Public cloud application services market is experiencing a robust growth all over the world. The main reason regarding this are the facilities and ease of operations that are facilitated by the adoption of cloud computing. Public cloud services are generally more dependable than in-house data centers. Public cloud also offers the advantage of cost savings, as companies only have to get those type of resources which they need at that particular point of time and don’t have to opt for excess capacity. Accessing public cloud services allows companies to opt for a workforce that is mobile in the true sense and to connect branches that are situated in diverse geographical regions, since the public cloud services can be accessed through the internet. Due to such benefits of public cloud computing, the market for the same is growing leap and bounds.
The value of the global public cloud application services market is anticipated to witness a CAGR of 23.7% during the forecast period of 2020-2030.
“The demand for public cloud application services is expected to experience a significant growth over the forecast period, due to rising application in Banking, financial services and insurance (BFSI) sectors, in addition to rapid growth in emergence of IoT-enabled technologies” says the FMI analyst.
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Key Takeaways of Public Cloud Application Services Market Study
- Among the application segment, the business intelligence application sub-segment is expected to witness a high growth rate during the forecast period, owing to the increasing adoption of data-driven decision making process and growth of advanced analytics solution.
- On the basis of FMI report, East Asia region is expected to create potential growth opportunities for the public cloud application services market, due to adopting data focused approaches including business intelligence and analytics solution in this region.
Increasing Adoption of Public Cloud Application Services amid the COVID-19 Pandemic outbreak
In response to the COVID-19 pandemic, cloud service providers are taking special measures to meet the customer demand for cloud usage, due to sudden shift to a remote-first workforce. According to estimates, almost 70% CIOs agrees “cloud services” would become a priority in 2020, and they expect to reduce on-premises workloads to 35% in 2021, as compared to almost 60% in 2019. With this trend to continue, pubic cloud application services market revenue is estimated to increase by 1.6X during 2019-2021.
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More Valuable Insights on Public Cloud Application Services Market
FMI’s report on the public cloud application services market is segmented into four major sections such as 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), vertical (government, BFSI, healthcare, telecommunication, media & entertainment, energy & utilities, retail/ wholesale, manufacturing, transportation and others), enterprise (large enterprise, and small & medium enterprise) and region to help readers understand and lucrative evaluate opportunities in the public cloud application services market.
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