Public Cloud Market - Overview
The Public Cloud Market is anticipated to earn revenues worth USD 1,132.88 billion while expanding at a CAGR of 22.78 percent in the duration of the forecast period from 2017 to 2023. Cloud services are gaining impetus through many industry verticals. Nevertheless, this presents an exclusive opportunity for small & medium size organizations (SMEs) as they are using one or the other cloud services. The Public Cloud Market report evaluates the potential for the market by accessing trends, opportunities, growth engines, hurdles, and challenges for estimating the growth trajectory and revenue size during the forecast period. The COVID-19 implications on the industry are analyzed at a granular level and cover its impact on service, type, impact, and vertical.
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Furthermore, the application of cloud services is more feasible as compared to hardware installation, as it offers a high level of data protection and wide scope for data recovery thus, boosting its penetration among SMEs. Currently, IT companies are also hugely investing in cloud services because of the increasing generation of heterogeneous data which is stored and managed on the public cloud. The growing demand for Infrastructure-as-a-Service (IaaS) in IT industries due to the rising volumes of business & financial data and the data related to complex information in various verticals is enhancing the development of the public cloud market greatly.
The public cloud market is expected to gain momentum in the forthcoming years due to the integration of cloud platform with the Internet of Things (IoT). The integration of cloud with IoT technology will enable enterprises to enhance their operations by accelerating business agility along with strategic decision making. Thus, the combination of cloud platform with IoT technology will pave the way for the growth of the public cloud market in the forecast period.
Segmental Analysis
The public cloud market is segmented on the basis of service, cloud computing, industry, organization size, and region.
The cloud computing segment of the market consists of cloud communication platform, cloud billing, cloud high-performance computing, cloud access security, and cloud infrastructure. The leading segment in cloud computing is Cloud Infrastructure which is expanding at a CAGR of 23.98 percent in the forecast period.
By service, the market segment consists of SaaS, IaaS, and PaaS. Software as a service (SaaS) is dominating the market in the service segment in 2017 and is likely to grow with the fastest CAGR of 22.53 percent during the forecast period. The segmentation on the basis of organization size comprises of small, medium enterprises and large enterprises.
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Regional Analysis
The regional market for public cloud market consists of regions such as Europe, North America, Asia Pacific, and Rest of the World.
The North American region is the principal market for the public cloud market. In the North America region, the growing adoption of smart devices and bring your own device (BYOD) has had an enormous effect on the public cloud services as they come with reduced implementation costs. U.S. had generated revenue worth USD 148.71 Billion in 2017 and is anticipated to develop with rising 22.01 percent CAGR during the forecast period. The factors that are impeding the demand for public cloud are data compliance issues, complexities and data security related to data residency. The region is also witnessing a higher demand owing to greater scalability, availability, and manageability of cloud based services. The European region is the next major market for public cloud. U.K. has generated a high revenue valued at USD 27.14 Billion in 2017 and is projected to grow with fastest growing 25.07% CAGR during the forecast period.
Competitive Analysis
Growing penetration of cloud services among small and medium enterprises is motivating the public cloud market and creating a highly competitive landscape. The market is focused on becoming the lowest cost customer-centric online marketplace. The competitors have also set a number of strategic priorities that would drive progress and improve revenue. Business planning, reinventing productivity & business processes while creating more personal computing application development processes, are expected to influence the development of the market significantly. Amazon.com, Inc., Microsoft Corporation, International Business Machines Corporation, Google Inc., Oracle Corporation, Hewlett-Packard Enterprise, Salesforce.com, VMware, Inc., Cisco Systems, Inc., and Fujitsu Limited.
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