The COVID-19 accelerated the growth of the cloud computing market as companies across the globe started seeking a way to secure business continuity amid the lockdown. However, the following years are set to witness even more impressive growth, with revenues hitting a new benchmark.

According to data presented by StockApps.com, global public cloud revenues are expected to jump to $338.8bn in 2021, a 25% increase in a year. The noticeable increasing trend is set to continue in the next two years, with revenues jumping by another 50% and reaching $500.5bn by 2023.

The Statista survey revealed that between 2016 and 2019, global public cloud revenues jumped by 128%, rising from $94.7bn to $216.6bn. As more and more companies turned to cloud solutions after the COVID-19 hit, this figure grew by 25% YoY to $271.9bn in 2020. After rising to $338.8bn in 2021, public cloud revenues are set to jump by another $161.7bn in the next two years. By 2025, the unified market is expected to hit $679.5bn value.

As the market’s largest segment, software as a service (SaaS) is forecast to generate $190.9bn in revenue this year, an 18% increase in a year. The global shift from on-premises license software to subscription-based SaaS models, together with the increased need for new software collaboration tools during COVID-19, is expected to continue driving SaaS growth. In the next two years, SaaS revenues are forecast to grow by 31% and hit $251.4bn. Furthermore, statistics indicate the average revenue per user in this segment is expected to rise from $55.93 to $72.51 in this period.

Infrastructure as a service (IaaS) is set to witness a 70% revenue growth in the next two years, the most significant increase among all market segments. Statistics show IaaS revenues are expected to jump from $87.4bn in 2021 to almost $148bn in 2023. The average revenue per user is forecast to hit $42.66bn in 2023, up from $25.60 this year.

Platform as a service (PaaS) segment is set to reach a $60.4bn value this year and then jump by another 67% to $101.1bn in 2023.

Analyzed by geography, the United States represents the world’s largest public cloud market, expected to generate $172.1bn or 50% of combined revenues this year. This figure is expected to grow by another 35% to $231.7bn in the next two years.

As the second-largest market globally, China is forecast to generate $57.5bn in public cloud revenues by 2023, up from $28.8bn in 2021. The United Kingdom ranked third with $15bn in revenue in 2021. By 2023, this figure is expected to jump by 33% to $19.9bn.

Amazon Web Services (AWS) represents the leading cloud service provider, with a 13.7% market share in 2021. Microsoft Azure ranked as the second-largest provider globally, with a 13.1% market share as of this year. Salesforce, Oracle, and Google Cloud follow with 5.7%, 4.9%, and 4.1% market share, respectively.