We have seen massive adoption of cloud services globally over the past two years. Most industry analysts believe this growth that was spurred by the Covid-19 pandemic is likely to continue its momentum, at least till the year 2023.

A popular trading platform called StockApps.com recently released its forecast for the public cloud market. It expects that by the year 2023, the total size of the public cloud market could surpass the US $500 BN threshold.

The Public Cloud Market Set to Surpass US $500 BN by 2023

Recently, another survey conducted by “Statista” found that by the close of year 2021, the total size of the global public cloud market was around US $338 BN. This translates into a Year on Year (YoY) growth of 25%, when compared to its preceding year 2020.

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It comes as little surprise that Software as a Service (SaaS) is still the largest sub-segment of the public cloud market. This is because more and more enterprises have been busy migrating their workloads to various SaaS providers of their respective industries.

When it comes to growth rate, Infrastructure as a Service (IaaS) is the strongest growing sub-segment of the public cloud market. In 2021, the global IaaS market clocked total revenue to the tune of roughly US $87 BN.

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By the year 2023, it is expected that the global IaaS market will stand at US $148 BN, exhibiting a YoY growth rate of 70%, which is quite impressive. This strong growth rate will be fuelled by on premise data, apps and workloads making their way to the Cloud.

Platform as a Service (PaaS) is yet another sub-segment of the public cloud market that is showing strong signs of growth. During the year 2021, the global PaaS market raked in revenues of US $60 BN.

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By the year 2023, it is expected that the global PaaS market will reach a size of US $101 BN. This will translate into a YoY growth rate of nearly 67%, trailing the impressive IaaS market’s growth figure of 70% by just a few percentage points.

The growth in PaaS is being fuelled by enterprises that are moving away from a “lift and shift” approach, and adopting a more cloud native approach for productivity software and enterprise applications.

Related: More Predictions about the Cloud Computing Market for 2022

On the whole, it appears that the recent growth momentum, which was initially fuelled by the pandemic, is likely to continue well into the year 2023, and maybe beyond. Feel free to contact dinCloud for leading cloud solutions that are secure and very cost efficient.

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