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With worldwide spend on cloud computing infrastructure forecast to exceed US $ 1tn in 2024 at a compound annual growth rate of 15.7 %, COVID-19 has been a key accelerator of cloud adoption and extension and will continue to drive the conversion .
It is also predicted that the strongest growth in cloud revenues will come from in the ‘ as a service ’ category including both public ( shared ) cloud services and dedicated ( private ) cloud services . The category is forecast to deliver a five-year CAGR of 21.0 %, accounting for 60 % of all cloud revenues worldwide in 2024 .
“ 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 .
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