The worldwide public cloud services market is projected to grow 17.5 percent in 2019 to a total of USD 214.3 billion, up from USD 182.4 billion in 2018, states Gartner, Inc. 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 USD 38.9 billion, up from USD 30.5 billion in 2018. The second-highest growth rate of 21.8 percent will be achieved by cloud application infrastructure services, or platform as a service (PaaS).
By the end of 2019, more than 30 percent of technology providers’ new software investments will shift from cloud-first to cloud-only. This means that license-based software consumption will further plummet, while SaaS and subscription-based cloud consumption models continue their rise. Currently, almost 19 percent of cloud budgets are spent on cloud-related services, such as cloud consulting, implementation, migration, and managed services, and it is expected that this rate will increase to 28 percent by 2022.