Public Cloud Spending to Ramp Up Worldwide: IDC

Worldwide spending on public cloud services will reach $1.35 trillion in 2027, IDC predicted Tuesday. During 2023-2027, the firm projects a compound annual growth rate of 19.9%. "Cloud now dominates tech spending across infrastructure, platforms, and applications," said Eileen Smith, IDC program vice president-data and analytics: "Most organizations have adopted the public cloud as a cost-effective platform for hosting enterprise applications and for developing and deploying customer-facing solutions.” Banking, software and information services and telecommunications will make the largest investments, IDC said.