IDC: Global Cloud spending to surpass $1 trillion in 2024

CIOReviewIndia Team | Friday, 16 October 2020, 06:16 IST

IDC: Global Cloud spending to surpass $1 trillion in 2024

According to a new IDC report, the global spending on overall Cloud services will surpass $1 trillion in 2024 due to the  acceleration by Covid-19 disruption. The report has also stated that it will sustain a double-digit compound annual growth rate CAGR of 15.7 percent. 

 

Including the hardware and software components, and also the professional and managed services opportunities around cloud services, the total worldwide spending on cloud services will hover around these categories. 

And it is expected that the strongest  growth in cloud revenues will come in the as a service category which will include public cloud services and the private cloud services.  

"Cloud in all its permutations -- hardware/software/services/as a service as well as public/private/hybrid/multi/edge -- will play ever greater, and even dominant, roles across the IT industry for the foreseeable future," said Richard L Villars, group vice president, Worldwide Research at IDC. 

"By the end of 2021, based on lessons learned in the pandemic, most enterprises will put a mechanism in place to accelerate their shift to cloud-centric digital infrastructure and application services twice as fast as before the pandemic," he added.

The IDC has also said that the smallest cloud category, infrastructure build, that will include hardware, software, and support for enterprise private clouds and service provider public clouds, will witness a solid growth  of about 11.1 per cent CAGR over the forecast period.

"The adoption of cloud services should enable organisations to shift IT from maintenance of legacy IT to new digital transformation initiatives, which can lead to new business revenue and competitiveness as well as create new opportunities for suppliers of professional services," the IDC report mentioned.

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