Public Cloud Services Market Size to grow by USD 1.37 billion between 2024-2028
According to a research report “ Public Cloud Services Market” by Service (SaaS, IaaS, PaaS) Type (SMEs, Large enterprise) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1.37 billion, at a CAGR of 22.7% during the forecast period. The global public cloud services market is experiencing significant growth due to the expansive investments made by hyperscale and colocation providers in data center development. Over the past few years, these providers have allocated approximately USD200 billion towards capacity expansion and the establishment of new data centers. This trend is expected to positively influence the global data center server market. Hyperscalers are not only purchasing branded servers from industry leaders such as Cisco and Dell Technologies, but are increasingly opting for white box servers during their hardware refresh cycles. Notably, Alibaba has adopted this approach, shifting away from branded vendors. This shift towards white box servers represents a strategic move to reduce costs and enhance flexibility within the hyperscale community..
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By Service, the SaaS segment is projected to dominate the market size in 2024
In the realm of Public Cloud Services, Software as a Service (SaaS) represents a delivery model where software applications and related data are centrally hosted and accessed via a web browser. Subscribers to SaaS gain access to various software components and features through a subscription fee. This model offers an automated, cost-effective solution for enterprises, eliminating the need for purchasing, configuring, and managing hardware and software products. The recent surge in the usage of instant messaging and social media has propelled the adoption of SaaS solutions among businesses due to their flexibility and scalability.
By Type, SMEs segment is expected to hold the largest market size for the year 2024
Small and medium-sized enterprises (SMEs), defined as organizations employing fewer than 500 individuals, have emerged as a significant customer segment for public cloud service providers. Public cloud services enable SMEs to access IT resources and services on-demand via the Internet, eliminating the need for substantial upfront investment in hardware and software. The allure of public cloud services for SMEs is multifaceted. Primarily, these services offer cost savings by providing a more economical alternative to procuring and managing costly IT infrastructure. Additionally, public cloud services offer scalability, allowing businesses to effortlessly adapt to changing requirements.
North America is forecasted to hold the largest market size by region in 2024
Public cloud services, which enable the delivery of computing resources over the internet, have witnessed significant growth in the North American market due to the increasing adoption of cloud computing and substantial data center investments. Established providers such as Amazon Web Services (AWS), Microsoft, Google, and Oracle, primarily based in the US, have capitalized on this trend. The public cloud model offers businesses the flexibility to scale resources on-demand, making it an attractive option for start-ups and small to medium enterprises (SMEs) in the region. As tenants, businesses leverage a public cloud vendor's expertise in managing, maintaining, and developing the shared pool of computing resources across a network.
The Public Cloud Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Public Cloud Services Market is experiencing rapid growth as enterprises embrace digital transformation and the proliferation of connected devices, IoT, and next-generation technologies. Cloud computing, with its utility-based sharing models, agile deployment, and high-level computing power, is becoming the go-to solution for businesses seeking to manage and secure their business-sensitive data. Security solutions, such as firewalls, are essential in the cloud environment to protect against cyber threats on the internet. Data security is a top priority, with AI and ML being used to analyze big data and identify potential risks. Healthcare and consumer experiences are major industries benefiting from cloud services, with the need to manage and protect sensitive patient information and deliver personalized experiences. Cloud infrastructure services, including cloud computing and hybrid cloud solutions, are enabling automation and efficiency in various industries. Technology consumerization, with the increasing use of smart electric vehicles and other connected devices, is driving the demand for secure and reliable cloud services. Next-generation technologies like AI and ML are being integrated into cloud services to provide advanced data analytics and insights, enabling businesses to make informed decisions and gain a competitive edge. Data management is a critical aspect of cloud services, with businesses requiring robust and secure solutions to manage and protect their valuable data. Overall, the public cloud services market is set to continue its growth trajectory, driven by the need for secure, flexible, and efficient technology solutions.
Market Research Overview
The Public Cloud Services Market is experiencing exponential growth as businesses and industries across the globe embrace digitalization and the fourth industrial revolution. The Internet is the backbone of this transformation, enabling the use of next-generation technologies such as IoT, Big data analytics, and AI in sectors like healthcare, transportation (Smart electric vehicles), and media (Video-on-Demand). Small and medium-sized businesses (SMBs) are increasingly adopting cloud infrastructure services for automation, data management, and agile deployment. The healthcare sector, in particular, is leveraging cloud services for patient data storage and security solutions like firewalls and intranets. The workforce shift to work-from-home models has accelerated the adoption of cloud services, with SaaS becoming the preferred choice for businesses. The use of emerging technologies like machine learning and AI is also on the rise, driving the demand for high-level computing and utility-based sharing models. Digital transformation is leading to the convergence of various industries, with connected devices and smart technologies becoming the norm. However, data security remains a major concern, with businesses requiring robust security solutions to protect business-sensitive data. The Public Cloud Services Market offers a range of solutions catering to various industries and use cases. From data centre services to security solutions, the market is poised to continue its growth trajectory in the coming years.
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