Public Cloud Service Market to surpass US$ 640 Bn by 2022
Posted by Pradnya on June 6th, 2019
Surge in demand for enhanced technology in the electronic products that supports extensive features has fuelled demand for public cloud services market in the electronic industry. Persistence Market Research, in its recently compiled report, projects the global public cloud services market to surpass US$ 640 Bn by 2022.
Factors Fuelling Growth of the Global Market
Increasing demand for gadgets with enhanced connectivity and features has led to an upsurge in demand for public cloud services among manufacturers in the electronic industry. Public cloud services are also projected to witness significant adoption in various commercial organizations to extend access of important documents and business related files with the employees. In addition to increasing use in the electronic industry, public cloud services is projected to witness significant demand in the healthcare sector.
As customers prefer fast and cost-effective treatment services, various healthcare organizations continue to adopt technically enhanced services, such as public cloud services. The public cloud services enables patients and healthcare professionals to store and access all the treatment related data in the healthcare industry. Adoption of the public cloud services is projected to significantly add to the healthcare services, as patients can access doctors and treatments seamlessly. Increasing trend of accessing virtual care is projected to continue in various healthcare organizations. Attributed to its secure features, several healthcare organizations witness significant adoption of cloud-based services to maintain the patient records and data related to the treatment process in a transparent and secure manner.
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In addition to the healthcare industry, adoption of public cloud services is significantly high in the agricultural industry. Increasing need to store, maintain, and process the data related to production process in the agricultural field, and the quality of soil is projected to rev up adoption of public cloud services in the agricultural industry. Through the platform of public cloud services, the agriculturalists can access information stored by the precision farmers to curtail the harmful effects on the environment, and reduce the prices. Moreover, adoption of this platform in the agricultural industry enables the farmers to access the information related to the supply chain, customer demand, and the billing system. Through such information the agriculturalists can make better predictions and analysis regarding the product process.
Cloud Advertising to Represent a Leading Segment
Increasing advancements in technology has led to surge in use of big data and e-commerce platforms. Attributed to growing developments in technology, the advertising companies are adopting the cloud services to connect with the customers and also control the costs related to the services in various ways. In terms of revenue, the cloud advertising segment as compared to other types segment is projected to represent a relatively high revenue growth, representing more than US$ 24,000 Mn in the global market of public cloud service by the end of 2017. However, as compared to other types segment, the cloud enterprise type services segment is projected to reflect a relatively high CAGR through 2022. The market in North America will remain a leading segment for sales of public cloud services globally.
Moreover, growing demand to maintain the patient related data in a secure manner has led to an upsurge in adoption of cloud services in the healthcare industry. By vertical type, the healthcare segment is projected to reflect the highest CAGR in the global market of public cloud services during the predicted period. Apart from healthcare industry, public cloud services also witness considerable demand among the financial institutions for faster transactions and processing of the banking services. By vertical type, the BFSI segment is projected to represent a relatively high growth in terms of revenue, representing more than US$ 45,000 Mn in the global market by the end of 2022. Demand for the public cloud services is projected to remain significantly high in several enterprises. The large scale enterprise segment, by enterprise type is projected to represent the highest revenue growth, accounting for over US$ 47,000 Mn. However, as compared to other enterprise type segment, the small enterprises is projected to reflect the robust CAGR in the public cloud service market globally through 2022.
Major players in the global market of public cloud services are Microsoft Corp., Alphabet, Inc., Machines Corp., International Business, CenturyLink, Inc., Oracle Corp., salesforce.com, Inc., Amazon Web Services Inc, Adobe Systems, Inc., Red Hat, Inc., and VMware, Inc.
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Joined: February 3rd, 2017
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