New Delhi: According to a report by market research firm IDC, the Public Cloud Services market in the Asia-Pacific region is expected to reach $154 billion by 2026. The report states that the market will grow at a compound annual growth rate (CAGR) of 27.6% from 2021 to 2026, driven by digital transformation initiatives and the adoption of cloud technologies by enterprises in the region.
The Asia-Pacific region is one of the fastest-growing markets for public cloud services, with China and India being the two largest markets in the region. The report predicts that China will continue to dominate the market, with a market share of 40% in 2026, followed by Japan and India. Other major markets in the region include Australia, South Korea, and Southeast Asia.
The report identifies several key drivers for the growth of the public cloud services market in the Asia-Pacific region. These include the increasing adoption of cloud technologies by enterprises, the growing demand for digital transformation initiatives, and the increasing popularity of Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) models.
The report also notes that the COVID-19 pandemic has accelerated the adoption of cloud technologies in the region, as more enterprises look to shift their operations to the cloud to enable remote work and improve business continuity. This has led to increased demand for cloud-based collaboration tools, virtual desktop infrastructure (VDI), and cloud security solutions.
In terms of market segmentation, the report identifies the Infrastructure-as-a-Service (IaaS) segment as the largest segment of the public cloud services market in the region. However, the report predicts that the fastest-growing segment will be the PaaS segment, which is expected to grow at a CAGR of 32.6% from 2021 to 2026.
Overall, the report highlights the strong growth potential of the public cloud services market in the Asia-Pacific region, driven by a range of factors including digital transformation initiatives, increasing cloud adoption by enterprises, and the COVID-19 pandemic. With China and India leading the way, the region is poised for significant growth in the coming years, making it an attractive market for cloud service providers looking to expand their operations.
