The global public cloud market size is expected to reach USD 596.0 billion by 2027, expanding at a CAGR of 14.6% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Owing to the high scalability and reduced operational costs offered by cloud services in the wake of digital transformation of industries, the market is witnessing rapid growth. Moreover, enterprises across the globe are gradually adopting public cloud technology to rapidly build, test, and release quality software products.
The
public cloud is a multi-tenant environment, which offers rapid elasticity and
high scalability with capability to consume resources on a pay-per-use basis.
Governments and institutions are planning gradually to completely integrate its
conventional systems with these computing technologies. As a part of the IT
Modernization effort, U.S Federal Government had initiated Cloud Smart Strategy
in October 2018 to improve citizen-centric services, accessibility, and
maintain cybersecurity. Moreover, adoption of the technology is rapidly gaining
importance among Small and Medium Enterprise (SMEs) sector due to the cost
competitiveness offered in the market.
Currently,
most of the enterprises of varying sizes, are revamping from traditional to
digital mode of business. The transformation is likely to create potential
market for public cloud owing to its benefits such as reduced Total Cost of
Ownership (TCO), agility, and flexibility. IBM Corporation states that around
89% of IT professionals expect to move business-critical workloads to cloud,
which are driven by the growth in digitization.
Government
organizations are also this technology services for storage, disaster recovery,
risk compliance management, and identity access management applications. In
October 2019, amidst corporate hostility, Microsoft Corporation was awarded the
U.S Department of Defense contract, Joint Enterprise Defense
Infrastructure (JEDI) worth USD 10 billion.
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Public Cloud Market
Report Highlights
- Infrastructure as a Service
segment is predicted to expand at the highest CAGR over the forecast
period owing to elimination of capital expense, increased scalability and
reliability, better security, and fast data accessibility
- Amazon.com Inc.; Microsoft Corporation;
Alibaba Group Holding Ltd.; Google LLP.; and IBM Corporation are some of
the key IaaS vendors in the market, however there are around 160 startups
that are also competing in the IaaS domain
- Small and medium enterprise
is anticipated to be the fastest growing segment owing to reduced costs
for IT hardware and software, improved processing capacity and elasticity
of storage, and greater mobility of access to data and service. The growth
in adoption of technology among SMEs in emerging economies such as India,
Brazil, Vietnam, and the Philippines is likely to boost the market growth
over the forecast period
- The manufacturing end use
segment is expected to expand at the fastest CAGR over the forecast
period. The industry report asserts that executive management in
manufacturing, high-tech, and telecommunications are likely to adopt cloud
based services completely. Moreover, the industries report that digital
services such as public cloud provides around 25% of the total inputs to
manufacture a finished product
- Asia Pacific is expected to
emerge as the fastest-growing region owing to the increasing focus of SMEs
and large enterprise to enhance their digital initiatives. The presence of
large companies such as IBM with their establishment of cloud computing
centers in China, India, South Korea, and Vietnam is likely to boost the
growth
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Public Cloud Market
Segmentation
Grand View Research has segmented
the global public cloud market based on service, enterprise size, end use, and
region:
Public Cloud
Service Outlook (Revenue, USD Billion, 2016 - 2027)
- Infrastructure as a service
(IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)
Public Cloud
Enterprise Size Outlook (Revenue, USD Billion, 2016 - 2027)
- Large Enterprise
- Small & Medium
Enterprise
Public Cloud End-Use
Outlook (Revenue, USD Billion, 2016 - 2027)
- BFSI
- IT & Telecom
- Retail & Consumer Goods
- Manufacturing
- Energy & Utilities
- Healthcare
- Media & Entertainment
- Government & Public
Sector
- Others
Public Cloud
Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Mexico
- Middle East & Africa
(MEA)
List of Key Players
of Public Cloud Market:
- Adobe Inc.
- Alibaba Group Holding
Limited
- Microsoft Corporation
- Oracle Corporation
- Amazon.com Inc.
- Google LLC
- IBM Corporation
- Salesforce.com Inc.
- Workday, Inc.
- SAP SE
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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