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Gartner forecasts that worldwide public cloud spending would exceed $675

Discover Gartner's forecast for global public cloud spending in 2024, which is probable to exceed $675 billion. Learn about the rapidly growing cloud market and its consequences for businesses throughout the world.

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Gartner forecasts that worldwide public cloud spending would exceed $675

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  1. Gartner forecasts worldwide public cloud end-user spending to surpass $675 billion in 2024 As per the latest forecast from Gartner Inc, Worldwide end-user spending on public cloud services is forecast to grow 20.4% to total $675.4 billion in 2024. Sid Nag, Vice President, said, “The continued growth we expect to see in public cloud spending can be largely attributed to GenAI due to the continued creation of general-purpose foundation models and the ramp up to delivering GenAI-enabled applications at scale.” “Because of this continued growth, we expect public cloud end-user spending to eclipse the one trillion-dollar mark before the end of this decade. "Added Sid Nag. All the cloud market segments are expected to grow in 2024. Infrastructure-as-a-service (IaaS) is forecast to experience the highest end-user spending growth at 25.6%, followed by platform-as-a-service (Paas) at 20.6% Worldwide Public Cloud Services End-User Spending Forecast (Millions of U.S. Dollars)

  2. 2023 Growth (%) 2024 Growth (%) 2025 Growth (%) 2024 Spendi ng 2023 Spending 2025 Spending Cloud Application nfrastructure Services (PaaS) 172,44 9 142,934 19.5 20.6 211,589 22.7 Cloud Application Services (SaaS) 247,20 3 205,998 18.1 20.0 295,083 19.4 Cloud Business Process Services (BPaaS) 66,162 7.5 72,675 9.8 82,262 13.2 Cloud Desktop-as-a-Service (DaaS) 2,708 11.4 3,062 13.1 3,437 12.3 Cloud System nfrastructure Services (IaaS) 180,04 4 143,302 19.1 25.6 232,391 29.1 675,43 3 Total Market 561,104 17.3 20.4 824,763 22.1

  3. Table Source: Gartner Also further, Nag added that IaaS continues to have a robust growth rate reflective of the underway GenAI revolutions.” The need for infrastructure to undertake AI model training inferencing and fine-tuning has only been growing. It will continue to grow exponentially and directly impact IaaS consumption.” Meanwhile, cloud infrastructure and platform services are maximizing the highest spending growth; SaaS remains the largest segment of the cloud market in terms of end-user spending. SaaS spending is predicted to grow 20% to $247.2 billion in 2024. “The surge in SaaS spending is primarily propelled by the modernization of applications by independent software vendors, adopting a SaaS-based consumption model,” Nag explained. “Organizations are increasingly leveraging cloud services for specific use cases such as AI, machine learning, Internet of Things, and big data, a trend that is fueling the growth of SaaS.” Stay up to date on the newest Cloud Computing news! Read our Daily Cloud News updates to find out more about Gartner's projection that public cloud spending will exceed $675 billion by 2024. Don't miss out: stay up to date and subscribe today!

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