Public Cloud Market All Set to Have a Successful Run from 2017-2023: WiseGuyReports

The global public cloud services market is largely benefitted by a variety of benefits associated with these services, including remote access to IT infrastructure, online office applications, ability to store non-sensitive content, online document collaboration from multiple locations, webmail and online document collaboration from multiple locations. Enterprises, large as well as small and medium-sized, are now making a shift to public cloud services with their business approach going from on-premise to digital. This helps bring down the expenses for maintenance along with the support systems. Owing to these reasons, it is expected that the global public cloud services market will be worth around USD 1,132.88 billion by 2023. Also, it is poised to surge at a growth rate of 22.78% during the forecast period (2017-2023).

Pune, India, May 07, 2019 (GLOBE NEWSWIRE) -- As per the report found on Wise Guy Reports (WGR), the global public cloud market is on its way to reach the valuation of roughly USD 1,132.88 billion by 2023. In addition, the report states that the market will be growing at a growth rate of 22.78% during the forecast period (2017-2023).

Market Drivers & Restraints

A Host of Benefits to Augment Product Demand

One of the major drivers predicted to uplift the market position of public cloud service is the host of numerous benefits associated with cloud technologies. The public cloud services are generally provided free or on a pay-per-usage model, and comes with various features as well as benefits like ultimate scalability, reliability and cost-effective models and so on. Apart from this, these services are also inclusive of consulting, professional, design, support, maintenance, and integration services.

Rising Adoption Rate in the Electronic Industry to Benefit the Market

Backed by the surging demand for feature-rich electronic gadgets, a number of manufacturers are now actively integrating advanced technology known for supporting extensive attributes like cloud-based service. Rising preference for extensive storage, improved accessibility to business related documents and enhanced connectivity has revved up the rate of adoption of public cloud services, particularly in the electronic industry.

Compromised Security of Data to Restrict Market Growth

Issues related to data security and data compliance will prove to be a key barrier for the market growth during the forecast period.

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Growth Opportunity

Rising Consumption in Agricultural Industry

The widespread use of public cloud services is not limited to just the electronic industry. Over the coming years, these services will note substantial adoption for the maintenance, storage and the processing of data associated with soil quality as well as production process. On account of its compliant and secure features, public cloud services benefit the farmers who are conveniently able to access data from multiple institutes in order to make correct predictions when it comes to the outcome of the production process.

Other than this, the public cloud platform allows access to the consumer data, supply chains and billing systems, owing to which the farmers are able to improve the quality of their farming process. For instance, the public cloud services provided by AgJunction allow the farmers in retrieving and sharing data regarding different precision agriculture controllers present on a farm. This helps in reducing the adverse impact on the environment, in addition to bringing down the overall cost.

Cloud Infrastructure Clinches the Top Position

Amongst the types of cloud computing, the cloud infrastructure segment governed the biggest market share, estimated at USD 70.92 billion in 2016. The data experts predict that the segment is going to grow at the robust rate of 23.98% during the forecast period.

SaaS Rules as the Leading Service-Based Segment

Service-wise, SaaS controlled the lion’s share at an estimated value of USD 130.30 billion in 2016. Furthermore, it is projected to surge at a healthy CAGR of 22.53% over the assessment period.

Large Enterprises to Make the Most Use of Public Cloud Services

Depending on the organization size, large enterprises contributed close to USD 181.28 billion in 2016, and is poised to surge at the CAGR of 21.22% in the years ahead.

BFSI Zooms Ahead with Maximum Market Share

Amongst all the industries making use of public cloud services, BFSI grabbed the biggest share, reaching the valuation of USD 63.59 billion in 2016. It is also estimated to elevate at the growth rate of 23.44%.

Geographically, the worldwide public cloud market is spread across the key regions of Europe, Asia Pacific, North America, as well as the Rest of the World.

North America leads the Pack as Popularity of BYOD Grows

The leading regional market at the global level is North America, with an estimated share of 61.66% in 2016. The North American region is principal for the public cloud market. In the region, the growing adoption of smart devices by professionals and the trend of bring-your-own-device (BYOD) has had an enormous effect on public cloud services as they come with reduced implementation costs.

Europe Secures Second Spot in the Global Market

In 2016, Europe had managed to secure the second position in the global public cloud market, accountable for around 20.17% of the overall market share. The expanding healthcare industry in the region and the subsequently rising trend of virtual care in the healthcare industry is projected to rake massive revenue for the public cloud market in the near future.

Asia Pacific Expected Fastest Growth Rate

Asia Pacific has been identified as the fastest growing regional market, at the CAGR of 25.42% due to rapid industrialization, including BFSI, healthcare and mostly agriculture among others. The region also notes a high demand for SaaS services, with the most amount of demand generated among the large enterprises in the region.

RoW to Note Sluggish Growth

The rest of the world will be noting an abysmal growth rate in terms of revenue, having managed to occupy just about 6.44% of the total market in 2016.

Top Players

The top players competing in the global public cloud market include, Fujitsu Limited Hewlett-Packard Enterprise, Inc., Google Inc., Cisco Systems, Inc., Oracle Corporation, Microsoft Corporation, VMware Inc., International Business Machines Corporation, among others.

Industry Update

6 May 2019

Optiva Inc, a public cloud services provider has selected Google Anthos as the platform for private as well as public cloud deployments. This will prove to be a cost-effective move which will ensure total cost of ownership (TCO) savings of almost 80 percent for the company.

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