Public Cloud Market Size Worth $1.6 Trillion By 2030: IndustryARC

Public Cloud Market size is predicted to reach $1.6 trillion by 2030, growing at a CAGR of 16.2% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. Rapidly growing digital transformation across industries, increased cloud adoption, growth in data volume, the rise of IoT devices, and changing work patterns are all expected to propel market growth, finds IndustryARC in its recent report, titled “Public Cloud Market – By Service Type [Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS) & Others], By Organization Size [Large Enterprises & Small and Medium Enterprises (SMEs)], By Industry Vertical (Banking, Financial Services and Insurance, Government, Manufacturing, IT and Telecommunication, Healthcare, Retail and Ecommerce, Energy and Utilities & Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”

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Asia Pacific to Register Highest Growth:

The Public Cloud industry in this region is expanding due to rapidly growing economies, such as China and India, resulting in increased investment in IT infrastructure, including building data centres, laying high-speed internet cables, and improving cybersecurity measures. Even the rise of e-commerce has created a need for more cloud-based e-commerce platforms and logistics solutions in the APAC region.

For instance, the Asia Cloud Computing Association (ACCA) has been formed to promote a favorable environment for cloud computing, promote the benefits of cloud computing, ensure the reliability and security of cloud services, and drive innovation and growth in this industry.

Public Cloud Market 2023-2030: Scope of the Report

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Public Cloud Market Report – Key Takeaways:

• Adoption of IoT Contributes to the Market Growth

The Internet of Things (IoT) generates massive amounts of data, which must be processed, stored, and evaluated. Public cloud providers provide scalable and cost-effective options for managing IoT data, enabling organizations to store and analyze massive amounts without investing in infrastructure. Furthermore, the three main worldwide hyper scalers (AWS, Microsoft, and Google Cloud) hold more than 80% of the market share for international public cloud services, specifically IoT workloads.

• SaaS Segment Dominates the Market

The most popular public cloud service type is Software as a Service (SaaS), with a market value of $118 billion in 2022, due to its capacity to provide a diverse range of cost-effective applications and services that are simple to deploy and maintain. SaaS providers offer subscription-based pricing methods, allowing organizations to scale up or down their use of software products as needed. Furthermore, secondary research indicates that user expenditure on business intelligence SaaS solutions will likely grow by around 15.7% between 2023 and 2030.

• North America is Leading the Market

North-American region held a major market share of 48% in 2022 due to the early adoption of cloud technology, a strong technology industry, and a favorable business environment. The region has many leading cloud providers, such as Microsoft Azure, Amazon Web Services, Oracle Corporation, and IBM, which have invested heavily in their infrastructure and services.

According to a new FedRAMP survey conducted by Maximus and Genesys in 2021, roughly half of all state, local, and federal agencies in the United States have some or all of their systems and solutions in the cloud. According to Maximus and Genesys, most U.S. governments, whether local, state, or federal, use the cloud in some capacity. State and local governments have 49% of their systems and solutions on the cloud, whereas national government offices have 56% (but not all) cloud-based solutions and systems.

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Key Opportunity Analysis:

Adoption of Hybrid Cloud Concept

Adopting a hybrid cloud lets businesses balance the performance and cost of their IT infrastructure with a hybrid cloud approach by leveraging public cloud services for less-sensitive workloads and private cloud solutions for more essential applications. This cuts costs while maintaining the required levels of performance and security.  

For instance, in December 2021, NTT West Group, a telecommunications company, partnered with Hewlett Packard Enterprise to launch hybrid cloud offerings by NTT in Japan. NTT will collaborate with HPE’s cloud-to-edge GreenLake platform to offer a hybrid cloud solution to local governments, educational institutions, and companies throughout western Japan.

Growing Adoption by SMEs

According to secondary market research, small and medium-sized enterprises (SMEs) are experiencing significant growth in the public cloud market, with a compound annual growth rate (CAGR) of 16.5%. One of the primary reasons for this growth is the cost savings that cloud computing offers SMEs. With pay-as-you-go pricing, SMEs can avoid large upfront capital expenditures on IT infrastructure and instead pay only for what they use, allowing them to manage their cash flow more effectively and reinvest resources into growing their business. Additionally, cloud computing provides SMEs with the scalability and flexibility they need to adapt quickly to changing demand and the security and ease of use that may be difficult to achieve with an in-house IT department.

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The Report also Covers the Following Areas:

• Public Cloud Market Size and Forecast
• Public Cloud Market Trends
• Public Cloud Market Analysis by Product Type

Public Cloud Market 2023-2030: Key Highlights

• CAGR of the market during the forecast period 2023-2030
• Value Chain analysis of key stake holders
• Detailed analysis of market drivers and opportunities during the forecast period
• Public Cloud Market size estimation and forecast
• Analysis and predictions on end users’ behavior and upcoming trends
• Competitive landscape and Vendor market analysis including offerings, developments, and financials
• Comprehensive analysis of challenges and constraints in the Public Cloud Market

Covid and Ukrainian Crisis Impact:

The outbreak of COVID-19 caused widespread disruption across various industries, forcing companies to adopt remote work and online services to maintain business continuity. As businesses attempted to harness the scalability and flexibility of public cloud platforms to support their digital transformation efforts, demand for cloud services increased. As a result, the public cloud market expanded significantly, with prominent providers such as Amazon, Azure, and GCP experiencing increased demand for their services. Businesses who had already been using cloud services before to the pandemic were able to quickly scale up their operations to meet the additional needs, while others hastened their cloud adoption plans in order to offer remote work and digital services. The pandemic has highlighted the relevance of digital transformation and cloud computing in today’s business landscape, and the public cloud market is likely to expand in the post-pandemic future.

Ukraine’s ongoing conflict with Russia has implications for the public cloud industry. Due to economic sanctions and political instability, some cloud service providers have scaled back operations or delayed investments in the Ukrainian market as geopolitical tensions continue to rise. Nevertheless, the crisis has increased demand for cloud services as firms in Ukraine and surrounding regions seek to modernise their IT infrastructure and move to digital operations less prone to physical disruption. This has created an opportunity for public cloud providers to extend their services in the region and fulfill rising demand.

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List of Key Market Players in Public Cloud Market:

The Global Public Cloud Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:

• Amazon, Inc.
• Microsoft Corporation
• Salesforce, Inc.
• Google LLC.
• SAP SE
• VMware, Inc.
• IBM Corporation
• Oracle Corporation
• Alibaba Group Holding Limited
• Cisco Systems, Inc
• Hewlett-Packard Enterprise
• Adobe Systems Inc.
• Fujitsu Limited
• Workday, Inc
• Cloud Flare, Inc.

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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets. 

IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format which assists an intelligent and informed decision-making process.

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