Public Cloud Market size to surpass $1 Tn by 2032

Public Cloud Market size is predicted to cross USD 1 trillion by 2032, according to a new research report by Global Market Insights Inc.
 

The growing adoption of cloud computing solutions in developing countries is projected to have a positive impact on the industry outlook. Rapid uptake in emerging countries such as India and Singapore due to thriving digitalization and the development of advanced network grid infrastructure is playing a key role in establishing cloud-operated businesses. In September 2022, the Government of India announced an investment of USD 30 billion for digital transformation in rural areas that will ensure good quality, high-speed data connectivity across the nation.
 

Extensive cloud-based business operation trends to increase IaaS industry share

With respect to deployment model, the public cloud market from the IaaS segment is anticipated to reach USD 350 billion by 2032. Soaring digitization and soaring inclination toward cloud-based business operations are increasing the demand for IaaS that offers inexpensive delivery of IT infrastructure, such as computing and storage. Recently, in February 2023, Tencent Cloud, a technology solutions provider, signed an MoU with Saudi Arabia-based integrated service expert Mobily to provide IaaS products, such as cloud virtual machines, storage, and network solutions, in the Kingdom of Saudi Arabia.
 

Massive data storage demand to bolster public cloud solutions uptake in large enterprises

The large enterprises segment accounted for 40% revenue share of the public cloud market in 2022, as a result of the huge amount of less-sensitive data possessed by large businesses that need adequate storage. The public cloud is affordable and supports the integration of novel measures into business models. In February 2023, computer technology behemoth Oracle announced a seven-year cloud partnership with Uber, a mobility services firm. Oracle Cloud Infrastructure agreed to aid Uber in boosting innovation, storing client data, and modernizing its infrastructure.
 

Browse key industry insights spread across 400 pages with 708 market data tables and 35 figures & charts from the report, “Public Cloud Market Size By Deployment (SaaS, IaaS, PaaS), By Organization Size (Large Enterprise, SMEs), By Application (BFSI, Healthcare, Media and Entertainment, Automotive, Government, Retail and Consumer Goods, Manufacturing, IT & Telecom), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/public-cloud-market
 

Rising need for cloud services for effective content streaming to complement media & entertainment segment progression

The public cloud market from media and entertainment applications will witness over 12% CAGR between 2023 and 2032. The adoption of public cloud is growing in the media & entertainment sector as it improves the effectiveness and quality of content streaming compared to on-premise infrastructure that hampers content quality and demands significant maintenance. To cite an instance, in July 2022, Comcast Technology Solutions announced a deployment deal of its Cloud TV Suite with Deutsche Telekom. The company expanded its cloud solution portfolio for Deutsche Telekom’s Magenta TV business landscapes.
 

Surging investments in technological advancement to propel the Europe industry growth

Europe is estimated to account for over 20% of the overall public cloud market revenue by 2032, as major companies are investing heavily in technical innovations for regional infrastructure. To quote an instance, in August 2021, tech leader Google announced an investment of more than USD 1 billion to extend a new Google Cloud region in Frankfurt. The company aims to accelerate digitalization in Germany and build a sustainable economy with advanced infrastructure and clean energy.
 

Promising collaborations to expand product portfolio to remain a key growth strategy

Some of the leading companies involved in the public cloud market include Alibaba Group Holding Limited, SAP SE, Oracle Corporation, IBM Corporation, Tencent Cloud., and Nutanix. These firms are expected to focus on advancements in product capabilities and engage in promising collaborations. For instance, in May 2022, IBM Corporation, an advanced technology firm, inked a collaborative agreement with Amazon Web Services Inc., an IT service management company, to enable SaaS software on AWS. This software supports automation, security capabilities, AI & data, runs cloud-native on AWS, and is built on Red Hat OpenShift Service. This deal enabled users to access IBM SaaS software within AWS marketplace and integrate it with AWS services.