“In 2020, we’ll see the public cloud market, including cloud applications (SaaS), development and data platforms (PaaS), and infrastructure (IaaS) services combined, grow to $299.4 billion. Even with slower growth on the horizon, this is a tremendous success for a consolidating, maturing market on its way to half a trillion dollars in just a few years.”
The global ERP software market was valued at $35.81 billion in 2018 — it will reach $78.40 billion by 2026, growing at a 10.2% CAGR. The increased need for operational efficiency and transparency in business processes and the rise in demand for data-driven decision-making will fuel growth.
Worldwide spending on public cloud services and infrastructure will more than double over the 2019-2023 forecast period, according to the latest market study by International Data Corporation (IDC).
In Q1 the enterprise SaaS market generated well over $23 billion of revenue for software vendors and will reach a $100 billion annual run rate in the current quarter. The market continues to grow at almost 30% per year.
Though year-end totals have yet to be tallied, the global market for enterprise messaging and collaboration tools are expected to have reached $2.4 billion last year, up 11.8% from 2017, and is forecast to reach $3.2 billion by 2021, IDC now estimates.
Around the globe, CIOs and CTOs continue to transition to a hybrid multi-cloud service delivery model, supported by on- and off-premises IT infrastructure. Meanwhile, the worldwide public cloud services market is projected to grow 21.4 percent in 2018 to reach $186.4 billion — that’s up from $153.5 billion in 2017.
The latest Global Cloud Index (GCI) 2016-2021 from Cisco focuses on the worldwide market outlook for enterprise data center virtualization and cloud computing services. Today’s digital business is enabled by Hybrid IT infrastructure that supports the deployment of cloud-based solutions.
The industries that are forecast to spend the most on public cloud services in 2018 are discrete manufacturing ($19.7 billion), professional services ($18.1 billion), and banking ($16.7 billion). The process manufacturing and retail industries are also expected to spend more than $10 billion each on public cloud services in 2018.
Digital transformation projects drive requirements for new business technology investment. Worldwide IT spending is projected to total $3.5 trillion in 2017 — that’s a 2.4 percent increase from 2016, according to Gartner. That growth is up from the previous quarter’s forecast of 1.4 percent.
Source: Digital Lifescapes