Worldwide public cloud revenue will increase by 17.5% in 2019, according to projections made by analyst house Gartner, Inc. Gartner predicts that the public cloud services market will grow to $214.3 billion this year – up from $182.4 billion in 2018. The forecasts analyze five public cloud market segments and project their expected growth through 2022. The market segments are cloud business process services (BPaaS), platform-as-a-service (PaaS), software-as-a-service (SaaS), cloud management and security services, and infrastructure-as-a-service (IaaS).
Gartner attributes part of the growth to the increase of cloud-first strategy adoption in enterprises. “Cloud services are definitely shaking up the industry,” says Sid Nag, Gartner research vice president. “At Gartner, we know of no vendor or service provider today whose business model offerings and revenue growth are not influenced by the increasing adoption of cloud-first strategies in organizations. What we see now is only the beginning, though. Through 2022, Gartner projects the market size and growth of the cloud services industry at nearly three time the growth of overall IT services.”
According to Gartner, the market sector with the most growth is IaaS, which is project to grow 150% by 2022. In 2018, the market segment was valued at $30.5 billion, but by the end of 2019, it will reach $38.9 billion. By 2022, the segment will reach $76.6 billion. Gartner believes PaaS will have the second-highest growth, growing just over 100% by 2022. The segment will grow from $15.6 billion to $19 billion in 2019; by the end of 2022, it will grow to $31.8 billion.
Gartner states that enterprises adopt cloud services to successfully integrate public cloud environments and increase public cloud revenue. “Organizations need cloud-related services to get onboarded onto public clouds and to transform their operations as they adopt public cloud services,” Nag said. “As cloud continues to become mainstream within most organizations, technology product managers for cloud related service offerings will need to focus on delivering solutions that combine experience and execution with hyperscale providers’ offerings. This complementary approach will drive both transformation and optimization of an organization’s infrastructure and operations.”
Our MSP Buyer’s Guide contains profiles on the top cloud MSP vendors for AWS, Azure, and Google Cloud, as well as questions you should ask providers and yourself before buying.
Check us out on Twitter for the latest in Cloud news and developments!
- The Best Amazon Web Services (AWS) Courses on LinkedIn Learning - November 4, 2021
- The Best AWS Security Books for Cloud Professionals - November 3, 2021
- The Best Cloud Computing Books to Add to Your Reading List - October 28, 2021