for free or at minimal charges in most cases, the demand for these services is rapidly increasing.
Moreover, growing volume of data and computing of intensive workloads, owing to emergence of
enterprise trends such as Bring your own device (BYOD), Choose your own device (CYOD),
Internet of Things (IoT), and Artificial Intelligence (AI), are expected to create a conducive
environment for growth of the public cloud market. This service is not associated with any
maintenance costs, efforts for infrastructure, and does not necessitate long-term contracts,
owing to pay-as-you-go service. These benefits, in turn, are expected to propel growth of the
public
cloud
market.
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High demand for these services in financial applications is expected to fuel market growth
Growing adoption of SaaS offerings such as customer relationship management (CRM), human
capital management (HCM), enterprise resource management, and other financial applications is
increasing, especially in large enterprises. According to Coherent Market Insights’ research
findings, around 45% of large enterprise application adoption in the U.S. comprised of software-
as-a-service or other such solutions in 2016. This in turn, is expected to drive growth of the
public cloud market growth.
Lack of customizability and weak data security are major challenges for market growth
Clients adopting such forms of services such as public cloud have no control over infrastructure
or data provided by such a public platform. The risks associated with usage of public cloud
include lack of data security and integrity. Owing to large number of consumers sharing the same
hardware resources, information security threats are higher and the date is highly vulnerable to
security breaches, resulting in increased risk of loss of confidential data. Moreover, service level
policies are enforced on the user by the service provider. Lack of customizability of the services
and total reliance of the business operation performance on the internet connectivity are few
other challenges faced by this market, which are expected to hamper growth of the public cloud
market.
North America holds the dominant position in the market, with the U.S. being the major growth
engine. The region is expected to retain its dominance, owing to increasing inclination of
enterprises towards adoption of public cloud solutions, and high presence of chief industry
participants in the region. Asia Pacific is expected to register significant growth, owing to
increasing business activities, development of infrastructure, and high potential growth
prospects in countries such as China, India, Indonesia, and Thailand.
Major players operating in the global public cloud market include Amazon Web Services (AWS),
Salesforce, Microsoft, IBM, Google, CenturyLink, and Verizon Wireless. The market is highly