Based on data gathered by LearnBonds, cloud IT infrastructure industry is expected to grow 3.6 percent year-on-year to hit $69.2 billion by the end of 2020.
Statista data and the International Data Corporation (IDC) Worldwide Quarterly Cloud IT Infrastructure Tracker reveals that the global spending on cloud IT infrastructure, including hardware, abstracted resources, storage, and network resources, amounted to $22.3 billion in 2013.
Over the next four years, this amount grew to $47.4 billion. The trend has continued to grow stronger so that global cloud IT infrastructure spending has tripled since 2013 as billions use personal cloud storage to manage and store private data.
IDC`s report revealed that public cloud infrastructure spending is expected to drive the global market growth this year.
Research director of Infrastructure Systems, Platforms, and Technologies at IDC, Kuba Stolarski said: “As enterprise IT budgets tighten through the year, the public cloud will see an increase in demand for services.”
According to a global CIO survey, public cloud adoption was the key draw for many companies in 2020, with 79% of polled groups planning to make heavy to moderate adoption of cloud technology. AI/machine learning ranked as the second-most wanted technology, with 72% of firms planning to use it in 2020.
Statistics show that 70% of businesses plan to adopt private cloud solutions this year, followed by 63% of companies who prefer multi-cloud solutions.
“This increase will come in part from the surge of work-from-home employees using online collaboration tools, but also from workload migration to the public cloud as enterprises seek ways to save money for the current year. Once the coast is clear of the coronavirus, we expect some of this new cloud service demand to remain sticky going forward”
– Kuba Stolarski, Research Director, IDC
IDC’s five-year forecast predicts cloud IT infrastructure spending will reach $100 billion by 2024, growing by a compound annual rate of growth of 8.4%.
The growing need for cloud solutions recently has led to a surge in the vendor revenue from cloud IT infrastructure. In 2019, they made a $63.97 billion profit from selling these IT products and solutions, 30% more compared to 2017 figures.