The public cloud industry has grown dramatically in recent years as billions of individuals around the world began adopting cloud storage to manage and store private data. Public cloud platforms generated $595 billion in revenue last year, a 175% increase over the previous five years.
This sum is predicted to rise by another 16%, reaching more than $690 billion by 2024. The market momentum will continue in the next few years, allowing the public cloud business to reach a significant new milestone.
Stocklytics predicts that by 2028, the public cloud sector will be worth trillions of dollars.
In today’s increasingly digital environment, public cloud services are crucial for both the private and business sectors. Cloud computing is now ubiquitous, with examples ranging from messaging apps, social networking, and streaming services to business procedures, office tools, lending platforms, and chat bots.
Amazon Web Services, Microsoft Azure, and Google Cloud Platform have doubled their income in the past five years due to increased demand for their services, particularly during COVID-19 lockdowns.
Although growth rates have declined dramatically since their peak in 2019, 2020, and 2021, the market still has a lot of momentum, which will continue in the coming years.
According to a Statista survey, global public cloud revenues are anticipated to increase by 16% year over year to $690.3 billion in 2024. The following years are predicted to have similar growth rates, with a market volume of $1.06 trillion by 2026, representing a tremendous 56% rise in four years.
In terms of global income, the United States, the world’s largest public cloud market, will produce the majority. Statista predicts that US public cloud revenues will increase by 44% to more than $476 billion by 2028, up from $330.5 billion this year.
However, being the world’s second-largest market, the Chinese market will experience even greater development over this era. Chinese public cloud revenues are predicted to treble, reaching $137.1 billion by 2028. Germany and the United Kingdom will follow with 120% and 41% growth rates, as well as revenue of $37.5 billion and $37.8 billion by 2028, respectively.
Although software as a service (SaaS) will lead the market with a massive 40% share by 2024, other areas will develop significantly faster in the next few years. Statista predicts that global SaaS revenues will increase by 32% to $374.5 billion by 2028, up from $282.2 billion this year.
The platform as a service (PaaS) segment is expected to increase by 70% during this period, reaching more than $244 billion in sales over the following four years. The business process as a service (BPaaS) and desktop as a service (DaaS) segments will also experience double-digit growth, with sales increasing by 18% and 55% by 2028, respectively.
However, data indicates that infrastructure as a service (IaaS) will increase the most over the next four years. According to Statista, the IaaS segment will account for roughly 30% of overall market revenue in 2024 ($195.2 billion). By 2028, this amount is predicted to climb by a stunning 84% and hit approximately $360 billion.