Cloud-based corporate information technology (IT) spending should expand in the coming years, as businesses transition more applications and services.
Tech analyst Gartner forecasts that public cloud services spending will grow 18.4% from $257.5 billion in 2020 to $304.9 billion in 2021, while cloud-based enterprise IT spending will rise from 9.1% in 2020 to 14.2% by 2024.
Gartner's Sid Nag said pandemic-related workplace closures have driven many organizations to the cloud, in order to optimize IT costs with the shift to a remote workforce.
Software as a service is the largest segment of the cloud computing market, and is projected to grow 16% year-on-year to $117.7 billion in 2021; platform as a service should grow 26.6% between 2020 and 2021, as remote workers require access to high-performing, scalable infrastructure.
Gartner also expects cloud spending to grow as businesses boost investments in mobility, collaboration, other remote-working technologies, and infrastructure.
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