According to a new market research report published by Acute Market Reports, “Public Cloud Services Market (by Service Type (Cloud System Infrastructure Services (IaaS), Cloud Application Infrastructure Services (PaaS), Cloud Business Process Services (BPaaS), Cloud Application Services (SaaS), Cloud Management and Security Services), by Industry Vertical (BFSI, IT & Telecom, Retail, Government, Manufacturing & processing, Healthcare, and Others (Education, etc.)), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2021 -2029”, the global public cloud services market was valued at US$ 242.53 Bn in 2020 and is expected to grow at a 16.5% CAGR during the forecast period from 2021 to 2029.

Market Insight

The demand for public cloud services worldwide is primarily driven by the multitude of investments made by the established Tech-giants in the field of cloud computing. Many small and medium-sized enterprises in emerging economies are still majorly dependent on on-premise installations and focused on upgrading their existing solutions to accommodate the evolving IT landscape rather than changing their operating model. However, benefits associated with cloud-based solutions in terms of operating cost, maintenance, and software upgrades are enticing enterprises to adopt cloud solutions, thereby driving the market forward. 

In view of transforming their existing business processes to connected ones, enterprises worldwide are slowly but steadily jumping the bandwagon of embracing digitalization. Advancements in cloud computing is a fast-moving trend that is driving the demand for uninterrupted global data connectivity and driving huge volumes of data across multiple industry verticals including BFSI, IT & Telecom, retail, government, and healthcare among others. Thus, perpetually growing volumes of data have necessitated businesses worldwide to adopt cloud services for data storage and other computing services. 

In terms of service type, the value contribution from cloud application services (SaaS) was largest in the global public cloud services market, the segment garnering over 45% of the total market value. The trend shall prolong and the segment is expected to remain the largest revenue contributing segment by 2029. On the other hand, cloud system infrastructure services (IaaS) will witness maximum adoption during the forecast period from 2021 to 2029. The anticipated rise in adoption of cloud system infrastructure services (IaaS) will be driven by number of strategic initiatives like digital transformation projects that support adoption of hybrid cloud. Some of the leading manufacturers profiled in the research study include Amazon Web Services, Salesforce.com, Microsoft Corporation, Google LLC, Oracle Corporation, SAP SE, The Hewlett-Packard Company, IBM Corporation, VMware, Inc., Cisco Systems Inc., and Rackspace, Inc. among others.

Browse the full report at https://www.acutemarketreports.com/report/public-cloud-services-market

The Global Public Cloud Services Market is Segmented into:

*Complete segmentation list is on report page