Public Cloud Market Size, Share, Growth Analysis, By Business Model(Infrastructure as a Service, Platform as a Services and Software as a Service), By Organization Size(SMEs and Large Enterprises), By Vertical(BFSI, Energy & Utilities, Government & Public Sector, Telecommunications), By Region - Industry Forecast 2024-2031

Global Public Cloud Market was valued at USD 522.1 billion in 2022 and is expected to rise from USD 613.02 billion in 2023 to reach a value of USD 2213.7 billion by 2031, at a CAGR of 17.41 % during the forecast period (2024–2031). 

The market's various competitors are challenged to provide innovative offerings that enable communication in addressing changing technologies, business practices, and security needs. Partnerships, strategic mergers, and acquisitions are expected to be the most effective ways for industry players to gain quick access to emerging markets while also improving technological capabilities. For instance, In May 2021, Barco has chosen Salesforce to improve its partner, customer, and employee experiences, as well as prepare its operations for future growth. Furthermore, In October 2020, Microsoft Corporation partnered with ZEISS Group to provide better patient care and improve manufacturing quality through data solutions. ZEISS Group planned to use Microsoft Azure as its cloud platform as part of this partnership to provide digital experiences to its German manufacturers, respond quickly to changing Public Cloud Market conditions, and boost overall productivity and efficiency. '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) ', 'OVH (France) ', 'Huawei (China) ', 'Verizon (US) ', 'Orange Group (France) ', 'Netapp (US) ', 'DigitalOcean (US) ', 'Zoho (India) ', 'Cloudflare (US) ', 'Dropbox (US) ', 'Box (US) ', 'Citrix Systems (US) ', 'ServiceNow (US) '

Millions of people utilize public cloud services to save important documents and other multimedia types over the internet. Customer demand for enormous amounts of data and the requirement for a large number of data centers may lead to a surge in demand for public cloud services. The Public Cloud Market study assesses the market's potential by looking at trends, opportunities, growth engines, roadblocks, and challenges to estimating Public Cloud Market growth and revenue size during the projected period.

The COVID-19 pandemic has led to the closure of numerous operations throughout the world, as well as national governments enacting lockdowns to prevent the virus from spreading. The production and value chain of electronics gear has been significantly impacted, but on a bright note, it has encouraged remote working, which is good for the public cloud market. Organizations and workers can have uninterrupted access to IT resources housed in the public cloud without disrupting their operations.

In 2021, North America dominated the global market, accounting for more than 40% of total revenue. Companies in the United States are known for being early adopters of next-generation technologies such as the Internet of Things, additive manufacturing, big data analytics, connected industries, AI, AR, ML, and VR, as well as the latest telecommunication technologies such as 4G, 5G, and LTE. Businesses in the United States are continuing to use cutting-edge technology, which bodes well for future growth. The presence of numerous vendors such as Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and International Business Machines Corporation, as well as a greater willingness to adopt new technologies, are expected to aid this region in maintaining its Public Cloud Market position.