The public cloud market is projected to grow from USD 444.7 billion in 2022 to USD 987.7 billion by 2027, reflecting a Compound Annual Growth Rate (CAGR) of 17.3%. Public cloud services, accessible via the internet, are provided and managed by third-party cloud service providers on a pay-per-use basis. These services can be owned, managed, and operated by businesses, educational institutions, government entities, or a combination of these groups, as well as individual users.
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As per vertical, retail and consumer goods segment to grow at the highest CAGR during the forecast period
The vertical segment is further sub-segmented into BFSI, telecommunications, IT and ITeS, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences, and other verticals.
As per vertical, retail and consumer goods is expected to grow at the highest CAGR of 20.6% during the forecast period. The dynamics and commercial environment of the retail and consumer products sector have been significantly altered by technology in recent years. Due to technological advancements, customers may now communicate their wants and needs to retailers in a clear and concise manner. Retailers are utilizing cutting-edge technologies and techniques to enhance customer experience, boost operational effectiveness, and save costs. The need for real-time insights has accelerated the adoption of public cloud technology due to the time- and money-consuming nature of maintaining, storing, and analyzing data. The incorporation of public cloud services has significantly cut IT costs for the retail sector and improved workflow. Identifying customer preferences and behavior to offer personalized shopping experiences has become easier compared to cloud retail research and the rising popularity of social media. The public cloud benefits the retail and consumer goods industries by enabling businesses to enhance user experiences through the development of customer-centric strategies and a strong online presence. Due to their strong compute and on-demand storage capabilities, cloud-based solutions make it possible to store and manage vast amounts of both structured and unstructured data.
Small and medium-sized enterprises, by organization size, to grow at highest CAGR during forecast period
The public cloud market by organization size categorized into SMEs and large enterprises. The SMEs segment faces resource challenges in comparison to the large enterprise category. Small businesses are looking for cost-effective infrastructures that still give them the flexibility and responsiveness they need to meet their growing IT needs. In this scenario, the public cloud model performs exceptionally well in terms of great scalability and simplicity of performing critical IT activities. Due to the simplicity and adaptability of these services, hence, SMEs are quickly adopting cloud infrastructure services, and demand is anticipated to increase during the projection period. Furthermore, the pay-as-you-go approach, which gives them flexibility in how they can manage their IT infrastructure. Therefore, SMEs are implementing the public cloud to obtain a competitive edge, which would allow quick responses, timely choices, and overall increased corporate efficiency. Oracle, IBM, Google, and Adobe are some of the leading providers of public clouds to SMEs.
The public cloud market by region devided into five major regions including North America, Latin America, Europe, MEA, and APAC. High adoption of IT services and presence of major cloud providers in North America helped the region to gain majority of the market share. In 2022, North America held the largest market size in the public cloud market and the trend is expected to continue during the forecast period. However, the presence of large SMEs, and the focuse of SMEs on reducing the OPEX and CAPEX is expected to create new growth opportunities for public cloud market in the APAC region. To fullfill those increasing demand vendors present in the market have been continuously investing in APAC region. For instance, to increase its presence in APAC AWS in October 2022 announced to invest US$5 billion (190 billion Thai Baht) in Thailand with a new infrastructure region, which will be supported by a the country over the next 15 years.
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Unique Features in the Public Cloud Market
One of the standout features of the public cloud is its ability to scale resources on-demand. Whether a business needs more computing power, storage, or bandwidth, the public cloud can instantly provide it without requiring additional hardware or infrastructure investments. This flexibility allows organizations to dynamically adjust their usage based on current needs, ensuring optimal performance during peak times and cost-efficiency during slower periods.
The public cloud operates on a consumption-based pricing model, where users are charged only for the resources they consume. This pay-per-use structure allows businesses to avoid the capital expenditures associated with maintaining in-house infrastructure, making cloud services more cost-effective and predictable. The flexibility of this model is particularly beneficial for organizations with fluctuating workloads or seasonal demands.
Public cloud services are fully managed by third-party providers, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud. These cloud service providers handle infrastructure maintenance, security, updates, and performance optimization, freeing organizations from the burden of managing their own data centers. This allows businesses to focus on core activities while leveraging the expertise and resources of cloud providers.
