In a recent published report, Kenneth Research has updated the market report for Public Cloud Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Public Cloud Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Global Public Cloud Market Analysis – 2017-2023
Public cloud is referred to the cloud computing model where resources, such as virtual machines (VMs), applications and other storage services are provided by a service provider over the internet. These services can be available for free or pay-per-usage model service. The global public cloud market is anticipated to record a CAGR of around 23% over the forecast period, i.e. 2017-2023.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Factors such as rising adoption of internet of things (IoT), growing advancements in the IT industry along with the large number of benefits associated with the public cloud platforms are anticipated to contribute towards the growth of the global public cloud market. Moreover, increasing need amongst businesses to lower down their operation costs and raise their work efficiency and service quality are some of the factors anticipated to drive the growth of the global public cloud market. Public cloud platforms help businesses to operate their work processes on a cloud infrastructure instead of deploying equipment on-premises, thereby helping businesses gain profits as the cost of equipment is saved and that there are no worries for timely maintenance of the infrastructure. Additionally, rising concepts of internet of things (IoT), machine learning, artificial intelligence and others along with the advent in IT technologies worldwide are some of the factors that are helping to expand the growth of the public cloud market.
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The global public cloud market consists of various segments that are segmented by cloud computing type, service type, size of organization, end user and by region. The software as a service (SaaS) segment, which is a sub-segment of the service type segment is anticipated to grow with a healthy CAGR and reach a value of around USD 530 billion in the year 2023. The global public cloud market is also segmented by size of organization into small & medium enterprises and large enterprises, out of which large enterprises segment is anticipated to hold the major share and attain a CAGR of around 22% during the forecast period.
Based on region, the global public cloud market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific is anticipated to grow with a CAGR of around 26% throughout the forecast period and reach a value of around USD 150 billion by the end of 2023, primarily driven by nations such as China and India.
Some of the affluent industry leaders in the global public cloud market are IBM Corporation, Microsoft Corporation, Amazon.com, Inc., Alphabet Inc., Hewlett Packard Enterprise Development LP, Oracle Corporation, VMware, Inc., Cisco Systems, Inc., Salesforce.com, Inc. and Fujitsu Limited.
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