracle Corporation; Salesforce.com Inc.; SAP SE; and Workday, Inc. |
Based on public cloud services, the market is divided into Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS). The PaaS segment is expected to grow at a rapid pace during the forecast period. Rising number of enterprises shifting their applications to the platform is estimated to drive the market segment. However, the SaaS segment is anticipated to hold a key share of the market in the coming years, as it reduces cost of ownership for companies.
On the basis of public cloud enterprises, the global public cloud market is segregated into large enterprises and small & medium enterprises. The large enterprises segment is projected to expand at a considerable CAGR during the forecast period. Major of the large companies are opting public cloud services to increase flexibility and improve collaboration. The small & medium enterprises segment is anticipated to account for a major market share during the forecast period.
In terms of public cloud end-users, the market is segregated in BFSI, IT & telecom, retail & consumer goods, manufacturing, energy & utilities, healthcare, media & entertainment, government & public sector, and others. The BFSI segment is projected to expand at a considerable CAGR during the forecast period. The public cloud service provides elements such as interactivity, 24×7, and secure storage, which has helped the BFSI sector to focus more on customer-centric business models & digitalization of trade and wealth. On the other hand, the healthcare segment is anticipated to account for a major market share during the forecast period due to rising trend of telemedicine and e-health facilities.
Based on regions, the public cloud market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period. Association and planned mergers in countries such as the India and China is driving the regional market. However, the market in North America is anticipated to expand at a rapid pace during the forecast period due to presence of major technology players in the US and Canada.
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