The public cloud market size is expected to grow from USD 444.7 billion in 2022 to USD 987.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period. Organizations can use the common platform that the public cloud offers through an Internet connection. The public cloud services are managed by a third party, or cloud service provider, and operated on a pay-per-use model. Therefore, businesses, institutions of higher learning, governmental bodies, or a combination of groups, or even individuals, own, manage, and run public clouds.
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As per vertical, retail and consumer goods segment to grow at the highest CAGR during the forecast period
The vertical segment is further sub-segmented into BFSI, telecommunications, IT and ITeS, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences, and other verticals.
As per vertical, retail and consumer goods is expected to grow at the highest CAGR of 20.6% during the forecast period. The dynamics and commercial environment of the retail and consumer products sector have been significantly altered by technology in recent years. Due to technological advancements, customers may now communicate their wants and needs to retailers in a clear and concise manner. Retailers are utilizing cutting-edge technologies and techniques to enhance customer experience, boost operational effectiveness, and save costs. The need for real-time insights has accelerated the adoption of public cloud technology due to the time- and money-consuming nature of maintaining, storing, and analyzing data. The incorporation of public cloud services has significantly cut IT costs for the retail sector and improved workflow. Identifying customer preferences and behavior to offer personalized shopping experiences has become easier compared to cloud retail research and the rising popularity of social media. The public cloud benefits the retail and consumer goods industries by enabling businesses to enhance user experiences through the development of customer-centric strategies and a strong online presence. Due to their strong compute and on-demand storage capabilities, cloud-based solutions make it possible to store and manage vast amounts of both structured and unstructured data.
Small and medium-sized enterprises, by organization size, to grow at highest CAGR during forecast period
The public cloud market by organization size categorized into SMEs and large enterprises. The SMEs segment faces resource challenges in comparison to the large enterprise category. Small businesses are looking for cost-effective infrastructures that still give them the flexibility and responsiveness they need to meet their growing IT needs. In this scenario, the public cloud model performs exceptionally well in terms of great scalability and simplicity of performing critical IT activities. Due to the simplicity and adaptability of these services, hence, SMEs are quickly adopting cloud infrastructure services, and demand is anticipated to increase during the projection period. Furthermore, the pay-as-you-go approach, which gives them flexibility in how they can manage their IT infrastructure. Therefore, SMEs are implementing the public cloud to obtain a competitive edge, which would allow quick responses, timely choices, and overall increased corporate efficiency. Oracle, IBM, Google, and Adobe are some of the leading providers of public clouds to SMEs.
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A public cloud is a web-based service architecture in which public shared resources including apps, servers, and storages are accessed as per the requirement. There are multiple tenants sharing the same pool of IT infrastructure in this multi-tenant scenario. Utilizing public cloud services results in scale economies and resource sharing that can lower prices and broaden the range of available technologies. Using public cloud services indicates that any organization (in any industry sector and jurisdiction) can utilize the same services (such as infrastructure, platform, or software), without any assurances as to where data would be housed and stored, from the perspective of a government organization.
Some of the major public cloud market vendors are 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), ServiceNow (US), OVH (France), Huawei (China), Verizon (US), OrangeGroup (France), NetApp (US), dinCloud (US), Vultr (US), Megaport (Australia), AppScale (US), Zymr (US), Genesis Cloud (Germany), Ekco (Ireland), Tudip Technologies (India), ORock Technologies (US), and CloudFlex (Nigeria).
AppScale was founded in 2013 and is headquartered in Queensland, Australia. AppScale is cloud software that allows you to run AWS workloads on users servers without any code modification. AppScale operates by simulating native AWS cloud services such as EC2, S3, EBS, and others on servers that are not under AWS’s control. By enabling the exact same tools, procedures, and APIs that users would use in AWS, AppScale enables the deployment of workloads on public infrastructure. AppScale can run on nearly any infrastructure, whether it comes from a colocation service provider, operates on bare metal, or is installed on-site due to its adaptable installation and adjustable configuration. Each deployment exposes specific AWS API endpoints that can be accessed by any applications and workloads that utilize the public cloud services provided by AWS for their fundamental architecture. Different policies or regulations may be in effect because each AppScale deployment is self-contained. Further, AppScale can assist users with their goals of lowering costs, increasing control, or resolving privacy, security, or compliance challenges.
Verizon was founded in 1983 and is headquartered in New Jersey, US. Verizon provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies. The company offers products across business communications, mobility, network, security, IoT, and consumer experience services. In the public cloud market, the company offers Verizon Cloud, which is a managed computing platform that enables the provision of computing resources for mission-critical applications in minutes. Verizon Cloud lets customers control processing, storage, and memory resources, and allows them to deploy server capacity on demand. Verizon Cloud services are available in both sell and resale models. It serves various industries, such as construction, BFSI, healthcare, retail, transportation and logistics, technology, travel, and hospitality. The company has 150 locations across North America, Europe, Asia Pacific, and Latin America.
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