From GlobeNewswire: 2024-08-07 10:00:00

The Public Cloud Market is set to grow from USD 444.7 billion in 2022 to USD 987.7 billion by 2027, with a CAGR of 17.3%. Major players in the market include AWS, Microsoft, and Google. Benefits of public clouds include scalability, faster deployment, and cost savings compared to traditional infrastructures.

The market dynamics for the public cloud include drivers such as increased cloud spending, integration of big data, AI, and ML, and lower infrastructure costs. However, restraints like security concerns and limited technical expertise in developing regions exist. Opportunities include improved hosting applications, collaboration for serverless applications, and the expansion of digital content.

The public cloud market is segmented into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). SaaS is expected to dominate the market, offering pre-configured applications that are hosted in the cloud for easy access. The USP of SaaS includes simplicity, affordability, and convenience, with providers handling system maintenance and upgrades.

The Asia Pacific region is projected to have the highest CAGR of 20.6% in the public cloud market, driven by the need to optimize workloads and reduce operational costs. Major firms like Microsoft, AWS, Google, and IBM are expanding their cloud offerings in the region to cater to the increasing demand. The rapid improvements in telecommunications and IoT are also driving cloud adoption in Asia Pacific.



Read more at GlobeNewswire: The Public Cloud Market: A $987.7 billion Industry