Public Cloud Market was valued at USD 522.1 billion in 2022 and is expected to rise from USD 613.02 billion in 2023 to reach a value of USD 2213.7 billion by 2031, at a CAGR of 17.41 % during the forecast period (2024–2031).
Public cloud market is remarkably booming since businesses are actively demanding and using cloud solutions for their scalability, agility, and cost-efficiency. The need for cybersecurity, data analytics, and artificial intelligence solutions is majorly driving the adoption of cloud. This impressively impacts the vital role of software in digital transformation advantages in different industries. Moreover, cloud computing enables companies to survive challenges presented by work-from-home, lockdowns, social distancing, and several other industry mandates. These features are notably driving the public cloud market.
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Top Player’s Company Profiles
- 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)
- OVH (France)
- Huawei (China)
- Verizon (US)
- Orange Group (France)
- Netapp (US)
- DigitalOcean (US)
- Zoho (India)
- Cloudflare (US)
- Dropbox (US)
- Box (US)
- Citrix Systems (US)
- ServiceNow (US)
Businesses that use cloud as technology disruptors are connecting its transformative potential to innovate non-cloud, data-center-based computing technologies and styles. As companies are navigating through the journey of digital transformation, a shift toward the cloud becomes mandatory. Companies adopting cloud technology as proficiency enabler are utilizing its potential to allow fresh capabilities like speedy CI/CD (continuous integration/cloud delivery), elasticity, AI-integrated APIs and processes, server-less functions that were earlier complicated to obtain pre-cloud. To achieve these novel competencies, businesses should carefully examine factors like separating operational silos, investment in development of skills, and encouraging alliance in teams for smooth adoption of automation.
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Segments covered
Business Model
Infrastructure as a Service, Platform as a Services and Software as a Service
Organization Size
SMEs and Large Enterprises
Vertical
BFSI, Energy & Utilities, Government & Public Sector, Telecommunications, IT & ITES, Retail & Consumer Goods, Manufacturing, Media & Entertainment, Healthcare & Life Science, and Others
Cloud to Emerge as a Business Necessity in Near Future
In the coming years, cloud computing will face constant evolution from just being a modernization facilitator to an enterprise disruptor and eventually a necessity for companies. As an innovation facilitator, businesses with cloud computing can supply their platform business notions on a broader scale by leveraging its primary platform technology to offer scale, interconnections, analysis, and aggregation competencies, which enable companies to use technology as a major part of business model. By using the ecosystem of cloud service providers, companies can launch ground-breaking services and products like speedy development of vaccines by cloud-enabled ML by pharma companies, prevention of fraud services and solutions, and more. in the coming years, several companies and businesses are projected to completely transform into digital bodies that will sense and respond capably to market and business conditions.
In August 2023, Google Cloud declared a fresh series of new partners, clients, and product inventions at ‘Next2023’. This series will help government, businesses and users take advantage of generative AI and the topmost cloud technologies.
In May 2024, Microsoft declared major commitments to create novel Artificial Intelligence and cloud infrastructure in Thailand with an aim to offer AI skills opportunities for more than 1,00,000 individuals and aiding the country’s rising developer group.
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In May 2024, Alibaba Cloud, a key component of the Alibaba group, declared to introduce its primary cloud region in Mexico and to create a greater number of data centers in its main markets comprising the Philippines, Malaysia, South Korea, and Thailand in the coming 3 years. The plan also aims to improve AI and cloud product packaging for its global clients, while improving global alliance and developing AI talent growth to encourage future digital proficiency.
In July 2024, Oracle declared general availability of a smart data architecture for cloud that offers hi-performance for all workloads of Oracle Database comprising AI analytics, vector processing, transactions.
Progress and Innovations in Cloud Sector to Notably Impact Businesses’ Capabilities in Future
Cloud computing is no more just a trend, it has progressed as a vital part of the improved IT landscape. With its flexibility, scalability, and cost-efficiency, cloud delivers a remarkably persuasive value proposition for companies of all sizes. With continuous changes and progress made in the cloud, the world will experience more innovative capabilities and services.
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