The COVID-19 accelerated the growth of the cloud computing market as companies across the globe started seeking a way to secure business continuity amid the lockdown. However, the following years are set to witness even more impressive growth, with revenues hitting a new benchmark.

According to data presented by StockApps.com, global public cloud revenues are expected to jump to $338.8bn in 2021, a 25% increase in a year. The noticeable increasing trend is set to continue in the next two years, with revenues jumping by another 50% and reaching $500.5bn by 2023.

IaaS Revenues to Surge by 70% in Two Years

Today, billions of people use cloud storage to manage and store private data. However, its ability to provide access to computing power that would otherwise be extremely expensive has seen cloud computing technology spread widely in the business sector, as well.

Examples of cloud computing use can be found practically everywhere, from messaging apps, social networking, and streaming services to business processes, office tools, lending platforms, or chatbots.

The Statista survey revealed that between 2016 and 2019, global public cloud revenues jumped by 128%, rising from $94.7bn to $216.6bn. As more and more companies turned to cloud solutions after the COVID-19 hit, this figure grew by 25% YoY to $271.9bn in 2020. After rising to $338.8bn in 2021, public cloud revenues are set to jump by another $161.7bn in the next two years. By 2025, the unified market is expected to hit a $679.5bn value.

As the market's largest segment, software as a service (SaaS) is forecast to generate $190.9bn in revenue this year, an 18% increase in a year. The global shift from on-premises license software to subscription-based SaaS models, together with the increased need for new software collaboration tools during COVID-19, is expected to continue driving SaaS growth. In the next two years, SaaS revenues are forecast to grow by 31% and hit $251.4bn. Furthermore, statistics indicate the average revenue per user in this segment is expected to rise from $55.93 to $72.51 in this period.

Infrastructure as a service (IaaS) is set to witness a 70% revenue growth in the next two years, the most significant increase among all market segments. Statistics show IaaS revenues are expected to jump from $87.4bn in 2021 to almost $148bn in 2023. The average revenue per user is forecast to hit $42.66bn in 2023, up from $25.60 this year.

Platform as a service (PaaS) segment is set to reach a $60.4bn value this year and then jump by another 67% to $101.1bn in 2023.

AWS Holds 13.7% Market Share in 2021, Microsoft Azure Follows With a 13.1% Share

Analyzed by geography, the United States represents the world's largest public cloud market, expected to generate $172.1bn or 50% of combined revenues this year. This figure is expected to grow by another 35% to $231.7bn in the next two years.

As the second-largest market globally, China is forecast to generate $57.5bn in public cloud revenues by 2023, up from $28.8bn in 2021. The United Kingdom ranked third with $15bn in revenue in 2021. By 2023, this figure is expected to jump by 33% to $19.9bn.

Amazon Web Services represents the leading cloud service provider, with a 13.7% market share in 2021. Microsoft Azure ranked as the second-largest provider globally, with a 13.1% market share as of this year. Salesforce, Oracle, and Google Cloud follow with 5.7%, 4.9%, and 4.1% market share, respectively.

The full story can be read here: https://stockapps.com/blog/2021/05/03/public-cloud-revenues-to-jump-by-50-and-hit-over-500b-by-2023/