Public Cloud Market Analysis

Public Cloud Market Analysis

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.
 

Based on application, the public cloud market share from the IT & telecom segment is expected to surpass a valuation of USD 250 billion by 2032, owing to  the strong dependence of large companies involved in the telecom sector on cloud services. For instance, in May 2022, Vodafone, a British telecom firm, collaborated with Google Cloud on Vodafone’s Unified Performance Management (UPM) platform to plan, build, and manage its network across Europe.  
 

With respect to organization size, the public cloud market revenue from the SMEs segment is projected to reach USD 750 billion by 2032. Large investments required to set up on-premises data storage infrastructure encourage SMEs to use IaaS or SaaS solutions to eliminate the need for onsite infrastructure and servers, reducing costs for the company and increasing data accessibility. The growing number of SMEs across the world is foreseen to spur product adoption. According to the U.S. Small Business Administration, in 2021, 99.9% of all domestic businesses were SMEs.
 

The North America public cloud market held around USD 200 billion revenue in 2022, on account of supportive government initiatives towards AI and IoT-based services in the region. Recently, in November 2022, the U.S. Department of Commerce’s National Telecommunications and Information Administration (NTIA) awarded a more than USD 4.5 million ‘Internet for All’ grant to Idaho for deploying affordable, equitable, and reliable high-speed internet networks and digital skill training programs throughout the state.