Public Cloud Market worth $987.7 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 3, 2023 /PRNewswire/ -- The Global 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 a new report by MarketsandMarkets™. A service provider who uses public cloud computing makes their system's resources available to anyone with an internet connection. The resources offered include software, virtual computers, and storage space, to name a few. Without the public cloud architecture, it would be difficult for one company to achieve the scaling and resource sharing that is currently available. Many major businesses find the public cloud desirable as it enables them to expand their computing resources as needed without investing in more physical IT equipment. For instance, a company might use a public cloud deployment approach to use virtual machines rather than invest in a physical desktop computer.
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As per vertical, retail and consumer goods segment to grow at the highest CAGR 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, retail and consumer goods is expected to grow at the highest CAGR of 20.6% during the forecast period. The dynamics and commercial environment of the retail and consumer products sector have been significantly altered by technology in recent years. Due to technological advancements, customers may now communicate their wants and needs to retailers in a clear and concise manner. Retailers are utilizing cutting-edge technologies and techniques to enhance customer experience, boost operational effectiveness, and save costs. The need for real-time insights has accelerated the adoption of public cloud technology due to the time- and money-consuming nature of maintaining, storing, and analyzing data. The incorporation of public cloud services has significantly cut IT costs for the retail sector and improved workflow. Identifying customer preferences and behaviour to offer personalized shopping experiences has become easier compared to cloud retail research and the rising popularity of social media. The public cloud benefits the retail and consumer goods industries by enabling businesses to enhance user experiences through the development of customer-centric strategies and a strong online presence. Due to their strong compute and on-demand storage capabilities, cloud-based solutions make it possible to store and manage vast amounts of both structured and unstructured data.
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Small and medium-sized enterprises, by organization size, to grow at highest CAGR during forecast period
The Public Cloud Market by organizationsize categorized into SMEs and large enterprises. The SMEs segment faces resource challenges in comparison to the large enterprise category. Small businesses are looking for cost-effective infrastructures that still give them the flexibility and responsiveness they need to meet their growing IT needs. In this scenario, the public cloud model performs exceptionally well in terms of great scalability and simplicity of performing critical IT activities. Due to the simplicity and adaptability of these services, hence, SMEs are quickly adopting cloud infrastructure services, and demand is anticipated to increase during the projection period. Furthermore, the pay-as-you-go approach, which gives them flexibility in how they can manage their IT infrastructure. Therefore, SMEs are implementing the public cloud to obtain a competitive edge, which would allow quick responses, timely choices, and overall increased corporate efficiency. Oracle, IBM, Google, and Adobe are some of the leading providers of public clouds to SMEs.
The Public Cloud Market by region devided into five major regions including North America, Latin America, Europe, MEA, and APAC. High adoption of IT services and presence of major cloud providers in North America helped the region to gain majority of the market share. In 2022, North America held the largest market size in the Public Cloud Market and the trend is expected to continue during the forecast period. However, the presence of large SMEs, and the focuse of SMEs on reducing the OPEX and CAPEX is expected to create new growth opportunities for Public Cloud Market in the APAC region. To fullfill those increasing demand vendors present in the market have been continuously investing in APAC region. For instance, to increase its presence in APAC AWS in October 2022 announced to invest US$5 billion (190 billion Thai Baht) in Thailand with a new infrastructure region, which will be supported by a the country over the next 15 years.
Some of the major Public Cloud Market vendors are AWS (US), Microsoft (US), Google (US), Salesforce (US), Alibaba Cloud (China), Oracle (US), IBM (US), SAP (Germany), Tencent (China), Workday (US), Fujitsu (Japan), VMWare (US), Rackspace (US), HPE (US), Adobe (US), NEC (Japan), Cisco (US), Dell Technologies (US), ServiceNow (US), OVH (France), Huawei (China), Verizon (US), OrangeGroup (France), NetApp (US), dinCloud (US), Vultr (US), Megaport (Australia), AppScale (US), Zymr (US), Genesis Cloud (Germany), Ekco (Ireland), Tudip Technologies (India), ORock Technologies (US), and CloudFlex (Nigeria).
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