Public cloud market to reach $987.7 billion by 2027 growing at a CAGR of 17.3%

Public cloud market to reach $987.7 billion by 2027 growing at a CAGR of 17.3%

The public cloud market is anticipated to reach $987.7 billion by 2027, growing at a Compound Annual Growth Rate (CAGR) of 17.3% over the projection period from $444.7 billion in 2022. A CSP holds scalable, on-demand IT resources and makes them available to users via the Internet under the public cloud deployment model.

The public cloud has a lot of virtual resources and is autonomously managed by many users. With these resources at our disposal, handling fluctuations in demand is straightforward. The user can pay for cloud services per use or always get them for free. However, security issues prevent businesses from sharing sensitive information over the public cloud.

Infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS) make up the public cloud market’s business model. A model known as Infrastructure as a Service (IaaS) outlines how vendors offer virtualized cloud-based resources over the Internet.

Public cloud bolsters business growth

The cloud helps businesses meet new requirements like sovereignty, data integration, and better customer experiences, in addition to enabling the scalability and composability that cutting-edge technologies and applications demand. Research and Markets report shows that the public cloud market is anticipated to grow at the highest CAGR of 21.9% for IaaS during the expected timeframe.

Using a pay-per-use business model, users of IaaS can rent cloud infrastructure, including servers, storage, and networking, as required. The ability to access virtualized computer resources hosted online by companies like Amazon Web Services (AWS), Microsoft Azure, or Google is made feasible by IaaS.

Additionally, some providers might charge customers for the virtual machine area they use. The majority of public cloud service providers install their systems using this technique. IaaS solutions allow customers to change the size of their IT tools as necessary. Users can more easily access new apps thanks to cloud vendors, who also improve their infrastructure’s dependability.

During the forecast period, North America will hold the biggest market share

Five geographical areas make up the public cloud market: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is anticipated to hold the largest market share in the global public cloud by 2022, and this pattern is projected to continue throughout the forecast period. The US and Canada are the two largest contributors to the North American industry for public clouds.


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