New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Public Cloud Global Market Report 2023" - https://www.reportlinker.com/p06479848/?utm_source=GNW
, VMware Inc., Verizon Wireless Inc., SAP SE, Rackspace Technology Inc., Fujitsu Limited, CenturyLink Inc., Alibaba Cloud, and NTT Communications Corporation.
The global public cloud market is expected to grow from $492.39 billion in 2022 to $588.53 billion in 2023 at a compound annual growth rate (CAGR) of 19.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The public cloud market is expected to reach $1188.6 billion in 2027 at a CAGR of 19.2%.
The public cloud market consists of revenues earned by entities by providing cloud computing services such as compute and storage services, development-and-deployment services, and applications availability on-demand services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The public cloud market also includes sales of networking equipment, like switches, routers, firewalls, load balancers, storage arrays, backup devices, and servers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A public cloud refers to a form of cloud computing in which computer services and infrastructure are offered by a third party and distributed to several customers through the internet. It is a completely virtualized environment that allows for on-demand computing and self-service provisioning.
North America was the largest region in the public cloud market in 2022. It is expected to be the fastest-growing region in the forecast period. The regions covered in public cloud report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
The main types of public cloud services are business process services (BPAAS), application infrastructure services (PAAS), application services, management and security services, systems infrastructure services (IAAS), and advertising.Business Process Services (BPaaS) refers to outsourcing that involves delivering business processes via a cloud service model.
They are categorized into hardware and software and are used in several organizations, such as small and medium enterprises and large enterprises. These are utilized by various end-users, such as discrete manufacturing, professional services, banking, process manufacturing, retail, and others.
The rising use of 5G technology is expected to propel the growth of the public cloud market going forward. 5G is the fifth generation of mobile networks that enables a new type of network that is meant to link almost everyone and everything, including machines, objects, and devices. 5G, with its faster bandwidth, lower latency, and more capacity, can allow for more sophisticated applications and services such as virtual and augmented reality, edge computing, and IoT solutions. 5G technology will make it easier and more reliable for cloud service providers to reach business mobile clients, and access to virtual computers through phones will become more widespread. For instance, in April 2023, according to 5G Americas, a US-based industry trade organization composed of leading telecommunications service providers and manufacturers, in 2022, there were 1.05 billion 5G wireless connections worldwide, a 76% increase from the end of 2021. Further, it is expected to reach 1.9 billion by the end of 2023 and 5.9 billion by the end of 2027. Therefore, the rising use of 5G is driving the growth of the public cloud market.
Technological advancements are a key trend gaining popularity in public cloud market.Major companies involved in the public cloud market are focused on innovating new products to sustain their position in the market.
For instance, in April 2021, RiverMeadow Software Inc., US-based provider of Cloud Migration and Disaster Recovery Software and Services, announced the addition of new capability to its market-leading Cloud Migration Platform to allow customers the option to carry out VM-based or OS-based migrations to any cloud. This makes RiverMeadow the only Multi-Cloud Migration Platform in the market to offer customers the choice of how they migrate to Public Clouds, including Microsoft Azure, Google Cloud Platform (GCP) or Amazon Web Services (AWS). It facilitates migration from public cloud to private or on-premises cloud, as well as migration between any public cloud.
In February 2021, Hewlett-Packard Enterprise (HPE), a US-based information technology company acquired CloudPhysics for an undisclosed amount.This acquisition enabled Hewlett-Packard Enterprise to enhance its AI-driven analytics capabilities, provide more comprehensive cloud management solutions to its customers, and generate comprehensive technology recommendations for them.
The acquisition broadens HPE’s capacity to provide real-world insights to clients and partners across a wide range of IT settings. CloudPhysics is a US-based company with expertise in public clouds that provides cloud infrastructure management software.
The countries covered in the public cloud market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The public cloud market research report is one of a series of new reports that provides public cloud market statistics, including public cloud industry global market size, regional shares, competitors with a public cloud market share, detailed public cloud market segments, market trends, and opportunities, and any further data you may need to thrive in the public cloud industry. This public cloud market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06479848/?utm_source=GNW
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