Public cloud services growth worldwide 2023-2025, by segment

The cloud system infrastructure services (IaaS) segment is forecast to grow by 26 percent in 2024 compared to 2023. The public cloud services market as a whole is expected to grow by 20 percent, with cloud business process services (BPaaS) for the first time experiencing a double-digit annual growth rate in 2024. 

Cloud computing as a service

The cloud-based “as-a-service” market is a relatively new tech phenomenon where cloud computing resources are rented from large providers. These service companies provide businesses of all sizes with cloud capabilities without the need to purchase and maintain their own hardware and software. The software as a service (SaaS) market size alone is expected to surpass 247 billion dollars in 2024. 

Cloud service providers

Over 75 percent of surveyed technical professionals from industries around the world stated that their organization was currently running apps using the as a service platform Amazon Web Services, and many of the world’s largest tech firms are quickly incorporating cloud service packages into their offerings. Microsoft’s intelligent cloud segment, which includes the Microsoft Azure cloud offerings, has grown rapidly, rivaling even the company’s long-established personal computing segment in terms of revenue generation.