Public Cloud Investment Surged Nearly 20% In 2023 - And Analysts Predict Global Spending Will Reach $1.6 Trillion By 2028
ITProToday, Tuesday, June 11th, 2024
Global public cloud spending is expected to reach $800 billion in 2024 as firms shake off the post-pandemic blues and ramp up AI adoption
Public cloud spending is rocketing, according to IDC, as enterprises continue to invest in infrastructure expansion and ramp up AI adoption.
Figures from the consultancy's Worldwide Semiannual Public Cloud Services Tracker show total global revenue in the public cloud services market hit $669.2 billion in 2023, marking a 19.9% increase on the year previous.
The biggest single contributor was Software as a Service (SaaS) spending IDC noted, which accounted for nearly 45% of the total.