LONDON, Feb. 22, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Public Cloud Global Market Report 2024, the public cloud market has witnessed rapid expansion in recent years, demonstrating robust growth trends. According to the latest forecast, the public cloud market is poised to elevate from $588.53 billion in 2023 to $702.82 billion in 2024, registering a compound annual growth rate (CAGR) of 19.4%. This upsurge is primarily attributed to amplified computing capabilities and burgeoning sectors such as entertainment, product design, automotive, training, education, and cost efficiency.
Forecasted Growth: Anticipating future developments, the public cloud market is projected to soar to $1434.35 billion by 2028, reflecting a CAGR of 19.5%. This anticipated expansion is fueled by evolving demands in gaming, autonomous vehicles, healthcare simulation, environmental simulation, and scientific research. Moreover, the advent of 5G technology is expected to be a significant catalyst, revolutionizing connectivity and propelling the market's trajectory.
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5G Revolutionizing the Landscape: The advent of 5G technology promises transformative potential, reshaping the business landscape with its faster speeds, lower latency, and expanded capacity. This advancement facilitates the integration of advanced applications like AR/VR, edge computing, and IoT, while ensuring reliable access to cloud services. Notably, the global adoption of 5G is expected to escalate significantly, driving the growth of the public cloud market.
Innovative Solutions: Major players in the public cloud market are actively engaged in developing innovative solutions to meet evolving demands. Hybrid cloud mesh, a distributed IT system blending elements of public and private clouds, along with on-premises infrastructure, has emerged as a notable innovation. For instance, IBM's Hybrid Cloud Mesh aims to empower enterprises in managing their hybrid multi-cloud infrastructure efficiently, streamlining processes and enhancing operational management.
Segmentation and Growth Prospects: The public cloud market is segmented based on components, services, organization size, and end-users.
The public cloud market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Service: Business Process Services (BPaaS), Application Infrastructure Services (PaaS), Application Services, Management And Security Services, Systems Infrastructure Services (IaaS), Advertising
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By End-User: Discrete Manufacturing, Professional Services, Banking, Process Manufacturing, Retail, Other End-Users
Notably, Software as a Service (SaaS) constitutes the largest segment, while Infrastructure as a Service (IaaS) is anticipated to witness the fastest growth in the coming years. North America holds the largest share in the public cloud market, followed by Asia Pacific and Western Europe.
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The Public Cloud Global Market Report 2024 provides comprehensive insights into the evolving landscape and growth prospects of the public cloud market. With in-depth analysis and segmentation, the report equips industry players with valuable information to capitalize on emerging opportunities, drive innovation, and enhance business strategies, ensuring sustainable growth in the dynamic marketplace.
Public Cloud Global Market Report 2024 by The Business Research Company provides insights on the public cloud market size, public cloud market segments, public cloud market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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