Public Cloud Market Overview
The growth of the global public cloud market is thriving on the back of increasing adoption of internet of things (IoT) along with the growing advancements in the IT industry. There are numerous benefits associated with the public cloud platforms as cloud IoT offers fully managed and integrated services that allow users to connect securely, manage and ingest data from globally distributed services on a massive scale. Additionally, cloud platforms enhance business operation processes and helps to accelerate business agility, further helping to take strategic decisions. Moreover, public cloud also supports the integration of a wide array of embedded operating systems, which provides users the power to work efficiently across any OS platform.
The global public cloud market reached around 270 billion in the year 2016 and is expected to cross USD 1100 billion by the end of 2023 by registering a CAGR of around 23% across the globe over the forecast period 2017-2023.
Growth Highlights based on Region during 2018-2023
The global public cloud market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America is anticipated to hold the largest market share of around 61% in the year 2023. Primarily driven by nations such as the U.S. and the Canada, U.S. is anticipated to hold the dominant market share by the end of 2023. Presence of a strong economy in the region, along with several government initiatives for the advancement of technologies in different sectors and the increasing technological innovations being made by several players in the region are some of the factors anticipated to drive the growth of the market in the region.. Additionally, the public cloud market in North America is anticipated to attain a CAGR of around 23% over the forecast period.
Further, the public cloud market in Europe is anticipated to grow by a growth rate of around 4.5x during the assessment period 2016-2023 and gain a CAGR of around 24% throughout the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Cloud Computing Type
The global public cloud market has been segmented on the basis of cloud computing type into high performance computing, cloud billing, communication platform, infrastructure and others. Infrastructure segment is anticipated to hold the largest market share of around 32% in the year 2023 by growing at a CAGR of around 24% during the forecast period. The infrastructure segment consists of hardware and software components which are required to support the computing requirements of a cloud computing model. Enterprises are benefitted with public cloud infrastructure as the IT procurement time is very minimal and that maintenance of the infrastructure are much simplified.
Market Drivers and Challenges
Growth Indicators
Cloud services are gaining momentum across numerous industries, especially among the SMEs as several of them are increasingly opting for cloud services on the back of the benefits associated with the model. One of the prime factors that benefits end user industries is the low cost of procurement of cloud infrastructure, as businesses don’t have the need to purchase high cost equipment and computer systems as all these infrastructure are available in the cloud and are maintained solely by the service provider. Moreover, public cloud services help businesses optimize their workflow by automation and increasing their overall work effectiveness, which helps these businesses deliver better quality services to their clients. The added benefit of low operational costs and the feasibility of implementing public cloud services helps to raise the overall adoption of public cloud offerings, which is anticipated to drive the growth of the market. Moreover, increasing expenditures of governments across the world for the advancements in IT technology along with the rising demand for advance technologies, such as artificial intelligence, machine learning along with the growing implementation of internet of things (IoT), are some of the factors anticipated to drive the growth of the global public cloud market.
Barriers
With the rising incidences of data confidentiality and data security in organizations, which is leading to massive losses of the organizations is anticipated as a major factor limiting the growth of the global public cloud market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global public cloud market are IBM Corporation, Microsoft Corporation, Amazon.com, Inc., Alphabet Inc., Hewlett Packard Enterprise Development LP, Oracle Corporation, VMware, Inc., Cisco Systems, Inc., Salesforce.com, Inc. and Fujitsu Limited.
