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Published on 1/10/2022 5:31:44 PM | Source: IANS

Public cloud services market in Asia-Pacific to reach $165.2 bn

Posted in Industry News| #Industry #Asia #Technology #Cloud #IDC

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The public cloud services market in the Asia-Pacific region is likely to reach $165.2 Billion in 2026, according to an IDC report.

The firm expects the Asia/Pacific public cloud market to grow at higher year-over-year (YoY) rate at 31.4 per cent this year, in comparison to 30 per cent in 2021, as cloud migration continues to accelerate.

However, IDC expects the YoY growth rates to slow down beginning from 2023 with a YoY growth of 28.3%, to 22.4% in 2026.

"Majority of organisations have pivoted rapidly toward a digital-centric modus operandi to adapt to new ways of operating, working, and selling products and services amid various disruptions," said says Estelle Quek, Senior Research Manager, Cloud Services, IDC Asia/Pacific.

These organisations progressively demand better outcomes from their adoption of digital technologies to increase efficiency, accelerate time to market, provide empathetic customer experience, make quicker decisions, and respond faster to customers, Quek added.

Infrastructure as a service (IaaS) will achieve a market value of $80.7 billion and make up 48.8 per cent of the Asia/Pacific public cloud market in 2026.

Platform as a service (PaaS) will reach a market value of $27.4 billion while software as a service (SaaS) will grow almost three times from $20.8 billion in 2021 to $57.1 billion in 2026, said the report.