The public cloud market is expected to grow to $987.7B by 2027

 

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.