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In a new report by Gartner, it predicts public cloud services market to grow 18% in 2017 to total $246.8 billion. Globally this year, they expect $122.5bn spend on public cloud services and infrastructure. The money that will be spend by 2020, according to International Data Corporation (IDC) forecast is $195 billion.
The market researchers from both the companies believe, the largest market in 2017 will be software as a service (SaaS). By 2020, SaaS will be at $75.7bn, IaaS at $71.5bn, and PaaS at $56.1bn, comprising a total market of $383.3bn, Gartner adds. North America will be the primary market, with greater adoption in SaaS related services. Nonetheless, as digital transformation becomes the rage, Gartner anticipates developing countries like China to buy more cloud-related services.
“Cloud services add multi-dimensional value such as agility, scalability, cost benefits, innovation and business growth to organisations”, according to Sid Nag, Gartner research director. For these qualities,Cloud software is growing nearly three times faster than the software market as a whole according to IDC report. Within the next five years, it is expected to leave behind traditional software product delivery, and become significant growth driver to all functional software markets.
The growth in artificial intelligence (AI), analytics, the Internet of Things (IoT) and PaaS is directly seeing growth in IaaS. By 2019, more than 30 percent of the 100 largest vendors’ new software investments will have shifted from cloud-first to cloud-only. Mid-size and small enterprises will follow the adoption curve too. It is seen that manufacturing, banking, and professional services are the leading industries that are spending in public cloud services.