Globally, spending on Information Technology is predicted to reach $69.2 billion, representing 3.6 percent year-on-year before the end of 2020, data gathered by LearnBonds has shown.
LearnBonds, UK based analytic company argues that the demand which is the highest in three years is a result of the coronavirus lockdown rules in place, which has forced millions of people to spend more time indoors and online.
“Cloud computing has surged in recent years, changing the way people communicate, manage data and do business. Billions of private and business users take advantage of on-demand technology. This growing need for cloud solutions has led to increased spending on hardware and software components needed to support the computing requirements,” noted LearnBonds.
Today, billions of people use personal cloud storage to manage and store private data. However, its ability to provide access to computing power that would otherwise be extremely expensive has seen cloud computing technology spread widely in the business sector.
According to the International Data Corporation (IDC) Worldwide Quarterly Cloud IT Infrastructure Tracker, the examples of cloud computing use can be found practically everywhere, from social networking, messaging apps, and streaming services to business processes, office tools, chatbots, or lending platforms.
In 2013, the global spending on cloud IT infrastructure, including hardware, abstracted resources, storage, and network resources, amounted to $22.3bn. Over the next four years, this amount grew to $47.4bn. The trend has continued to grow stronger so that global cloud IT infrastructure spending has tripled since 2013.
IDC`s report revealed that public cloud infrastructure spending is expected to drive the global market growth this year.
This increase will come in part from the surge of work-from-home employees using online collaboration tools, but also from workload migration to the public cloud as enterprises seek ways to save money for the current year. Once the coast is clear of the coronavirus, we expect some of this new cloud service demand to remain sticky going forward.
IDC’s five-year forecast predicts cloud IT infrastructure spending will reach $100.1 bn by 2024, growing by a compound annual rate of growth of 8.4 percent.
