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.
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. Moreover, enterprises are
adopting public cloud services to easily implement and access platform
solutions such as big data, data analytics, and the Internet of Things (IoT)
which is also positively influencing market growth.
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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. Large enterprises were leading the market in
2017 and is projected to develop at a robust CAGR of 21.22 percent during the forecast
period. The industry based segmentation of the market comprises of
manufacturing, BFSI, healthcare, retail, government, aerospace and defense, IT
& telecommunication, and others. The BFSI is leading the market in 2017 and
is projected to expand with a rapidly increasing CAGR of 23.44 percent through
the forecast period.
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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