Research Nester has released a report titled “Public Cloud Market – Global Demand Analysis & Opportunity Outlook 2023” which delivers detailed overview of the global public cloud market in terms of market segmentation by cloud computing type, service type, size of organization, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global public cloud market is segmented by cloud computing type into high performance computing, cloud billing, communication platform, infrastructure and others, out of which, infrastructure segment is anticipated to hold the market share of around 32% in the year 2023 owing to the need to support the computing requirements of a cloud computing model via different hardware and software components. Numerous enterprises are benefitted with public cloud infrastructure as there are no worries for maintenance and the IT procurement time is very minimal.
The global public cloud market, which reached around 270 billion in the year 2016, is anticipated to achieve a CAGR of around 23% during the forecast period. Increasing adoption of internet of things (IoT), growing advancements in the IT industry, along with the numerous benefits associated with the public cloud platforms, such as offering of fully managed and integrated services to users, enhancing business operation processes and also helping to take strategic business decisions are some of the factors anticipated that is contributing towards the growth of the global public cloud market. Further, the global public cloud market is expected to cross USD 1100 billion by the end of 2023.
Regionally, the global public cloud market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is anticipated to hold the largest market share owing to the government initiatives for the advancement of technologies in different sectors, presence of a strong economy and increasing technological innovations in the region. The market in the region is anticipated to hold the largest market share of around 61% in the year 2023 and is primarily driven by nations such as U.S. and Canada, where U.S. is predicted to attain a significant market share by the end of 2023. Further, the public cloud market in North America is predicted to attain a CAGR of around 23% over the forecast period.
Growing Need Amongst Businesses to Lower Operational Costs
Public cloud platforms help businesses lower operational costs as implementation of public cloud raises workforce productiveness and efficiency along with the low cost of cloud infrastructure as compared to on-premises infrastructure. Businesses with the adoption of public cloud infrastructure doesn’t need to purchase high cost equipment and computer systems that are needed to run the business without the investment on these infrastructures, they are available over the cloud. Moreover, with the availability of several analytical tools, business can make key business decisions which are otherwise hard to make, raising their overall work effectiveness. As such businesses find public cloud feasible and are increasingly adopting to these services which is considered as one the key drivers driving the growth of the public cloud market. Additionally, rising adoption of internet of things (IoT), machine learning and artificial intelligence and advancements in IT technologies observed around the globe are some of the factors anticipated to drive the growth of the global public cloud market in the upcoming years.
However, concerns regarding rising incidences of data confidentiality and data security in organizations, which is leading to massive losses of the organizations is a major factor anticipated to hamper the growth of the global public cloud market.
This report also provides the existing competitive scenario of some of the key players of the global public cloud market, which includes company profiling of IBM Corporation (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT), Amazon.com, Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOGL), Hewlett Packard Enterprise Development LP, Oracle Corporation (NYSE: ORCL), VMware, Inc. (NYSE: VMW), Cisco Systems, Inc. (NASDAQ: CSCO), Salesforce.com, Inc. (NYSE: CRM) and Fujitsu Limited (TYO: 6702). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global public cloud market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.