Data presented by Buy Shares indicates that in 2020, the United States is set to account for almost half of the public cloud hosting revenue. According to the data, the US will account for 47.21% of the global revenue of $95.47 billion.
5 countries dominate public cloud hosting sector
The estimates show that the US revenue will be $45.08 billion. China comes a distant second with a projected revenue of $5.45 billion or 5.7% of the global share.
Notably, Public Cloud Hosting is dominated by five major countries. The players account for a massive 63.1% of the total global revenue. The remaining part of the world controls a revenue of $35.32 billion.
In the next five years, the revenue from the Public Hosting Sector is set to grow 155.96% to $244.37 billion, from this year’s expected returns. By next year the revenue will stand at $141.41 billion.
The revenue projection comes in the wake of a pandemic that has impacted various sectors. According to the research report, “Just like other sectors, the coronavirus crisis had a significant impact on the Information Technology sector. The crisis crippled global economies due to the imposed lockdowns. Under the IT sector, the pandemic has caused disruptions in the electronics value chain posing a risk of product price hikes. At the same time, the disruption accelerated remote working culture and focus on evaluating the end-to-end value chain. Amid the health crisis, work environments that can be operated remotely are likely to benefit from cloud technology for a long period.”
Rapidly increasing digital transformation among different industries is expected to spur growth.