Public Cloud Market to Grow with a CAGR of 15.27% through 2029

Digital Transformation Initiatives, Hybrid Cloud Adoption, and Emphasis on Data Security, Compliance, and Governance are the factors propelling the market growth during forecast period.

According to TechSci Research report, “Public Cloud Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”. Global Public Cloud was valued at USD 510.82 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 15.27% through 2029. The Public Cloud market is experiencing significant growth driven by several key factors. One of the primary drivers is the increasing adoption of digital transformation across various industries. Businesses are leveraging cloud technologies to enhance operational efficiency, reduce costs, and improve customer experiences. The flexibility and scalability offered by public cloud solutions enable organizations to adapt to changing market demands quickly, providing a competitive edge. Another critical driver is the rise of remote work and the need for robust, accessible infrastructure.

Public cloud platforms offer the necessary tools and services to facilitate seamless collaboration, data access, and communication across geographically dispersed teams. Advancements in cloud security and compliance are bolstering market growth. As cloud providers continue to enhance their security measures, businesses feel more confident migrating sensitive data and critical applications to the cloud. This increased trust is driving higher adoption rates, especially among enterprises with stringent regulatory requirements. The growth of artificial intelligence (AI) and machine learning (ML) technologies is fueling demand for public cloud services. Cloud platforms provide the computational power and storage needed to develop, deploy, and scale AI and ML applications, enabling businesses to harness the potential of these technologies for innovation and automation .

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Based on organization size, the large enterprises segment asserted its dominance by holding the largest market share in the Global Public Cloud Market in 2023. This segment's leadership is driven by several key factors that highlight its significant impact and influence within the cloud computing landscape worldwide. Large enterprises, characterized by their extensive resources and operational scale, wield substantial influence in shaping the trajectory of the public cloud market. Their robust financial capabilities enable significant investments in cloud infrastructure, platforms, and services, allowing them to harness the full potential of cloud computing for enhanced efficiency and scalability. Large enterprises often operate across multiple industries and geographic regions, necessitating scalable and agile cloud solutions to support diverse business operations. These organizations leverage the flexibility and scalability of public cloud services to streamline workflows, improve resource allocation, and accelerate time-to-market for products and services. Large enterprises prioritize security, compliance, and governance when adopting public cloud solutions. They invest in comprehensive cloud security frameworks and compliance measures to protect sensitive data, mitigate cybersecurity risks, and ensure regulatory compliance across their global operations.

The competitive advantage of large enterprises in the public cloud market stems from their ability to leverage economies of scale and negotiate favorable terms with cloud service providers. By consolidating their cloud infrastructure and optimizing resource utilization, these organizations achieve cost efficiencies and operational savings that drive profitability and business growth. Large enterprises play a pivotal role in driving innovation and advancing cloud technologies through strategic partnerships, collaborative initiatives, and industry alliances. Their collaborations with cloud providers and technology vendors facilitate the development of customized solutions, specialized applications, and innovative use cases that cater to specific industry requirements. Large enterprises lead in digital transformation initiatives by adopting cloud-native architectures, DevOps practices, and AI-driven analytics to enhance operational agility and decision-making capabilities. These organizations harness the power of public cloud platforms to modernize legacy IT systems, accelerate digital innovation, and deliver superior customer experiences in competitive markets.

Large enterprises extensive IT infrastructure and operational complexities necessitate robust hybrid and multi-cloud strategies to optimize performance, resilience, and workload management. They integrate public cloud services with existing on-premises systems and private cloud environments to achieve hybrid IT architectures that maximize flexibility and minimize operational risks. Large enterprises drive demand for specialized public cloud services such as Big Data analytics, IoT platforms, and AI/ML capabilities to harness actionable insights and drive business intelligence. These organizations leverage advanced cloud technologies to process and analyze massive datasets, derive predictive insights, and support data-driven decision-making across their enterprise. Large enterprises' leadership in the global public cloud market is reinforced by their ability to navigate market uncertainties, regulatory challenges, and geopolitical risks with agility and resilience. Their strategic investments in cloud technologies and digital transformation initiatives position them as market leaders capable of capitalizing on emerging opportunities and driving sustainable growth in an increasingly competitive landscape.

The dominance of the large enterprises segment in the Global Public Cloud Market in 2023 underscores its pivotal role in driving innovation, shaping industry trends, and leveraging cloud technologies to achieve strategic business objectives. As these organizations continue to expand their cloud footprints and adopt transformative technologies, they are poised to maintain their leadership position and influence the future evolution of the public cloud ecosystem worldwide.

Key market players in the Global Public Cloud Market are following: -

• Amazon Web Services, Inc.
• Alibaba Cloud
• NetApp, Inc.
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• IBM Corporation
• Salesforce, Inc.
• Broadcom Inc.
• Adobe Inc.

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“The Global Public Cloud Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. Companies are increasingly leveraging cloud services to boost operational efficiency, scalability, and cost savings, minimizing the need for substantial capital investment in IT infrastructure. The proliferation of SaaS, PaaS, and IaaS offerings enables businesses to optimize operations and foster innovation. Enhanced security measures and regulatory compliance are also enhancing trust and adoption in the public cloud market. Therefore, the Market of Public Cloud is expected to boost in the upcoming years”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

"Public Cloud Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Deployment (Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), Infrastructure-as-a-Service (IaaS)), by Organization Size (Small and Medium Enterprise, Large Enterprise), by End-user Industry (BFSI, Healthcare, Government, Manufacturing, IT and Telecom), By Region, By Competition 2019-2029", has evaluated the future growth potential of Global Public Cloud Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Public Cloud Market.

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