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Global Cloud spending to surpass $1 trillion in 2024: IDC
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SME Times News Bureau | 16 Oct, 2020
Accelerated by Covid-19 disruption, the global spending on overall Cloud
services will surpass $1 trillion in 2024, sustaining a double-digit
compound annual growth rate (CAGR) of 15.7 per cent, according to a new
IDC report.
The total worldwide spending includes the hardware
and software components underpinning cloud services and the professional
and managed services opportunities around cloud services.
The
strongest growth in cloud revenues will come in the as a service
category -- public (shared) cloud services and dedicated (private) cloud
services.
This category, which is also the largest category in
terms of overall revenues, is forecast to deliver a five-year CAGR of 21
per cent, accounting for more than 60 per cent of all cloud revenues
worldwide by 2024, the whole cloud forecast from IDC said late on
Thursday.
"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 services category,
which includes cloud-related professional services and cloud-related
management services, will be the second largest category in terms of
revenue but will experience the slowest growth with an 8.3 per cent
CAGR.
This is due to a variety of factors, including greater use of automation in cloud migrations.
The
smallest cloud category, infrastructure build, which includes hardware,
software, and support for enterprise private clouds and service
provider public clouds, will enjoy solid growth (11.1 per cent CAGR)
over the forecast period, the IDC said.
The Covid-19 pandemic has
largely proven to be an accelerator of cloud adoption and extension and
will continue to drive a faster conversion to cloud-centric IT.
"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.
Hybrid Cloud has become central to
successful digital transformation efforts by defining an IT
architectural approach, an IT investment strategy, and an IT staffing
model "that ensures the enterprise can achieve the optimal balance
across dimensions without sacrificing performance, reliability, or
control".
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