There is no doubt that the cloud is the future of business computing. It is increasingly being adopted by businesses of all sizes who need flexible, reliable, cost-efficient, and secure IT solutions that fit their unique functional requirements. Below we have some notable figures that illustrate the growth and size of the industry that will help you identify the necessity of adopting the cloud.
IT Cloud Spending Globally 2013-2024
74.3 billion dollars is the expected spending in 2021 with the expectation to grow to 110.5 Billion by 2024.
Source: Mlitz, Kimberly. “Cloud IT Infrastructure Spending Worldwide 2013-2024.” Statista, 4 Oct. 2021, https://www.statista.com/statistics/503686/worldwide-cloud-it-infrastructure-market-spending/.
IT Cloud Budget Allocation in North America/Europe
Cloud platforms are perfect for deploying your business’s IT infrastructure, and with the right IT solutions, they can produce results such as improving productivity, identifying inefficiencies, and finding opportunities for cost savings. This may be a reason why in 2021 IT buyers in their respective organizations indicated that 13% of their cloud-based budgets will be allocated to productivity solutions.
Source: Mlitz, Kimberly. “It Services Budget Allocation Na/ Europe 2022.” Statista, 1 Oct. 2021, https://www.statista.com/statistics/544772/north-america-emea-survey-it-services-budget-allocation/.
IaaS & SaaS from 2019 to 2021
As of Q3 2021, the annual contract value (ACV) of the global as-a-service market (Infrastructure as a Service - IaaS & Software as a Service - SaaS) market totaled $13.4 billion dollars. This model provides an opportunity for significant cost savings on information technology.
Source: Mlitz, Kimberly. “Global Iaas & SAAS as-a-Service Contract Value 2021.” Statista, 15 Oct. 2021, https://www.statista.com/statistics/881587/worldwide-as-a-service-market-acv/.
Businesses’ 2020 Public Cloud Expenditures
A public cloud is defined by Microsoft as “computing services offered by third-party providers over the public Internet, making them available to anyone who wants to use or purchase them”. Cloud computing has changed the way that businesses and IT solutions operate makes working with a leading cloud consulting and cloud services provider a necessity. In a poll at the end of 2020, 31% of IT executives responded that they invested more than $12 million annually on public clouds in Europe and the United States in 2020 and more than 60% responded that they spent more than 2.4 million.
Source: Mlitz, Kimberly. “Annual Public Cloud Spend 2020.” Statista, 17 Mar. 2021, https://www.statista.com/statistics/1220765/public-cloud-business-expenditure-us-europe/.
Global Use of Cloud Providers in 2021, by Vendors
Key players in cloud services are Microsoft Azure, AWS, and Google Cloud as 2021 Microsoft Azure performing at 67% percent followed by AWS 57% and Google Cloud at 23%.
Source: Mlitz, Kimberly. “Cloud Provider for Organizations Worldwide 2021.” Statista, 29 July 2021, https://www.statista.com/statistics/1224552/organization-use-cloud-provider-global/.
Workload/Data Enterprise Share in Public Cloud 2020
50% of businesses Worldwide already have workload/data in public cloud 2020.
Source: Mlitz, Kimberly. “Global Enterprise Workload/Data Public Cloud 2020.” Statista, 6 Sept. 2021, https://www.statista.com/statistics/817316/worldwide-enterprise-workloads-by-cloud-type/.
iuvo Technologies’ offers leading IT cloud consulting services that can scale, grow and protect your business. Whether you are migrating applications, building cloud infrastructure, or architecture, our knowledge is expansive, and we make sure to align our cloud service recommendations with your business goals while keeping future expansion in mind. If you want to hear more about the cloud check out these additional resources and contact us today!