According to IMARC Group’s latest report, titled “Public Cloud Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global public cloud market size reached US$ 492.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,889.7 Billion by 2028, exhibiting a growth rate (CAGR) of 21.50% during 2023-2028.
A public cloud represents a third-party managed information technology (IT) platform that utilizes cloud computing to provide services and resources to remote users. It comprises virtual applications, machines, and storage systems. A public cloud also includes various workloads, such as firewalls, load balancers, databases, management tools, and other platform-as-a-service (PaaS) or software-as-a-service (SaaS) elements. It is mainly free or can be availed through several subscription plans and on-demand priced schemes, including pay-as-you-go (PAYG) and pay-per-usage models. A public cloud enables users to assemble various workloads and features according to their requirements to create an infrastructure that can deploy and operate additional enterprise workloads. In addition to this, it also allows companies to automate the backing up of their data and resources and provides scalable disaster recovery services. As a result, the public cloud finds widespread applications across several sectors, such as BFSI, retail, manufacturing, energy and utilities, healthcare, etc.
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Public Cloud Market Trends:
The increasing digital transformation of the business to keep up with the latest technology trends, reach new needs, and improve operational efficiency is primarily driving the public cloud market. Besides this, the growing popularity of these services to delegate routine tasks to technology and enhance collaboration between teams and departments is further augmenting the market growth. Moreover, the rising usage of SaaS, as it is simple and provides improved connectivity and security, is also catalyzing the global market. In addition to this, the integration of artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) by enterprises to conduct real-time engagement with their potential customers and manage various operations is acting as another significant growth-inducing factor. Furthermore, the extensive utilization of big data to enhance decision-making processes, provide better customer service, and present personalized marketing campaigns is expected to bolster the public cloud market in the coming years.
Public Cloud Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the public cloud market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the public cloud market on the basis of breakup by service, enterprise size, end-use and region.
Breakup by Service:
Breakup by Enterprise Size:
Breakup by End Use:
Breakup by Region:
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Key Highlights of the Report:
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