Public Cloud Services Market size is set to grow by USD 1.37 bn from 2024-2028, increasing number of data center hyperscale and colocation providers to boost the market growth, Technavio

NEW YORK, May 20, 2024 /PRNewswire/ -- The global public cloud services market  size is estimated to grow by USD 1.37 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  22.7%  during the forecast period. 

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Segment Overview 

This public cloud services market report extensively covers market segmentation by

1. Service 
• 1.1 SaaS
• 1.2 IaaS
• 1.3 PaaS
2. Type 
• 2.1 SMEs
• 2.2 Large enterprise
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 SaaS-  The Public Cloud Services Market segmented by IT model, experiences a significant shift towards Software-as-a-Service (SaaS) due to its Internet-based delivery. Enterprises increasingly adopt SaaS for its utility-based sharing models, enabling agile deployment and scalability. Big data and Machine Learning (ML) applications, including Artificial Intelligence (AI), are major drivers. SaaS offers high-level computing capabilities, accommodating emerging technologies like AI and ML. The market caters to various industries, such as healthcare, with solutions like Video-on-Demand (VoD) and remote patient monitoring. The cloud services landscape is marked by consumer experiences, data security, and information storage, especially for business-sensitive data. Cloud infrastructure services facilitate workplace shifts towards smart technologies and the work-from-home model, aligning with the Fourth Industrial Revolution. Security remains a critical concern, with solutions addressing data management and encryption. Public internet-based SaaS solutions offer cost-effective alternatives to traditional IT infrastructure, eliminating hardware and software expenses.

3.1 North America- In the IT landscape, public cloud services have gained significant traction over the past decade, particularly in North America. The public internet has facilitated the adoption of cloud services, enabling enterprises to leverage high-level computing resources for big data processing, machine learning, and artificial intelligence applications. Agile deployment and utility-based sharing models have made public cloud an attractive option for businesses of all sizes, including small and medium-sized enterprises. However, security remains a critical concern, with data management and information storage requiring robust solutions. The cloud services market is witnessing a shift towards consumer experiences, digitalization, and next-generation technologies such as IoT, automation, and smart electric vehicles. The healthcare sector is a significant adopter, with patients benefiting from software-as-a-service offerings like telemedicine and video-on-demand. The work-from-home model and digital transformation have accelerated the adoption of cloud infrastructure services, including intranet and firewall security solutions. The fourth industrial revolution is driving the adoption of cloud computing, with emerging technologies like AI and machine learning playing a pivotal role. The utility-based sharing model of cloud services is enabling businesses to adapt to the changing workplace shifts and evolving consumer expectations.

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Key Market Trends Fueling Growth

In the global public cloud market, intense competition drives vendors towards strategic collaborations and partnerships with infrastructure, software, technology, and platform providers. These alliances facilitate product development, geographical expansion, and access to technological expertise. Vendors can explore new opportunities in various sectors, including IT and telecom, BFSI, retail, healthcare, manufacturing, media and entertainment, and government organizations. Key areas in public cloud services are IT model, public internet, big data, ML, Al, cloud services, agile deployment, security, data management, utility-based sharing models, high-level computing, emerging technologies, AI, machine learning, cloud computing, technology consumerization, consumer experiences, data security, information storage, business-sensitive data, cloud infrastructure services, workplace shifts, smart technologies, fourth industrial revolution, work-from-home model, SaaS, VoD, healthcare, patients, hybrid cloud, digital transformation, connected devices, automation, and IoT. Big data analytics and healthcare sectors are particularly noteworthy. 

Market Challenges

• Public cloud services have become a cornerstone of modern business operations, enabling consumer experiences, data security, and digital transformation. However, vendor lock-in can pose a challenge, making it difficult for enterprises to transition between cloud infrastructure services or adopt new technologies like IoT, Big data analytics, or SaaS. This dependency can hinder business growth and innovation, particularly in sectors such as healthcare, where patient data security is paramount. To mitigate this risk, organizations must consider hybrid cloud solutions, digitalization strategies, and next-generation security solutions while navigating the public cloud services market.

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Research Analysis

The Public Cloud Services Market is experiencing significant growth, driven by the adoption of IT models that prioritize utility-based sharing and agile deployment. Big data and machine learning are key drivers, with enterprises leveraging cloud services for high-level computing and artificial intelligence applications. The public internet enables seamless access to these services, enhancing consumer experiences. However, security remains a top concern, with data management and information storage solutions essential for safeguarding business-sensitive data. Emerging technologies like cloud infrastructure services and workplace shifts continue to shape the market landscape. Overall, the Public Cloud Services Market offers enterprises flexible, cost-effective solutions for their technology needs.

Market Research Overview

The Public Cloud Services Market encompasses a range of offerings delivered over the internet, including Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and Serverless Computing. These services enable businesses to access and utilize technology resources on an on-demand basis, reducing the need for extensive in-house IT infrastructure. Machine Learning and Artificial Intelligence technologies are increasingly integrated into these services, providing advanced analytics and automation capabilities. Security, cost-effectiveness, and scalability are key benefits driving the adoption of public cloud services across various industries. Additionally, the integration of various technologies such as DevOps practices, containers, and microservices further enhances the value proposition of these services.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Service
• SaaS
• IaaS
• PaaS
• Type
• SMEs
• Large Enterprise
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio