Public IT cloud services spending will reach $56.6 billion in 2014 and grow to more than $127 billion in 2018, according to new research released by IDC.
The Worldwide and Regional Public IT Cloud Services Forecast found that cloud services are growing six times faster than the growth of the overall IT market, and predicts that in 2018, public IT cloud services will account for more than half of worldwide software, server, and storage spending growth.
“Many of these solutions will become more strategic than traditional IT has ever been. At the same time, there will be unprecedented competition and consolidation among the leading cloud providers. This combination of explosive innovation and intense competition will make the next several years a pivotal period for current and aspiring IT market leaders,” said Frank Gens, Senior Vice President and Chief Analyst at IDC.
According to the forecast, software as a service (SaaS) will account for 70% of public IT cloud services expenditures in 2014, followed by Infrastructure as a service. Platform as a service and cloud storage services will be the fastest growing cloud services categories, driven by developer cloud services adoption and adoption of big data-driven solutions.
Access the full report.