The main reasons behind the increasing adoption of cloud technology are the massive scalability and reduced operating costs offered by cloud services. Public cloud is a multi-tenant environment where computer space is shared with many customers. Enterprises worldwide are gradually adopting public cloud to create, test, and release quality software products. Moreover, several governments across the globe are focused on replacing conventional systems with cloud technologies to gain traction in the market. For instance, in the early to mid-2010s, the U.S. government adopted 'cloud-first' policy to speed up adoption of cloud technologies.
Now, as the 2020s unfold, state government IT leaders are again taking a page from the federal playbook and are pivoting to Cloud Smart policies. Such government initiatives are expected to aid in the public cloud market growth. The adoption of public cloud is growing rapidly around the world due to the cost competitiveness offered in the market. Moreover, growing volume of data and computing of intensive workloads due to the emergence of enterprise trends such as Artificial Intelligence (AI), Internet of Things (IoT), Choose your own device (CYOD), and Bring your own device (BYOD) are expected to create a conducive environment for the public cloud market growth.
Many cloud service providers are adopting various inorganic strategies to ramp up their cloud portfolio to meet increasing demand for cloud services due to the increasing inclination of enterprises towards adoption of public cloud solutions, which may drive the public cloud market growth. For instance, in March 2021, Microsoft planned to open a new Azure region through its local operating partner, 21Vianet, in a bid to ramp up its cloud portfolio in China. The move comes amid growing demand for cloud services in China. According to the white paper, the cloud market in China is expected to reach US$ 46 billion in 2023.
A growing number of public cloud service providers are either based or operating in the Asia Pacific, and thus, Asia Pacific is expected to witness robust growth in the public cloud market. For instance, in February 2021, MegazoneCloud, a cloud managed service provider in South Korea, announced that it has been listed as a Representative Vendor in the Gartner Market Guide for Public Cloud Managed and Professional Services Providers, Asia/Pacific report. MegazoneCloud offers a broad range of services, such as data and analytics services, managed services, large-scale migration, application modernization, and cloud consulting and advisory services to more than 3,000 customers.
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