Market Highlights
Public cloud is the most recognizable model of cloud computing that is created by using pooled shared physical resources and is accessible over a public network such as the internet. As public clouds are capable of providing services to several clients using the same shared infrastructure, their use is being favored increasingly. Benefits such as the accessibility to cloud resources easily on demand from the public clouds’ vast pools of resource enables speedy and seamless response to fluctuations in activity. The employment of a pay-as-you-go charging model has further made the public computing market more lucrative.
The market for public cloud is anticipated to earn revenues worth USD 1,132.88 billion while expanding at a CAGR of 22.78 percent in the duration of the forecast period from 2017 to 2023. Cloud services are gaining impetus through many industry verticals. Nevertheless, this presents an exclusive opportunity for small & medium size organizations (SMEs) as they are using one or the other cloud services. Furthermore, the application of cloud services is more feasible as compared to hardware installation, as it offers a high level of data protection and wide scope for data recovery thus, boosting its penetration among SMEs. Currently, IT companies are also hugely investing in cloud services because of the increasing generation of heterogeneous data which is stored and managed on the public cloud. The growing demand for Infrastructure-as-a-Service (IaaS) in IT industries due to the rising volumes of business & financial data and the data related to complex information in various verticals is enhancing the development of the Public Cloud Market greatly. Moreover, enterprises are adopting public cloud services to easily implement and access platform solutions such as big data, data analytics, and the Internet of Things (IoT) which is also positively influencing market growth.
The public cloud market is expected to gain momentum in the forthcoming years due to the integration of cloud platform with the Internet of Things (IoT). The integration of cloud with IoT technology will enable enterprises to enhance their operations by accelerating business agility along with strategic decision making. Thus, the combination of cloud platform with IoT technology will pave the way for the growth of the public cloud market in the forecast period.
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Latest Industry News
- Accenture has helped Carlsberg transition with its IT infrastructure to the public cloud. 16 NOV 2018
- NiceLabel, a global developer of label design software and label management systems, has launched the first public cloud label management system. This system has been developed to allow businesses to transform their factory and warehouse labeling process digitally. 15 NOV 2018
Key Players:
The prominent players in the Public Cloud Market are – International Business Machines Corporation (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), Google (U.S.), Hewlett-Packard (U.S.), Salesforce.com (U.S.), Oracle Corporation (U.S.), VMware, Inc.(U.S.) , Cisco Systems, Inc. (U.S.), Verizon Wireless (U.S.), and Rackspace Inc. (U.S.) among others.
Segmentation:
The global public cloud market is segmented into cloud computing, service, organization size, industry, and region. By cloud computing, the market is further sub-segmented into cloud billing, cloud communication platform, cloud access security, cloud high-performance computing, and cloud infrastructure. Presently the cloud infrastructure segment dominates the market due to the focus on setting up the appropriate infrastructure to support cloud computing capabilities. However, cloud billing is expected to experience the highest CAGR of 24.99% during the forecast period due to the growing need for secure billing and payment methods with maximum security to protect sensitive data.
By service, the market is sub-segmented into SaaS, PaaS, and IaaS. The SaaS segment is expected to grow at the fastest CAGR during the assessment period. SaaS allows users to deploy various applications without installing them individually. Service providers offer management of security, availability, and performance while reducing overall implementation costs, thus boosting market growth.
By organization size, the market is divided into large enterprises and small and medium enterprises. The large enterprise’s segment is witnessing the most growth and presently accounts for the most significant segment. Large enterprises have been observed adopting public cloud platforms owing to the high availability, reliability, and cost. With services easily customizable to suit the enterprise and the ease with which software upgrades can be performed ensures efficiency of time and other resources that often used in the maintenance of systems.
By industry, the market is divided into manufacturing, BFSI, healthcare, retail, government, aerospace and defense, it & telecommunication, and others. The BFSI segment is expected to witness the fastest CAGR during the forecast period. The BFSI segment is made up of banking, financial services and insurance sectors which are largely data-driven, as such, these sectors are inclined toward adoption of cloud services. Adoption of these services offers other benefits to the BFSI segment such as the facilitation of customer intelligence using data-driven insights which allow banks to build stronger customer relationships.
Detailed Regional Analysis
North America leads the global growth of the public cloud market and is followed by Europe, and the Asia Pacific. North America and Europe are technically advanced regions with a high concentration of leading market players, start-ups, and tech giants. These market players are key to the growth of the global market as they are investing the development of public cloud computing platforms. The U.S is expected to witness a CAGR of 22.01% during the forecast period.
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Intended Audience
- Cloud providers
- MES (Manufacturing Execution System) and MOM (Manufacturing Operations Management) Players
- System Integrators
- Government Organizations
- Research/Consultancy firms
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