Public cloud is defined as computing services, in which a service provider makes resources available for instance applications, virtual machines (VMs), and storage services to the general public over the internet. It is usually provided free or on a pay-per-usage model, and comes with numerous features as well as benefits like ultimate scalability, cost-effective models, reliability and so on. Apart from this, it is also inclusive of professional, design, consulting, support, maintenance, and integration services. It can be deployed faster than on-premises infrastructures and with an almost extremely scalable platform.
The key benefits are included improve security (controlled access, security innovation & more modern technology, cyber security expertise, regular penetration testing), save money (no maintenance & update costs, no capital investments, lower energy costs), free up IT talent and save time.
According to study, “Global Public Cloud Market, By Cloud Computing (Cloud Billing,Cloud Communication Platform,Cloud Access Security,Cloud High Performance Computing and Cloud Infrastructure), By Service (SaaS,PaaS andIaaS), By Organization Size (Large Enterprises andSmall& Medium Size Enterprises), By Industry (Manufacturing, BFSI, Healthcare,Retail,Government,Aerospace & Defence,IT & Telecommunication),By Region - Forecast to 2023” the key companies operating in the global public cloud market are Amazon.com, Inc., International Business Machines Corporation, Microsoft Corporation, Hewlett-Packard Enterprise, Google Inc., Oracle Corporation, Cisco Systems, Inc., Salesforce.com., VMware, Inc., Fujitsu Limited.
Based on cloud computing, public cloud market is segmented into cloud billing, cloud high performance computing, cloud access security, cloud communication platform, and cloud infrastructure. Based on services, market is segmented into platform-as-a-service (PaaS), software-as-a-service (SaaS) and infrastructure-as-a-service (IaaS). SaaS is probable to exhibit the highest growth rate during the forecast period, as it provides users the convenience of being able to access the services without installing them. Based on organization size, market is segmented into small & medium size enterprises and large enterprises. In addition, based on end-use industry, market is segmented into BFSI, retail, aerospace & defense, manufacturing, IT & telecommunications and healthcare. BFSI segments holds major share in market due to increase in adoption of mobile apps & related ecosystems.
The public cloud market is driven by growth in reliance on digital data generation, followed by rise in demand for industrial automation, growth in reliance on mobile apps for transactions, expand in healthcare industry, increase in demand for high-performance computing in several industries, rapid industrialization, increase in number of small & large-sized enterprises, rise in use of 5G connectivity and gathering procedures in public sector industries. However, data compliance & data residency and issues associated with data security may impact the market.
Based on geography, the North-American region dominates the public cloud market owing to rise in government support to digitalization procedures in the region. The Asian-Pacific and European regions are also estimated to witness higher growth rate due to growth in adoption of (Internet of things) IoT technology & solutions in emerging countries over the forecast period. It is projected that the market will be reached at rapid pace because of growth in use of mobile apps & websites in the banking & government sector during the forecast period. It is anticipated that the market will be reached at US $1132.98 billion, by 2023.
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Ankur Gupta, Head Marketing & Communications