Public Cloud Market
Market Overview
The rise in demand for cloud services and digital transformation efforts of different organizations is driving the Public Cloud Market Size. The wide use of smartphones, smart devices, and other consumer electronic products has raised cloud services. The public cloud services enable the user to store data safely and in a secure manner. Small and medium enterprises can manage, access, and operate their data efficiently using cloud computing services. The Public Cloud Market is targeting these enterprises to drive their business. These opportunities from the enterprises are driving the growth of the market at the global level. By focusing on the customer's needs, the Public Cloud Market Leaders are upgrading their security services to provide their best and in the upcoming years, evaluating the market trends, reports, growth factors, Public Cloud Market opportunities, challenges, and other analyses, the Public Cloud Market to show consistent growth. The market is projected to CAGR of 22.78% and will reach USD 1,322.8 Billion by 2023.
The COVID-19 outbreak has negatively impacted market growth because the operations were shut down due to strict lockdown rules, which affected the production and value chain of electronics hardware. Focusing on the loss during the pandemic period, the key players of the Public Cloud Industry are paying more attention to the field of loss, the government organization even supporting the implementation of cloud services for better security systems. The customer's spending on cloud services is increasing, and it will continue in the future years.
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Regional Analysis
The roots of Public Cloud Market Trends are spreading in various regions like North America, Asia Pacific, Europe, and the Rest of the World. North America holds the title of highest shareholder region among other regions due to its increase in digitization and adoption of cloud computing for the storage and management of data. The others will even show significant growth in the upcoming years.
Market Segmentation
The public cloud market is segmented based on cloud computing, service, organization size, and industry. The Public Cloud Market Size can gain precedence by focusing on cloud providers to set up appropriate hardware for clients' catering needs. The virtualization of servers and other hardware components and the subsequent dip in operational costs will drive the growth of the Public Cloud Market during the forecast period. The service segment is classified based on IaaS, SaaS, and PaaS; among these, the Saas segment is accounted to dominate by holding the largest market share in the global Public Cloud Market Share. The organizational size is segmented into large enterprises and small-medium enterprises, contributing to the maximum market revenue. They are likely to adopt the public cloud owing to easy deployment. According to the reports, in the industry segment, the BFSI industry will register strong growth in the future years. Other segments of the industry are IT and telecommunication, healthcare, retail, and government.
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Industry News
According to the reports, the Public Cloud Market is estimated to perceive accrued value with a staggering CAGR. The global cloud computing market size to grow from USD 445.3 Billion in 2021 to USD 947.3 Billion in 2026.
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