The rise represents five times the growth of the IT industry overall
The global spending on public IT cloud services is expected to grow at a compound annual growth rate (CAGR) of 26.4% to $100bn in 2016, according to International Data Corporation’s (IDC) new report.
IDC’s Worldwide and Regional Public IT Cloud Services 2012-2016 Forecast report claims that rise will be five times that of the overall IT industry, following as enterprises accelerate their migration to the cloud services model for IT consumption.
The report also revealed that the spending on public IT cloud services will reach $40bn in 2012.
IDC senior vice president and chief analyst Frank Gens said the IT industry is in the midst of an important transformative period as companies invest in the technologies that will drive growth and innovation over the next two to three decades.
"By the end of the decade, IDC expects at least 80% of the industry’s growth, and enterprises’ highest-value leverage of IT, will be driven by cloud services and the other 3rd Platform technologies," Gens said.
According to the forecast, by the period under consideration, public IT cloud services are expected to make up 16% of IT revenue in five categories, including applications, system infrastructure software, platform as a service (PaaS), servers, and basic storage.
Cloud services are expected to generate 41% of overall rise in the listed categories by the period.
By 2016, the spending on software as a service (SaaS) is expected to claimed to be the highest in the public IT cloud services, while other categories, including basic storage and platform as a service, will report rapid rise.
The US is expected to be the largest public cloud services market, trailed by Western Europe and Asia/Pacific, while the emerging markets are expected to report rapid rise in public IT services spending, accounting for about 30% of rise in net-new public IT cloud services spending.