Global Public Cloud Market Size 2024, Forecast To 2033
6 Mar, 2024
The public cloud market has experienced rapid expansion, surging from $588.53 billion in 2023 to $702.82 billion in 2024, reflecting a compound annual growth rate (CAGR) of 19.4%. This remarkable growth in the historical period can be attributed to increased computing power, the growth of the entertainment industry, advancements in product design and prototyping, automotive design and testing, as well as the utilization of cloud services for training and education, resulting in significant cost savings. As we look forward to 2028, the public cloud market is poised for continued rapid growth, reaching $1434.35 billion with a CAGR of 19.5%. This anticipated growth is fueled by evolving needs in gaming and entertainment, the development of autonomous vehicles, advances in healthcare simulation, environmental simulation, and scientific research. Prominent trends in this forecasted period include the prevalence of Industry 4.0 and digital twins, the proliferation of cloud-based rendering services, cross-industry collaboration, and the integration of artificial intelligence and machine learning, alongside a focus on realism and high-fidelity graphics.
Global Public Cloud Market Key Driver
The surge in 5G technology adoption is anticipated to propel the growth of the public cloud market. As the fifth generation of mobile networks, 5G connects everyone and everything, enabling faster speeds, lower latency, and expanded capacity. This revolutionizes businesses with advanced applications like AR/VR, edge computing, and IoT, enhancing reliable access to cloud services through mobile devices. In April 2023, 5G Americas reported 1.05 billion 5G wireless connections worldwide in 2022, expecting it to reach 1.9 billion by the end of 2023 and 5.9 billion by the end of 2027. The rising use of 5G stands as a driving force behind the growth of the public cloud market, with market sizes aligning with values for 2023, 2024, and 2028.
Get A Free Sample Of The Global Public Cloud Market ReportGlobal Public Cloud Market Segments
The public cloud market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Service: Business Process Services (BPaaS), Application Infrastructure Services (PaaS), Application Services, Management And Security Services, Systems Infrastructure Services (IaaS), Advertising
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End-User: Discrete Manufacturing, Professional Services, Banking, Process Manufacturing, Retail, Other End-Users
By Geography:The regions covered in the public cloud market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the public cloud market in 2023. It is expected to be the fastest-growing region in the global public cloud market during the forecast period. The regions covered in the public cloud market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Public Cloud Industry Players
International Business Machines Corporation, Amazon Web Services Inc., Salesforce Inc., Oracle Corporation, Microsoft Corporation, Google LLC, Cisco Systems Inc., VMware Inc., Verizon Wireless Inc., SAP SE, Rackspace Technology Inc., Fujitsu Limited, CenturyLink Inc., Alibaba Group, NTT Communications Corporation, Workday Inc., Faction Global Infotech Pvt. Ltd., DigitalOcean Holdings Inc., Vultr, Linode LLC, OVH Groupe SA, Joyent Inc., Virtustream Inc., Interoute Communications Ltd., BT Group, Sungard Availability Services, NaviSite Inc., Expedient, Lunavi Inc., Phoenix NAP LLC
Get The Full Global Public Cloud Market ReportPublic Cloud Market Overview
A public cloud refers to a form of cloud computing in which computer services and infrastructure are offered by a third party and distributed to several customers through the internet. It is a completely virtualized environment that allows for on-demand computing and self-service provisioning.
Public Cloud Global Market Report 2023 provides data on the global public cloud market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The public cloud market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.