The public cloud market is expected to grow to $987.7B by 2027, representing a 17.3% CAGR growth.
The market was worth $444.7B in 2022.
The service model of the public cloud market is categorized into three verticals;
- Infrastructure as a service (IaaS)
- Platform as a service (PaaS)
- Software as a service (SaaS)
- IaaS is estimated to have a future CAGR of 21.9% by 2027.
- Most of the large cloud providers use a mode where they charge fees based on the virtual machine space a customer utilizes.