SaaS Dominates the Market
Public Cloud to Become a Trillion-Dollar Industry by 2028
Market Revenue to Jump by 53 Percent in Four Years
The public cloud market has snowballed over the past years, as billions of people worldwide started using cloud storage to manage and store private data. Last year alone, public cloud platforms grossed $595 billion, or 175 percent more than just five years before. This figure is expected to grow by a further 16 percent and hit over $690 billion in 2024. The market momentum will continue in the following years, helping the public cloud industry to hit an impressive new milestone.
According to data presented by Stocklytics.com, public cloud is expected to become a trillion-dollar industry by 2028.
In the increasingly digital world, public cloud services have become essential, both in the private and business sectors. Today, examples of cloud computing are practically everywhere, from messaging apps, social networking, and streaming services to business processes, office tools, lending platforms, or chatbots.
The surging demand for these services, especially amid the COVID-19 lockdowns, has helped the market`s largest players, Amazon Web Services, Microsoft Azure, and Google Cloud Platform, to double their revenues in the past five years. Although growth rates have significantly dropped since their peak in 2019, 2020, and 2021, the market still has quite a momentum, which will continue in the following years.
According to a Statista survey, global public cloud revenues are expected to grow by 16 percent year-over-year and hit $690.3 billion in 2024. The following years are expected to see similar growth rates, resulting in a market volume of $1.06 trillion by 2026, and showing a massive 56 percent increase in four years.
In global comparison, most revenue will be generated in the United States, the world`s largest public cloud market. Statista expects US public cloud revenues to jump by 44 percent and hit over $476 billion by 2028, up from $330.5 billion this year.
However, as the second largest globally, the Chinese market will see even bigger growth in this period. Chinese public cloud revenues are expected to double and hit $137.1 billion by 2028. Germany and the United Kingdom follow with 120 percent and 41 percent growth rates and $37.5 billion and $37.8 billion in revenue by 2028, respectively.
IaaS is the Fastest Growing Segment, Revenue to Surge by 84 percent by 2028
Although software as a service (SaaS) dominates the market with a massive 40 percent share in 2024, other segments will see much bigger growth in the following years. Statista expects global SaaS revenues to jump by 32 percent and hit $374.5 billion by 2028, up from $282.2 billion this year.
The platform as a service (PaaS) segment is forecasted to grow by 70 percent in this period and hit over $244 billion in revenue in the next four years. The business process as a service (BPaaS) and desktop as a service (DaaS) segments will also see double-digit growth, with their revenues jumping by 18 percent and 55 percent by 2028, respectively.
However, statistics show that infrastructure as a service (IaaS) will grow the most in the next four years. According to Statista, nearly 30 percent of total market revenue in 2024, or $195.2 billion, will come from the IaaS segment. By 2028, this figure is expected to grow by a whopping 84 percent and hit nearly $360 billion. (Stocklytics.com: ra)
eingetragen: 04.02.24
Newsletterlauf: 12.04.24
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