Public cloud services are accessible from anywhere with an internet connection, providing a high degree of mobility and flexibility for businesses. This feature is crucial for global enterprises, as it enables teams to collaborate and access the same cloud resources, regardless of their geographic location. Public cloud providers also offer data centers in multiple regions, allowing organizations to host their applications closer to their users, reducing latency, and improving performance.
The public cloud operates on a multi-tenancy model, where multiple users or organizations share the same physical infrastructure while keeping their data and operations isolated. This architecture enables cloud providers to maximize resource efficiency, resulting in lower costs for users. It also ensures that businesses can scale without being constrained by physical hardware limitations.
Major Highlights of the Public Cloud Market
One of the most appealing aspects of the public cloud is its pay-per-use pricing model. Businesses are only charged for the resources they actually consume, making the public cloud a highly cost-effective solution, especially for organizations with fluctuating workloads. This model reduces the need for heavy capital investments in IT infrastructure, allowing businesses to optimize their spending and scale efficiently.
Public cloud services are provided and managed by leading technology companies, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud. These providers offer a comprehensive suite of services, including computing power, storage, networking, security, and machine learning capabilities. They also handle maintenance, security, and updates, allowing businesses to focus on their core operations while leveraging cutting-edge technologies.
Public cloud platforms are accessible from anywhere with an internet connection, making them an ideal solution for businesses operating in multiple locations. This global accessibility enables teams to collaborate in real-time, regardless of geographic boundaries, and ensures that cloud services can be accessed seamlessly across regions. The presence of multiple data centers worldwide also reduces latency and enhances user experience for globally distributed applications.
The public cloud offers unparalleled scalability, allowing businesses to instantly scale up or down based on demand. This elasticity ensures that organizations can handle varying workloads without overcommitting resources. Whether dealing with seasonal traffic spikes or ongoing growth, public cloud infrastructure provides the flexibility needed to support evolving business needs.
Despite the shared infrastructure model, public cloud platforms offer advanced security features, including data encryption, access controls, identity management, and real-time threat detection. Public cloud providers also adhere to stringent compliance standards, ensuring that businesses can meet regulatory requirements across industries. This high level of security is a significant factor contributing to the growing trust and adoption of public cloud services.
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Top Companies in the Public Cloud Market
Some of the major public cloud market vendors are AWS (US), Microsoft (US), Google (US), Salesforce (US), Alibaba Cloud (China), Oracle (US), IBM (US), SAP (Germany), Tencent (China), Workday (US), Fujitsu (Japan), VMWare (US), Rackspace (US), HPE (US), Adobe (US), NEC (Japan), Cisco (US), Dell Technologies (US), ServiceNow (US), OVH (France), Huawei (China), Verizon (US), OrangeGroup (France), NetApp (US), dinCloud (US), Vultr (US), Megaport (Australia), AppScale (US), Zymr (US), Genesis Cloud (Germany), Ekco (Ireland), Tudip Technologies (India), ORock Technologies (US), and CloudFlex (Nigeria).
AppScale was founded in 2013 and is headquartered in Queensland, Australia. AppScale is cloud software that allows you to run AWS workloads on users servers without any code modification. AppScale operates by simulating native AWS cloud services such as EC2, S3, EBS, and others on servers that are not under AWS’s control. By enabling the exact same tools, procedures, and APIs that users would use in AWS, AppScale enables the deployment of workloads on public infrastructure. AppScale can run on nearly any infrastructure, whether it comes from a colocation service provider, operates on bare metal, or is installed on-site due to its adaptable installation and adjustable configuration. Each deployment exposes specific AWS API endpoints that can be accessed by any applications and workloads that utilize the public cloud services provided by AWS for their fundamental architecture. Different policies or regulations may be in effect because each AppScale deployment is self-contained. Further, AppScale can assist users with their goals of lowering costs, increasing control, or resolving privacy, security, or compliance challenges.
Verizon was founded in 1983 and is headquartered in New Jersey, US. Verizon provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. The company offers products across business communications, mobility, network, security, IoT, and consumer experience services. In the public cloud market, the company offers Verizon Cloud, which is a managed computing platform that enables the provision of computing resources for mission-critical applications in minutes. Verizon Cloud lets customers control processing, storage, and memory resources, and allows them to deploy server capacity on demand. Verizon Cloud services are available in both sell and resale models. It serves various industries, such as construction, BFSI, healthcare, retail, transportation and logistics, technology, travel, and hospitality. The company has 150 locations across North America, Europe, Asia Pacific, and Latin America.
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