g-f(2)2689 Public Cloud Spending to Double by 2028: IDC Report

 

genioux Fact post by Fernando Machuca and ChatGPT

Introduction by Fernando and ChatGPT

In the rapidly evolving digital landscape, staying ahead of technological advancements is crucial for individuals, organizations, and countries aiming to thrive in the g-f New World. The latest IDC report, highlighted in genioux Fact post "g-f(2)2689 Public Cloud Spending to Double by 2028: IDC Report," presents critical insights into the future of public cloud services. With worldwide spending on public cloud services expected to reach $805 billion in 2024 and double by 2028, understanding this trajectory is essential for winning the g-f Transformation Game (g-f TG).

This genioux Fact underscores the cloud's pivotal role in driving innovation and efficiency across industries, particularly in the realms of AI, data management, and edge computing. By mastering these insights, stakeholders can strategically leverage cloud technologies to navigate and excel in the digital age. "g-f(2)2689" provides the Golden Knowledge (g-f GK) necessary to anticipate trends, make informed decisions, and implement transformative strategies, ensuring success in the g-f New World.

This post is a vital resource for grasping the magnitude of cloud services' impact and offers a roadmap for integrating these advancements into a winning strategy for the future. As we delve into the IDC report, we uncover the significant growth areas, key industry players, and the critical role of AI in shaping the next wave of cloud innovation. Embrace this knowledge to position yourself at the forefront of digital transformation and secure your place in the g-f New World.

Introduction

The latest update from the International Data Corporation (IDC) reveals that worldwide spending on public cloud services is set to reach $805 billion in 2024 and is expected to double by 2028. Despite a slight deceleration in annual spending growth, the market is projected to maintain a robust compound annual growth rate (CAGR) of 19.4% over the next five years. This report underscores the central role of the cloud in driving technological advancements across industries, particularly in the realms of AI, data management, and edge computing.

genioux GK Nugget

"Worldwide spending on public cloud services is projected to double from $805 billion in 2024 to over $1.6 trillion by 2028, reflecting the cloud's pivotal role in innovation and enterprise efficiency." — Fernando Machuca and ChatGPT, July 31, 2024

genioux Foundational Fact

According to IDC, the anticipated growth in public cloud services underscores the cloud's integral role in modern technology infrastructure. The forecasted CAGR of 19.4% from 2024 to 2028 highlights the sustained investment in cloud platforms, driven by advancements in AI, data management, and edge computing. Key industries such as Banking, Software and Information Services, and Retail are leading this surge, while the fastest growth rates are expected in Capital Markets, Life Sciences, and Insurance. The dominance of Software as a Service (SaaS) in applications like enterprise resource management and customer relationship management illustrates the cloud's expanding influence.

Conclusion

IDC's projection of a doubling in worldwide public cloud services spending by 2028 emphasizes the cloud's centrality in the ongoing digital transformation across industries. The rapid growth, particularly in AI platforms, signifies a profound shift towards cloud-based solutions as essential drivers of innovation and efficiency. As organizations continue to leverage the cloud for its scalability, cost-effectiveness, and advanced capabilities, the landscape of global technology infrastructure is set to evolve dramatically, ensuring that cloud services remain at the forefront of enterprise strategy and development.

REFERENCES

The g-f GK Context

Worldwide Spending on Public Cloud Services is Forecast to Double Between 2024 and 2028, According to New IDC Spending Guide, IDC, July 29, 2024.

About IDC

International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology, IT benchmarking and sourcing, and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world's leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. 

Classical Summary of the Report

IDC Report: Worldwide Spending on Public Cloud Services to Double Between 2024 and 2028

The International Data Corporation (IDC) has released an update to its Worldwide Software and Public Cloud Services Spending Guide, projecting that global spending on public cloud services will reach $805 billion in 2024 and is expected to double by 2028. Despite a slight deceleration in annual spending growth, the market is forecasted to achieve a five-year compound annual growth rate (CAGR) of 19.4%.

Key Highlights:

1. Dominance of Cloud in Tech Spending: Cloud technology is becoming the dominant force in infrastructure, platforms, and applications, serving as a cost-effective solution for hosting enterprise applications and developing customer-facing solutions.
2. Top Spending Industries: The Banking, Software and Information Services, and Retail industries will collectively account for $190 billion in public cloud services spending in 2024. Other significant industries include Telecommunications, Media and Entertainment, Capital Markets, Healthcare Provider, and Professional and Personal Services.
3. Fastest Growing Industries: Capital Markets, Life Sciences, and Insurance are expected to see the fastest spending growth through 2028, with a CAGR of around 23%.
4. Impact of AI on Cloud Spending: The rapid advancements in artificial intelligence (AI) are significantly driving the increase in cloud spending. AI platforms are anticipated to be the fastest-growing technology, with a five-year CAGR of 51.1%.
5. Categories of Cloud Spending: Software as a Service (SaaS) – Applications will remain the largest category, capturing over 40% of all public cloud spending in 2024. Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) will each account for nearly 20% of spending. PaaS, led by data management software and AI platforms, will be the fastest-growing category.
6. Geographic Distribution: The United States will be the largest market for public cloud services, with spending expected to exceed $432 billion in 2024. Western Europe and Asia/Pacific (excluding Japan and China) will follow, with significant contributions from regions like Central & Eastern Europe, Latin America, and the Middle East & Africa, each exhibiting CAGRs above 20%.

The IDC report provides a detailed analysis of public cloud services spending across 28 industries and eight company sizes in nine regions and 53 countries. This comprehensive guide helps IT decision-makers understand the industry-specific scope and direction of public cloud services spending, equipping them with the insights needed to strategize effectively in the evolving digital landscape.

Complementary g-f GK 

Gyana Swain, Global public cloud spending to hit $805B in 2024 with AI driving growth, NetworkWorld, July 31, 2024.

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Categorization

This genioux Fact post is classified as Nugget Knowledge which means: Ultra-concentrated wisdom, easily remembered and applicable to your daily life.

Type: Nugget Knowledge, Free Speech

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REFERENCES

“genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)2689, Fernando Machuca and ChatGPT, July 31, 2024, Genioux.com Corporation.

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