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Over the next five year Public Cloud Computing is on track to more than double, from $229 billion in 2019 to $500 billion in 2023, according to IDC. Similarly, in a report by Forrester, Public Cloud Computing is forecast to reach $411 billion in 2022 and is growing annually at a rate of 21 percent.
A report by SpiceWorks found that currently 27 percent of business workloads are in the cloud, but over the next one to two years, that will increase to 48 percent.
Eileen Smith, program director at IDC, said that “adoption of public (shared) cloud services continues to grow rapidly as enterprises, especially in professional services, telecommunications, and retail, continue to shift from traditional application software to software as a service (SaaS) and from traditional infrastructure to infrastructure as a service (IaaS) to empower customer experience and operational-led digital transformation (DX) initiatives.”
Smith said that “over the next five years, IDC believes that cloud platforms and ecosystems will serve as the launchpad for an explosion in the scale and pace of digital innovation. The result will be ‘multiplied innovation’ with as many new applications deployed in the cloud as prior generations deployed over the previous four decades.”