Through 2022, Gartner projects the market size and growth of the cloud services industry at nearly three time the growth of overall IT services.”, Table 1. Cloud infrastructure spending surpassed $80 billion in 2018. According to recent Gartner surveys, more than a third of organizations see cloud investments as a top three investing priority, which is impacting market offerings. In 2021, spending on managed services and cloud infrastructure will make up 8% of total IT spending in India. The fastest-growing market segment will be cloud system infrastructure services, or infrastructure as a service (IaaS), which is forecast to grow 27.5 percent in 2019 to reach $38.9 billion, up from $30.5 billion in 2018 (see Table 1). The second-highest growth rate of 21.8 percent will be achieved by cloud application infrastructure services, or platform as a service (PaaS). The worldwide public cloud services market is projected to grow 17.3 percent in 2019 to total $206.2 billion, up from $175.8 billion in 2018, according to Gartner, Inc. BESTSELLER Cloud Migration Market - Growth, Trends, Forecasts (2020 - 2025) The Cloud Migration Market is segmented by Type of Deployment (Public, Private, and Hybrid), Enterprise Size (SMEs and Large Enterprises), Type of Service (PaaS, IaaS, and SaaS), End-user Vertical (BFSI, Healthcare, Retail, Government, IT and Telecommunication, Manufacturing and Other End-User Vertical), and Geography. Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. ©2020 Gartner, Inc. and/or its affiliates. Software spending was $456 billion in 2019, and Gartner predicts 10.5% growth in 2020 — making it the fastest growing major IT market. Oracle was one of the first providers of cloud ERP solution where the company first launched its cloud ERP solution in June 2012. Okta, Inc. the lead As numerous migration services are offered by the CSPs, many SMEs and large enterprises are adopting these services to migrate their on-premises workload to cloud. Demand for strategic cloud service outcomes signals an organizational shift toward digital business outcomes.”, Gartner clients can read more in the report “Forecast: Public Cloud Services, Worldwide, 2017-2023, 3Q19 Update.”, Gartner IT Infrastructure, Operations & Cloud Strategies Conference. COVID-19 impact on Hybrid Cloud Industry. Forecast: Public Cloud Services, Worldwide, 2016-2022, 4Q18 Update. Various forms of cloud computing are among the top three areas where most global CIOs will increase their investment next year, according to Gartner. The worldwide public cloud services market is forecast to grow 17% in 2020 to total $266.4 billion, up from $227.8 billion in 2019, according to Gartner, Inc. “At this point, cloud adoption is mainstream,” said Sid Nag, research vice president at Gartner. Gartner analysts will provide additional analysis on cloud strategies and infrastructure and operations trends at the Gartner IT Infrastructure, Operations & Cloud Strategies events taking place November 25-26 in London and December 9-12 in Las Vegas. Oracle has been named a Leader in Gartner’s 2020 “Magic Quadrant for Cloud Financial Planning and Analysis Solutions [1] ” for the fourth consecutive year. Gartner analysts will provide additional analysis on cloud strategies and infrastructure and operations trends at the Gartner IT Infrastructure, Operations & Cloud Strategies events taking place April 23-25 in Tokyo, April 24-25 in Sao Paulo, April 29-30 in Sydney, May 6-7 in Mumbai, June 4-5 in Frankfurt, June 25-26 in Mexico City, and November 25-26 in London. (Source: Canalys) By continuing to use this site, or closing this box, you consent to our use of cookies. More than $1.3T in IT … This means that license-based software consumption will further plummet, while SaaS and subscription-based cloud consumption models continue their rise. What we see now is only the beginning, though. By continuing to use this site, or closing this box, you consent to our use of cookies. Read more Katie Costello Gartner katie.costello @ gartner.com ( Billions of U.S down 5.4 % from 2019 billion! 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