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

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

Public Cloud Market is expected to register strong growth during 2032 owing to the budding deployment of IaaS and PaaS in SMEs. IaaS and PaaS deployment offers several benefits, such as saving time and resources, avoiding high investment, and offering third-party expertise.

Moreover, the demand for IaaS is increasing as it assists companies in easily renting a computerized infrastructure from a remote location, thereby supporting their technological needs without massive investment. Besides, scalability, simplified disaster recovery, cost savings, staying up-to-date, and resource optimization are key benefits slated to increase the demand for the public cloud industry in the coming years.

Public clouds are gaining strong traction recently, offering over 99% uptime and no risk of failure. As the overall cloud system connects several servers, during the failures the other server takes over the workload, ensuring smooth and constant performance for business-critical applications.

Overall, the public cloud industry is segmented in terms of deployment model, organization size, application, and region.

Based on the deployment model, the PaaS segment is slated to depict 15% CAGR between 2023-2032. Increasing deployment of PaaS empowers users to develop, run, and manage apps without building and maintaining the operations. Besides, advantages such as easy provisioning and resource management, quick deployment of various platforms, cost savings, fewer difficult setup and configuration steps, and less knowledge requirement will spur its adoption in the future.

By organization size, the large enterprise segment is expected to grow considerably through 2032. Increasing shift of large enterprises to public cloud application models as these enterprises have less-sensitive data that requires large storage space, will help the segment to grow in the future. Companies prefer public cloud for less-sensitive data, which is cost-effective and helps integrate innovative measures into business models.

Considering the application, the BFSI industry held over 20% market share in 2022. The BFSI industry opts for public cloud as it strengthens business operations and increases customer relationships. In addition, the public cloud offers banking efficiency, improves customer data management, and provides more security with fraud detection features than traditional data management systems.

Regionally, the Asia Pacific public cloud market is anticipated to exhibit over 15% CAGR through 2032. The presence of leading market players that are seeking collaborative efforts to enhance their cloud storage services will positively influence the regional outlook in the coming years.