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Public Cloud Market Size

Report ID: GMI5442
Published Date: Feb 2023
Report Format: PDF

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Public Cloud Market Size

Public Cloud Market size exceeded USD 400 billion in 2022 and is anticipated to expand at over 10% CAGR between 2023 and 2032, attributed to the availability of cloud integrated with big data, artificial intelligence (AI), and machine learning (ML).

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Surging public cloud spending is one of the biggest factors driving the market growth. For instance, India’s public cloud services (PCS) market spending is slated to reach over 7 billion by the end of 2024. Moreover, large companies such as Amazon Web Services (AWS), which plans to invest nearly USD 4.4 billion in India by 2030, are aiding in setting up a strong cloud infrastructure in Asia.

Furthermore, escalating integration of big data, AI, and ML with the cloud, which enables users to visualize, analyze, and monitor unprocessed data using combination technology, is set to complement product adoption. As ML learns patterns from stored data for predictive analysis, mounting deployment of AI and ML is fueling the market expansion. In a recent instance, OpenAI, an AI tech company, along with tech behemoth Microsoft, made their Azure OpenAI service available in November 2022 that combines open-source and cloud-based ML to help developers incorporate AI models into their existing infrastructure.

Public Cloud Market Report Attributes
Report Attribute	Details
Base Year:	2022
Public Cloud Market Size in 2022:	USD 400 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10%
2032 Value Projection:	USD 1 Trillion
Historical Data for:	2018 to 2022
No. of Pages:	400
Tables, Charts & Figures:	743
Segments covered:	Deployment Model, Organization Size, Application
Growth Drivers:	Increasing Integration of big data, AI, and ML with cloud Increasing public cloud spending Growing adoption of cloud computing solutions in developing countries Rising deployment of IaaS and PaaS in SME Cost-effective and scalable
Pitfalls & Challenges:	Data privacy and information security concerns Cloud Wastage

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of public cloud was valued at USD 400 billion in 2022 and is expected to grow at over 10% CAGR over the next 10 years, owing to the integrated availability of cloud with big data, artificial intelligence (AI), and machine learning (ML).

The IT & telecom application segment is anticipated to reach USD 250 billion by 2032, on account of the strong dependence of large companies involved in the telecom sector on cloud services.

The SaaS segment held over 60% market share in 2022, as a result of the burgeoning interest of enterprises towards cloud-based AI software for optimizing operations, advancing digitalization in business models, and strengthening corporate flexibility.

The North America market valuation exceeded USD 200 billion in 2022, due to supportive government initiatives towards AI and IoT-based services in the region.