Cloud computing market projected to reach $411 billion by 2020

The worldwide public cloud services market revenue is projected to grow 18.5 percent in 2017 to total $260.2 billion, up from $219.6 billion in 2016, according to Gartner, Inc.

 

Gartner Report

Saas revenue in 2016 was far greater than what was expected, reaching $48.2 billion,” said the research director at Gartner. We have already crossed the 2017 forecast of Saas revenue with 2 months to spare. If this trend keeps on, by 2020 we are hoping to see a 100 billion revenue Saas(Cloud Application Services) market.

 

Of all the services, Cloud System Infrastructure Services(Iaas) is predicted to grow exponentially, 300% growth is expected by 2020. Iaas is expected to reach 45.8 billion by 2018, and 72.4 by 2020.

On the other hand, Cloud Business Process Services (BPaaS) is expected to grow the minimum forecasting only a 50%.

Taking into account the entire forecast period of 2016 – 2020, SaaS is on pace to attain 15.65% compound annual growth throughout the forecast period, also outpacing the total cloud market. The following graphic compares revenue growth by cloud services category for the years 2016 through 2020.

 

[Worldwide Public Cloud Services Revenue Forecast (Billions of U.S. Dollars)]

cloud computing 2020

 

(Source: Gartner report[October 2017] )

Also Read: Top 5 Cloud Computing trends for 2018 

In terms of vendor share, Gartner expects 70 percent of public cloud services revenue to be dominated by the top 10 public cloud providers through 2021. “In the IaaS segment, Amazon, Microsoft, and Alibaba have already taken strong positions in the market,” said the research director at Gartner.

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