Public Cloud Market Size, Share, Growth Analysis, By Business Model (Infrastructure as a Service, Platform as a Services), By Organization Size (SMEs, Large Enterprises), By Vertical (BFSI, Telecommunications), By Region-Industry Forecast 2024-2031

Global Public Cloud Market was valued at USD 522.1 billion in 2022 and is expected to rise from USD 613.02 billion in 2023 to reach a value of USD 2213.7 billion by 2031, at a CAGR of 17.41 % during the forecast period (2024-2031).

The public cloud has revolutionized how businesses operate by providing scalable, flexible, and cost-effective IT resources. With its pay-as-you-go model and ability to handle fluctuating workloads, the public cloud has enabled organizations to optimize IT spending and focus on core competencies. The emergence of technologies like artificial intelligence and machine learning, coupled with the accelerated shift to remote work brought about by the COVID-19 pandemic, has further solidified the cloud's role as a critical business enabler. By offering limitless capacity, improved agility, and enhanced customer experiences, the public cloud has fundamentally transformed the way organizations compete and innovate in the digital age.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Public Cloud Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Public Cloud Market Segmental Analysis

The global public cloud market is segmented based on business model, organization, vertical, and Region. Based on a business model the market is segmented into Infrastructure as a Service, Platform as a Services and Software as a Service. Based on organization the market is segmented into SMEs and large enterprises. Based on verticals the market is segmented into BFSI, Energy & Utilities, Government & Public Sector, Telecommunications, IT & ITES, Retail & Consumer Goods, Manufacturing, Media & Entertainment, Healthcare & Life Science, and Others. Based on region it is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Public Cloud Market

The public cloud market is experiencing rapid growth fueled by the increasing demand for secure, scalable, and cost-effective data storage and management solutions. The proliferation of smartphones, IoT devices, and online services has generated massive amounts of data, driving the need for robust cloud infrastructure. As businesses and individuals rely more heavily on cloud-based services for everything from productivity to entertainment, the demand for public cloud resources is expected to continue expanding in the coming years.

Restraints in the Global Public Cloud Market

Due to changing business needs, increasing data breaches and cyber-attacks, and rising data security concerns, the need for meeting regulatory and compliance requirements has steadily increased in recent years. Furthermore, businesses must strive to stay afloat in the market by complying with regulatory requirements, avoiding financial penalties, avoiding customer and revenue losses, and avoiding legal action. Non-compliance can result in significant financial penalties, reputational damage, and loss of customer trust. To mitigate these risks, organizations must invest in robust cybersecurity infrastructure, implement comprehensive data protection measures, and stay updated on evolving regulatory landscapes.

Market Trends of the Global Public Cloud Market

The COVID-19 pandemic significantly disrupted global supply chains and accelerated the adoption of remote work. While the electronics industry faced challenges due to production halts and logistical disruptions, the crisis also catalyzed the rapid expansion of the public cloud market. With businesses and individuals shifting to remote operations, the demand for cloud-based services surged as organizations sought to maintain continuity and productivity. This increased reliance on cloud infrastructure has solidified its position as a critical component of modern business operations.