Public Cloud Market - Forecasts from 2024 to 2029

The public cloud market is expected to grow at a CAGR of 21.74% from US$423.242 billion in 2022 to US$1,677.43 billion in 2029.

The public cloud is a computing model that enables enterprises to host data and apps. Public cloud platforms are third-party managed services that use the standard cloud computing model to provide remote users around the world with access to resources and services. Public cloud offerings typically include traditional IT infrastructure components such as virtual machines, applications, or storage.. Public distributed computing is much of the time seen as utility registering, where processing abilities are conveyed to clients on request, similarly to some other utility, like water, gas, and media communications. The public cloud model incorporates various innovations, abilities, and elements. The key characteristics of a public cloud are on-demand computing and self-service provisioning, resource pooling, scalability and rapid elasticity, and pay-per-use pricing.

Introduction:

The public cloud market deals with the delivery of computing services, including storage, applications, and infrastructure, to remote users over the Internet. Public cloud providers offer a fully virtualized environment that allows users to access and exchange data over high-bandwidth network connectivity. The public cloud model is based on the standard cloud computing model, which enables users to access computing capabilities on demand, just like any other utility. Public cloud resources typically include virtual machines, applications, or storage, and are delivered on a pay-per-use pricing model.

Drivers:

• Cost savings: One of the most significant drivers for the public cloud market is cost savings. Cloud suppliers commonly utilize a pay-more-only as costs arise evaluating model, and that implies that associations just need to compensate for the cloud benefits that they use.
• Scalability and elasticity: Public cloud suppliers offer versatility and flexibility, which permits organizations to increase their figuring assets rapidly and effectively or down on a case-by-case basis. This is especially valuable for organizations that experience vacillations sought after or have occasional spikes in rush hour gridlock.
• Global reach: Public cloud suppliers offer worldwide reach, which permits organizations to send their applications to different locales all over the planet with only a couple of snaps without any problem. This is especially valuable for organizations that have a worldwide client base.
• Focus on core business: Public cloud suppliers permit organizations to focus on their center business as opposed to the hard work of racking, stacking, and controlling servers. This is especially helpful for organizations that need to separate themselves from their rivals.
• Security: Public cloud suppliers offer powerful security that assists organizations with shielding their information and applications from digital dangers. This is especially valuable for organizations that handle touchy information or work in exceptionally directed ventures.

Products offered by key companies:

• Amazon Web Services (AWS) a comprehensive suite of cloud computing services, including computing, storage, databases, analytics, and machine learning, on a highly scalable and reliable infrastructure. Offers a pay-as-you-go pricing model for flexible and cost-effective cloud computing.
• Alibaba Cloud offers a range of cloud services, including computing, storage, networking, security, and more. The company provides reliable and scalable infrastructure that enables businesses to deploy their services quickly and easily. It also offers a suite of AI and machine learning services that help businesses build intelligent applications that can learn and adapt over time.
• Google Cloud Platform (GCP) offers a scope of cloud administrations, including registering, capacity, and organizing. Gives a crossover cloud arrangement that permits organizations to consistently incorporate their on-premises foundation with the cloud.

Prominent growth in the software as a service (SaaS) segment within the public cloud market:

The Software as a Service (SaaS) segment is a prominent growth area within the public cloud market. Recent data from the Synergy Research Group reports that SaaS is the most mature public cloud market, showing healthy growth. SaaS provides organizations with greater flexibility and choice, as well as the ability to access software remotely via web-based subscriptions. SaaS is a conveyance model that spotlights programming arrangements that can contact many individuals. SaaS products will see strong growth over the next few years, as their Total Cost of Owning (TCO) will be the same as that of on-premises deployment models. The SaaS market is expected to continue to grow as more organizations migrate their IT workloads to the cloud.

The Asia Pacific region is expected to hold a significant share of the public cloud market :

The Asia Pacific region is expected to hold a significant share of the public cloud market. The region is home to some of the fastest-growing economies in the world, including China, Japan, and India, which are expected to propel the growth of the market. The growing adoption of cloud computing technologies by SMEs is also expected to drive the market's growth in the region. Moreover, the region has a large and growing population of internet users, which is expected to drive demand for cloud-based services. The Asia Pacific region is also home to several major cloud providers, including Alibaba Cloud, Amazon Web Services, and Microsoft Azure, which are expected to continue to invest in the region to meet the growing demand for cloud services.

Key developments:

• In July 2020, Google Cloud announced the general availability of Google Cloud VMware Engine, a fully managed VMware-as-a-Service offering that enables customers to migrate and run their VMware workloads natively on Google Cloud.
• In October 2021, Alibaba Cloud announced the launch of its first data center in the Philippines, which will provide businesses in the region with access to its full suite of cloud computing services.
• In February 2023, Amazon Web Services (AWS) announced the general availability of Amazon EKS Anywhere, a new deployment option for Amazon Elastic Kubernetes Service (EKS) anywhere enables customers to create and operate Kubernetes clusters on their own infrastructure, including on-premises data centers, virtual machines, or bare metal servers.

Segments

By Service Type

• Infrastructure as a Service (IaaS)
• Platform as a Service (PaaS)
• Software as a Service (SaaS)

By Enterprise Size

• Large Enterprise
• Small & Medium Enterprise

By End-user

• BFSI
• IT & Telecom
• Retail & Consumer Goods
• Manufacturing
• Energy & Utilities
• Healthcare
• Media & Entertainment
• Government & Public Sector
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others