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Investment in public cloud infrastructure and services will increase by $160 billion in 2018, reveals IDC reports. This is almost 23.2 percent more than the investments in 2017. However, the annual spending on public cloud infrastructure has slowed down since 2016 and is being expected to maintain the pace until 2021. It has also been contrarily predicted that the annual spending would also achieve a compound annual growth rate (CAGR) of 21.9 percent and expense on public cloud increasing up to $227 billion by 2021.
The industries that are most likely to invest in public cloud technology in 2018 are banking ($16.7 million), discrete manufacturing ($19.7 million), and professional services ($18.1 million). Also, retail businesses, as well as process manufacturing, are also being predicted to spend around $10 billion on public cloud storage services individually in the same year.
According to the predictions, Software as a Service (SaaS) shall continue to represent the largest cloud computing market; this occupies almost two-thirds of the entire investment in public cloud computing in 2018. SaaS is followed by Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). However, IaaS is believed to be enjoying a balance due to the spending on the server being higher as compared to the investment required and consumption of cloud storage.
In regards to applications, Enterprise Resource Management (ERM) and Customer Relationship Management (CRM) will be topping the list of public cloud investment, which will be followed by content and collaborative applications, respectively.