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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

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

Industry Drivers

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).

Public Cloud Market

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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.

Surging data breaches and cyberattacks may restrain the industry progression

Despite a positive outlook for product adoption, the public cloud market faces a major hurdle in the form of data privacy and information security concerns. The government and healthcare sectors are highly susceptible to cyberattacks and data breaches. Even though cloud technology helps businesses increase efficiency and cut costs for data management, increasing rates of data theft have depleted trust ability. In October 2022, the U.S. government released the country’s new cybersecurity strategy to keep IoT devices safe. The plan consists of the labeling system and strategies for cybersecurity resilience.

Positive inclination towards AI-based software technology to push SaaS market growth

Global Public Cloud Market Revene Share By Deployment Model

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In terms of deployment model, the SaaS segment accounted for 60% share of the public cloud market in 2022. The burgeoning interest of enterprises in cloud-based AI software for optimizing operations, advancing digitalization in business models, and strengthening corporate flexibility is propelling the market expansion. To cite an instance, in February 2023, Integreon, a legal and business outsourced services provider, launched CyberHawk-AI, an innovative automated technology, using RadarFirst’s SaaS privacy incident management technology.

Robust reliance of large companies on cloud to bolster product uptake for IT & telecom applications


Authors: Preeti Wadhwani, Shamal Gawande

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.

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  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 743
  • Countries covered: 16
  • Pages: 400
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