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Public Cloud Market 2024 - By Size, Demand, Trends, Top Companies, Growth Drivers And Forecast 2033
Public Cloud Market
According to The Business Research Company's, The public cloud market size has grown rapidly in recent years. It will grow from $588.53 billion in 2023 to $702.82 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to increased computing power, growth in entertainment industry, product design and prototyping, automotive design and testing, training and education, cost savings..
The public cloud market size is expected to see rapid growth in the next few years. It will grow to $1434.35 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to evolving gaming and entertainment needs, autonomous vehicles development, healthcare simulation advances, environmental simulation, scientific research.. Major trends in the forecast period include industry 4.0 and digital twins, cloud-based rendering services, cross-industry collaboration, integration of ai and machine learning, realism and high-fidelity graphics..
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Market Drivers and Trends:
The rising use of 5G technology is expected to propel the growth of the public cloud market going forward. 5G is the fifth generation of mobile networks that enables a new type of network that is meant to link almost everyone and everything, including machines, objects, and devices. 5G revolutionizes business with faster speeds, lower latency, and expanded capacity, powering advanced applications like AR/VR, edge computing, and IoT, while enhancing reliable access to cloud services and virtual computers through mobile devices. For instance, in April 2023, according to 5G Americas, a US-based industry trade organization composed of leading telecommunications service providers and manufacturers, in 2022, there were 1.05 billion 5G wireless connections worldwide, a 76% increase from the end of 2021. Further, it is expected to reach 1.9 billion by the end of 2023 and 5.9 billion by the end of 2027. Therefore, the rising use of 5G is driving the growth of the public cloud market.
Technological advancements are a key trend gaining popularity in public cloud market. Major companies involved in the public cloud market are focused on innovating new products to sustain their position in the market. For instance, in April 2021, RiverMeadow Software Inc., US-based provider of Cloud Migration and Disaster Recovery Software and Services, announced the addition of new capability to its market-leading Cloud Migration Platform to allow customers the option to carry out VM-based or OS-based migrations to any cloud. This makes RiverMeadow the only Multi-Cloud Migration Platform in the market to offer customers the choice of how they migrate to Public Clouds, including Microsoft Azure, Google Cloud Platform (GCP) or Amazon Web Services (AWS). It facilitates migration from public cloud to private or on-premises cloud, as well as migration between any public cloud.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
International Business Machines Corporation; Amazon Web Services Inc.; Salesforce Inc.; Oracle Corporation; Microsoft Corporation; Google LLC; Cisco Systems Inc.; VMware Inc.; Verizon Wireless Inc.; SAP SE; Rackspace Technology Inc.; Fujitsu Limited; CenturyLink Inc.; Alibaba Group; NTT Communications Corporation; Workday Inc.; Faction Global Infotech Pvt. Ltd.; DigitalOcean Holdings Inc.; Vultr; Linode LLC; OVH Groupe SA; Joyent Inc.; Virtustream Inc.; Interoute Communications Ltd.; BT Group; Sungard Availability Services; NaviSite Inc.; Expedient; Lunavi Inc.; Phoenix NAP LLC
Public Cloud Market 2024 Key Insights:
• The public cloud market size will grow to $1434.35 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%.
• 5G Technology Surge Accelerating The Public Cloud Market
• Technological Advancements Reshape The Public Cloud Landscape
• North America was the largest region in the public cloud market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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