IDC: Public Cloud Services Market in Asia/Pacific* Grew 24.2% to US$41.5 billion in 2023

The top five public cloud service providers for Asia/Pacific excluding Japan and China (in alphabetical order) – Amazon Web Services (AWS), Google, Microsoft, Salesforce, and SAP – remained the same as last year.

SINGAPORE, 21 August 2024 – The public cloud services market in Asia/Pacific excluding Japan and China (APeJC) reached US$41.5 billion in 2023, with a year-on-year (YoY) growth of 24.2%, according to IDC's Worldwide Semiannual Public Cloud Services Tracker, 2H23.

"Cloud providers are continuously releasing GenAI-related products that focus on developer-friendly and efficiency improvement, which have already brought significant impact to the PaaS and SaaS markets. The impact on the IaaS market is insignificant currently as the pricing structure and ongoing resource planning of accelerated compute are halting the organizations from running large-scale GenAI workloads on IaaS," says Liew Siew Choon, Senior Research Manager, IDC Asia/Pacific.

The top five public cloud service providers for Asia/Pacific excluding Japan and China (in alphabetical order) – Amazon Web Services (AWS), Google, Microsoft, Salesforce, and SAP – remained the same as last year. Although they faced challenges from newcomers and other global players, they were still able to capture 41.2% of the total market share in 2023, which is slightly more than 41.0% in 2022.

The total public cloud services market size in APeJC is projected to reach US$50.8 billion in 2024, with a 22.4% YoY growth, and will grow more than double its size to US$103.0 billion by 2028, with a five-year compound annual growth rate (CAGR) of 19.9%. The PaaS market growth will continue to outpace the overall public cloud services market and the PaaS market size is expected to surpass IaaS market size by 2025.

Source: https://cutt.ly/reE1PH5s

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