Gartner predicts growth in public cloud services in 2023

According to a new Gartner growth forecast, global spending on public cloud services will increase by 20.7 per cent to $591.8 billion in 2023, reflecting growing demand from businesses for a variety of cloud services.

Gartner also predicts that companies will spend $490.3 billion on cloud services this year, an increase of 18.8 per cent from $412.6 billion in 2021. Moreover, the growth rate of the market is expected to speed up from 18.8 per cent this year to 20.7 per cent in 2023. According to Gartner’s forecast, the cloud service market is divided into six major segments. In 2023, the infrastructure-as-a-service category is expected to grow fastest, increasing by at least 29.8 per cent to $150.2 billion.

“Cloud migration is not stopping. IaaS will naturally continue to grow as businesses accelerate IT modernization initiatives to minimize risk and optimize costs. Moving operations to the cloud also reduces capital expenditures by extending cash outlays over a subscription term, a key benefit in an environment where cash may be critical to maintain operations,” said Sid Nag, Vice President analyst at Gartner said.

Platform-as-a-service and Software-as-a-Service are expected to grow at 23.2 per cent and 16.8 per cent respectively, with PaaS spending rising from $110.6 billion this year to $136.4 billion in 2023, and SaaS budgets rising from $146.3 billion to more than $195.2 billion over the same period.

According to Gartner, Desktop-as-a-Service will grow from $2.54 billion in 2022 to $3.1 billion in 2019. Cloud business process services are expected to grow from $60.1 billion to $65 billion, while cloud management and security services are expected to rise from $34.1 billion to $41.6 billion.

The sources for this piece include an article in TheRegister.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada

Featured Download

ITW in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

More Best of The Web