48 out of the world’s Fortune 50 companies are using or plan to use cloud services as those previously concerned about cloud environments start to invest heavily. Global cloud IT market revenues are set to more than double by 2020 with both public and private cloud hardware, software and services set to generate $390 billion in revenues by the end of this decade.
According to Bain & Company’s “The Changing Faces of the Cloud” report, market revenues accounted to ‘only’ $180bn in 2015 and are now set to grow at a compound annual growth rate (CAGR) of 17% until 2020. Of the $390bn estimated cloud market, public cloud services are set to represent the largest part of the sector, with Software as a Service (SaaS) predicted to grow at a CAGR of 18%.
Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) are tipped for a 27% CAGR. Public cloud infrastructure and enabling services are predicted to increase at a 12% CAGR while private cloud services, including managed private clouds (MPC) and dedicated private clouds (DPC), are predicted to grow at a 25% CAGR.
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