Revenue To Grow By 20% In 2022; projected to USD$ 835 billion by 2026.
As per reports, the public cloud market is expected to grow at a Compound-Annual Growth Rate (CAGR) of 22% from 2016 to 2027. With a projected expectation to earn USD$398 billion in revenue, the cloud industry has grown from USD$ 173 billion in 2018.
In comparison to the previous calendar year, there is a 20% growth in revenue in 2022. As the industry undergoes evolution, Infra-as-a-service (IAAS) and Platform-as-a-service (Paas) have become increasingly popular. Unlike previous times, when software-as-a-service (SaaS) cloud services generated most of the revenue, the IaaS services (which made up just $35 billion of $173 billion, in 2018); are projected to generate as much revenue as SaaS services.
SaaS services, on the other hand, are expected to go down from 65% in 2018 to 39% in 2028. Meanwhile, the percentage of income from IaaS services is expected to grow from 20% to 38% during the same period. For PaaS services, the share is expected to increase from 15% to 23%.
Regarding individual services, Amazon Web Services currently holds the most significant share, followed by Microsoft 365 and Google. The annual total revenue of the market is expected to reach USD$ 835 billion by 2026, as long as it maintains the same CAGR.