Public Cloud Market by Service Model, Size, Vertical and Regional Competitive Landscape

The public cloud market size is expected to grow from USD 444.7 billion in 2022 to USD 987.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 17.3% during the forecast period. In public cloud deployment model, a CSP hosts scalable, on-demand IT resources and delivers them to users over a Internet. However, due to security concerns, businesses avoid sharing critical information over the public cloud. The consumer can choose to pay for cloud services on a pay-per-use basis or receive them for free at all times. The public cloud is automatically managed by numerous customers and contains a large number of virtual resources. The resources available here make it simple to handle swings in demand.

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As per service model, IaaS segment to hold the highest CAGR during the forecast period

The service model of the public cloud market is segmented into Infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). IaaS is estimated to hold the highest CAGR of 21.9%during the forecasted period of the public cloud market. Infrastructure as a Service (laaS) is a model that defines how vendors deliver cloud-based virtualized resources over the Internet. In addition to enabling the scalability and compos ability that cutting-edge technologies and applications demand, the cloud helps enterprises to meet new needs such as sovereignty, data integration, and improved consumer experiences. laaS has an extremely simple concept, users can rent cloud infrastructure, such as servers, storage, and networking, as needed using a pay-per-use business model. Utilizing laas, it is possible to access online virtualized computer resources that are hosted by organizations such as Amazon Web Services (AWS), Microsoft Azure, or Google. Some providers may additionally charge fees based on the virtual machine space a customer utilizes. Most public cloud service providers use this method to deploy their systems. The ability to alter the scope of their IT resources as needed is provided by laaS solutions to customers. The cloud vendors, who also increase the dependability of their infrastructure, make it easier for users to access new applications.

As per vertical, BFSI vertical holds the largest market size during the forecast period

The vertical segment is further sub-segmented into BFSI, telecommunications, IT and ITeS, government and public sector, retail and consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life sciences, and other verticals. As per vertical, the BFSI industry is expected to hold the largest market share during the forecast period. Public cloud service providers offer organizations and people on-demand access to computing services such as compute and storage, develop-and-deploy environments, and apps via the public internet. Cloud computing has long been a popular choice for banks looking to reduce expenses, increase flexibility, and foster digital growth. Utilizing the cloud has typically meant using it privately or with restrictions due to security and regulatory considerations. Furthermore, the utilization of public cloud platforms has recently become more popular. This is due to the fact that banks have innovated more swiftly, continue to see their margins squeezed, and reduce costs-all of which can be aided by the public cloud in the BFSI sector. The public cloud, which provides services such as laaS and PaaS, is increasingly being used by many financial organizations. The utilization of the public cloud enables scalability, prompt end-user service delivery, and uniformity of the construction and management of associated integrations. The public cloud can help manage mobile payment applications, give individualized financial advice, or do speedy insurance checks via chat. These services call for a sizable quantity of computing power and security. In a traditional data center, it is difficult to achieve such scalability and security. This can be challenging, even for banks and businesses with internal IT professionals.

The public cloud, a revolutionary concept that has already transformed the way businesses operate, is poised for an even more impactful future. As technology continues to advance at an exponential rate, the public cloud is set to play a central role in shaping the digital landscape.

One of the most significant trends driving the future of the public cloud is the increasing adoption of hybrid and multi-cloud strategies. Organizations are recognizing the benefits of leveraging multiple cloud providers to optimize performance, enhance security, and ensure business continuity. This shift towards a more flexible and diverse cloud ecosystem will empower businesses to select the best services from various providers, reducing vendor lock-in and promoting healthy competition.

Moreover, the future holds the promise of unprecedented innovation in cloud services. Artificial intelligence and machine learning will be seamlessly integrated into public cloud platforms, enabling businesses to extract deeper insights from their data, automate complex tasks, and enhance customer experiences. This convergence of cutting-edge technologies will democratize access to advanced tools that were once reserved for tech giants.

Security, always a paramount concern, will see remarkable advancements in the future of public cloud. With the integration of advanced encryption, real-time threat detection, and zero-trust architectures, public cloud environments will become even safer than many on-premises solutions. As a result, industries with stringent security and compliance requirements, such as healthcare and finance, will confidently migrate sensitive workloads to the cloud.

In conclusion, the future of the public cloud is an exciting landscape of innovation, collaboration, and heightened capabilities. As businesses embrace hybrid and multi-cloud models, harness the power of AI-driven services, and enjoy enhanced security measures, the public cloud will solidify its position as an indispensable tool for enterprises of all sizes, driving growth, efficiency, and transformation in the digital age.

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