Global Public Cloud Market Size 2024, Forecast To 2033

The public cloud market has experienced rapid expansion, surging from $588.53 billion in 2023 to $702.82 billion in 2024, reflecting a compound annual growth rate (CAGR) of 19.4%. This remarkable growth in the historical period can be attributed to increased computing power, the growth of the entertainment industry, advancements in product design and prototyping, automotive design and testing, as well as the utilization of cloud services for training and education, resulting in significant cost savings. As we look forward to 2028, the public cloud market is poised for continued rapid growth, reaching $1434.35 billion with a CAGR of 19.5%. This anticipated growth is fueled by evolving needs in gaming and entertainment, the development of autonomous vehicles, advances in healthcare simulation, environmental simulation, and scientific research. Prominent trends in this forecasted period include the prevalence of Industry 4.0 and digital twins, the proliferation of cloud-based rendering services, cross-industry collaboration, and the integration of artificial intelligence and machine learning, alongside a focus on realism and high-fidelity graphics.