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:
Products offered by key companies:
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:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$423.242 billion |
| Market Size Value in 2029 | US$1,677.43 billion |
| Growth Rate | CAGR of 21.74% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
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| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segments