Stupendous Growth Predictions for the Global Public Cloud Services Market
The public cloud services market is growing at a rapid rate worldwide. Enterprises are increasingly adopting the cloud model considering the multiple advantages it provides. These include easier IT infrastructure maintenance, increased business agility, enhanced security, easy access to data, services and applications through the Internet and so on.
Application Infrastructure Services
Future Market Insights, a leading market intelligence service provider, has forecast rapid growth of the global public cloud application infrastructure services market during the assessment period 2017-2022.
According to their predictions, the market is expected to grow robustly with a compound annual growth rate (CAGR) of 24.5% and reach nearly US$ 22,215 million in the year 2022.
The North America region is likely to dominate the market in terms of revenue with the maximum contribution from the United States.
From the current value of US$ 1,835 million in 2017, the US public cloud application infrastructure services market is expected to reach nearly US$ 6,505 million in 2022. This represents a CAGR of 28.8% over the five-year period.
Cloud Management and Security Services
On similar lines, Persistence Market Research anticipates that the market for global public cloud management and security services will experience a humongous growth to touch a value of US$ 26.1 billion at a CAGR of 25.9% during the assessment period.
System Infrastructure Services
Additionally, the global public cloud system infrastructure services market is expected to top US$ 110,350 million at a CAGR of 29.7%, of which the US market alone would contribute around US$ 30,546 million at 32.9% CAGR.