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). 

A public cloud is one in which the provider owns and manages the physical infrastructure. They can offer a dedicated or shared operating environment, as well as the capacity to scale up and down on demand and the assurance of responsibility. These services include limitless capacity, potentially appealing prices resulting from large-scale infrastructures and related operating methods, and a pay-as-you-go pricing approach, making upfront server purchases unnecessary.

The introduction of emerging technologies such as Artificial Intelligence (AI) and machine learning facilitates cloud growth by allowing businesses to tap into AI capabilities. The COVID-19 pandemic has emerged as a major threat to the global economy. Cloud computing allows businesses to survive the business continuity challenges posed by lockdown, work from home, social distancing, and other Public Cloud Market mandates. However, as a result of the pandemic, businesses, managers, and employees are increasingly opting for remote working. Remote working has emerged as the latest trend and is expected to continue in the long term.

Public Cloud allows businesses to adapt and run their operations more efficiently and quickly in response to changing Public Cloud Market conditions. It makes technology more consumer-friendly. It has opened up previously unimaginable possibilities for creating highly engaging customer experiences. People and businesses have changed their behaviour as a result of cloud, and multiple lines of business have been able to work around tech policies to get things done. Organizations' investment strategies, digital business decision processes, and vendor and technology selection are all influenced by cloud trends.

US Public Cloud Market is poised to grow at a sustainable CAGR for the next forecast year.