The market is expanding as a result of the digital transformation’s acceleration and rising demand for mobile and web-based applications. According to Future Market Insights, the market for public cloud application services will grow rapidly at a CAGR of 23.7%, eventually reaching an estimated value of around US$ 130,550 million.
The market for cloud-based apps and services from third-party providers, known as public cloud application services, is expanding. It includes services such as infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).
The market is expected to grow significantly in the coming years as a result of rising corporate cloud computing adoption, rising demand for scalable and cost-effective IT solutions, and rising availability of cloud services with increased security.
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Better security is always needed, and using cloud infrastructure has the added advantage of making secure access—even for remote access—simpler. As a result, public cloud services are increasingly being associated with corporate agility and speed.
The growth of Infrastructure as a Service (IaaS) has opened up new possibilities for employing public cloud services. As a result, there is no doubt that the enterprise IT value chain is evolving. A new trend in many firms is the combining of on-premises IT infrastructure with cloud architecture, and this cloud infrastructure continues to be the best way to deploy public IaaS.
Key Takeaways of Public Cloud Application Infrastructure Services Market Study
- Among the application segment, the application infrastructure & middleware sub-segment is expected to witness a high growth rate during the forecast period, owing to the increasing adoption of digital business models, and modern application infrastructure to connect data, software, users, and hardware.
- East Asia is expected to create lucrative growth opportunities for players in the public cloud application infrastructure services market, owing to the IT organizations migrating their business-critical infrastructure to the cloud, and increased adoption of hybrid IT, in the countries of this region.
Increasing Adoption of Public Cloud Application Infrastructure Services amid the COVID-19 Pandemic outbreak
The increasing work-from-home scenario amid global lockdowns due to the COVID-19 outbreak, would drive the market for public cloud application infrastructure services during Q2-Q4 2020. Public cloud application infrastructure service-based offerings such as application development, database management systems, business intelligence platform, and others would grow at an unprecedented rate. However, new technologies such as AI, Robotics, AR/VR, IoT, cognitive security, etc., would see a surge in adoption owing to the increasing new use cases and new market opportunities. In addition, the overall public cloud application infrastructure services market is projected to grow at an increasing rate, from Q1 2021 onwards.
Introduction of New Public Cloud Application Infrastructure Services to Remain Key Strategy
Key vendors focusing on public cloud application infrastructure platforms are strategizing to develop and innovate new services related to public cloud infrastructure technology in order to achieve full global coverage and enhanced customer experience.
- In September 2019, Oracle partnered with VMware to provide support customers for implementing hybrid cloud strategies. According to this partnership, customers are able to execute their hybrid cloud strategies by using VMware Cloud Foundation on Oracle Cloud Infrastructure.
North America Market Set to Dominate the Global Public Cloud Application Services Market in Terms of Revenue
The market in North America is set to dominate the global public cloud application services market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America public cloud application services market is the most attractive market, growing at a robust CAGR over the forecast period.
More Valuable Insights on Public Cloud Application Infrastructure Services Market
FMI’s report on the public cloud application infrastructure services market is segmented into five major sections such as application type (application development, application infrastructure & middleware, business intelligence platform, database management systems, others), platform services (data services, application platforms, integration services, development & lifecycle services, other platform services), enterprise (large enterprise, small & medium enterprise), vertical (government, BFSI, healthcare, telecommunication, media & entertainment, energy & utilities, retail/ wholesale, manufacturing, transportation, and others) and region to help readers understand and lucrative evaluate opportunities in the public cloud application infrastructure services market.
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Public Cloud Application Services Market: Segmentation
The global Public Cloud Application Services market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
By Application
- Business Intelligence Application
- Customer Relationship Management
- Digital Content Application
- ERP Application
- Enterprise Content Management
- Office Suites
- Project Management
- Supply Chain Management
- Social Software Suites
- Application Software
By Enterprise
- Large Enterprise
- Small & Medium Enterprise
By Vertical
- Government
- BFSI
- Healthcare
- Telecommunication
- Media & Entertainment
- Energy & Utilities
- Retail/ Wholesale
- Manufacturing
- Transportation
- Others
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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