Global Public Cloud Market Size, Share, Revenue, Trends And Drivers For 2024-2033

LONDON, GREATER LONDON, UK, August 8, 2024 /EINPresswire.com/ -- The global public cloud market is witnessing remarkable growth, with the market size expanding from $588.53 billion in 2023 to $702.82 billion in 2024, reflecting a robust compound annual growth rate (CAGR) of 19.4%. This impressive growth is attributed to enhanced computing power, advancements in the entertainment industry, product design and prototyping, automotive design and testing, training and education, and significant cost savings. Looking ahead, the market is projected to reach $1,434.35 billion by 2028 at a CAGR of 19.5%, driven by evolving gaming and entertainment needs, advancements in autonomous vehicles, healthcare simulation, environmental simulation, and scientific research.

Rising Adoption by Small and Medium-Sized Enterprises (SMEs) Fuels Market Expansion
The increasing number of small and medium-sized enterprises (SMEs) is a key driver of the public cloud market's growth. SMEs benefit from public cloud services through data storage, security, compliance, and scalability, enhancing their operational efficiency and competitiveness. For instance, the number of small businesses in the United States rose to 33.2 million in 2022, marking a 2.2% increase from 2021. This surge in SMEs is expected to propel the public cloud market further.

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Key Players and Technological Innovations
Major players in the public cloud market include International Business Machines Corporation, Amazon Web Services Inc., Salesforce Inc., Oracle Corporation, Microsoft Corporation, Google LLC, Cisco Systems Inc., VMware Inc., and many others. Technological advancements are a significant trend in this market. For example, RiverMeadow Software Inc. introduced a new capability in April 2021, allowing customers to perform VM-based or OS-based migrations to any cloud, including Microsoft Azure, Google Cloud Platform (GCP), or Amazon Web Services (AWS). This innovation supports migration from public cloud to private or on-premises cloud and between public clouds, showcasing the market's focus on enhancing migration solutions.

Trends Shaping the Future of Public Cloud
Several key trends are shaping the public cloud market, including Industry 4.0 and digital twins, cloud-based rendering services, cross-industry collaboration, the integration of AI and machine learning, and advancements in realism and high-fidelity graphics. These trends are driving innovations and expanding the capabilities of public cloud services.

Market Segmentation
The public cloud market is segmented as follows:
• By Component: Hardware, Software
• By Service: Business Process Services (BPaaS), Application Infrastructure Services (PaaS), Application Services, Management and Security Services, Systems Infrastructure Services (IaaS), Advertising
• By Organization Size: Small and Medium Enterprises, Large Enterprises
• By End-User: Discrete Manufacturing, Professional Services, Banking, Process Manufacturing, Retail, Other End-Users

Geographical Insights: North America Leading the Market
In 2023, North America was the largest region in the public cloud market and is expected to be the fastest-growing region during the forecast period. The region's dominance is driven by its advanced technological infrastructure and high adoption rates of cloud services.

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Public Cloud Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Public Cloud Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on public cloud market size, public cloud market drivers and trends, public cloud market major players, competitors' revenues, market positioning, and market growth across geographies. The public cloud market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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