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Public Cloud Service Market Segmented by Cloud Business Process Services (BPaaS), Cloud Application Services (SaaS), Cloud Application Infrastructure Services( PaaS), Cloud System Infrastructure Services(IaaS), Cloud Management & Security Services, Cloud Advertising type
In this digital era, as integrity and security gain significant importance, various industries are increasingly adopting cloud-based services to maintain their data in a transparent and secure manner. Along with growing use of cloud-based services in the electronic industry, players in the healthcare and agricultural industry are also making the move to cloud.
With growing preference for feature-rich electronic gadgets, manufacturers are increasingly integrating enhanced technology that support extensive attributes such as cloud-based service. Increasing need for enhanced connectivity, extensive storage and improved accessibility to business related documents has revved up adoption of public cloud services in the electronic industry. Such factors are expected to contribute towards the growth of the global public cloud service market during the period 2017-2022.
According to a recently published report by Persistence Market Research, the global market is expected to gain significant traction and register a steady growth. In terms of revenue, the global market is expected to represent a value of over US$ 640,000 Mn by the end of 2022, registering an impressive CAGR.
Public cloud services are expected to witness significant adoption in the healthcare industry. With growing demand for easy access to patient and treatment related data in a cost-effective and secure manner, various healthcare organizations continue to adopt public cloud services.
Public cloud service platform enables patients to maintain the confidentiality of data related to the treatment. Growing trend of virtual care in the healthcare industry is expected to impact growth of the global public cloud service market positively.
Access to the public cloud services is not limited to electronic and healthcare industry. Public cloud services are also expected to witness considerable adoption for maintaining, storing, and processing data related to soil quality and production process. Attributed to its secure and compliant features, the farmers continue to conveniently access data from various institutes to make accurate predictions regarding the outcome of production process.
Further, this platform enables access to the billing systems, consumer data, and supply chains attributed to which the farmers can enhance their farming process. For example, public cloud services offered by AgJunction enables the farmers to retrieve and share data regarding various precision agriculture controllers on a farm in order to reduce the adverse impact on the environment, and slash down the costs.
With growing advancements in e-commerce and big data, various companies continue to use cloud solutions for advertising in order to control the prices in several ways. On the basis of type, cloud advertising segment is expected to witness the highest revenue growth, accounting for over US$ 24,000 Mn by 2017. However, the cloud enterprise segment is expected to register the highest CAGR in the global market throughout 2022.
As customers prefer speedy bank services and processes, various financial institutions are increasingly adopting public cloud services, which enables the customers to make faster transactions and complete bank related procedures conveniently. The BFSI segment, on the basis of vertical type, is expected to witness the highest revenue growth, accounting for over US$ 45,000 Mn in the global market. Cloud services are also expected to witness significant adoption in order to improve the patient care system. The healthcare segment is expected to register the highest CAGR growth in the global market throughout 2022.
Adoption of public cloud services is expected to remain high in various enterprises as it offers convenient access to the business related data to the employees. By enterprise type, the large enterprise segment is expected to witness significant revenue growth, representing over US$ 47,000 Mn in the global market by the end of 2022. However, the small enterprise segment is expected to register the highest CAGR in the global market throughout 2022.
Leading market players in the global public cloud services market include Alphabet, Inc., Microsoft Corp., International Business, Machines Corp., Oracle Corp., CenturyLink, Inc., Amazon Web Services Inc, Salesforce.com, Inc., VMware, Inc., Adobe Systems, Inc., and Red Hat, Inc.