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Cloud Applications

Study predicts rapid growth of the cloud market

Analysts are predicting rapid growth for the cloud market, with spending on cloud services expected to double by 2019.

29 Feb. 2016 Jörn Brien
Spending on cloud services is soaring. (Illustration: Shutterstock)

Cloud services market in the billions

The market for cloud services is expected to double in the next few years, according to an IDC study . Spending on public cloud services rose to some USD 70 billion in 2015, and is expected to exceed USD 141 billion by 2019. IDC predicts annual growth of 19.4 percent - six times more than that of IT spending overall.

The dominant segment within cloud services remains Software as a Service (SaaS) with more than two-thirds of cloud spending. Spending on Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) is expected to catch up, however. The drivers of this growth, according to IDC analysts, are large groups that will account for well over half of cloud service expenditures in 2019. Another key segment is small and medium-sized companies with up to 500 employees.

Cloud infrastructure as the foundation for new solutions

The cloud services market has now reached the innovation stage, says IDC. "There will be an explosion of new solutions and new value creation for cloud infrastructure," explains IDC analyst Eileen Smith. IDC expects this rising number of different cloud solutions to lead more businesses to rely on cross-industry Cloud First strategies, thus driving the digital transformation forward.

IDC's " Worldwide Semiannual Public Cloud Services Spending Guide " examines spending on cloud computing for 20 business sectors and 54 countries.