Public Cloud Market Growth
Despite global inflation, the cloud market is booming—set to hit $591.8B in 2023, says Gartner. With AWS, Google Cloud & Azure driving growth, startups and emerging markets fuel this surge. Discover what’s powering the rise and what challenges lie ahead.
Gartner Inc. announced the forecast value of the public cloud market, "Worldwide end-user spending on public cloud services is forecast to grow 20.7% to total $591.8 billion in 2023, up from $490.3 billion in 2022".
While the world economy is facing inflationary pressures and macroeconomic conditions, the growth of the public cloud demonstrates continuous growth and is expected beyond.
The three largest cloud providers leading thepublic cloud markets, AWS (Amazon Web Services), Google Cloud, and Microsoft Azure, were recently addressed with their robust earnings for the quarter in financial reports of Q3 2022. AWS grew 27% year over year, reporting net sales of $20.5 billion for Q3 2022.
Google Cloud was reported with $6.9 billion in revenue, 37% year over year. Microsoft's cloud business grew by 20%, $20.3 billion. The market is predicted to continue with growth in double digits towards 2030.
The reasons for the expected continuous growth of public clouds are described with five trends:
Spread of Cloud-first Strategy
The spread of the cloud-first strategy into enterprises and public sectors, which provides priority to considering the cloud as an IT infrastructure, which enables them to shorten the deployment and migration period for projects moving from conventional…
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