Cloud services have become an integral part of business operations for many large companies. In 2020, the industry generated an estimated revenue of over $ 300 billion worldwide. […]
According to the TradingPlatforms.com according to the data presented, global public IT cloud services market revenue was $ 312.4 billion in 2020, up 34 percent from 2019.
In 2016, global spending on public IT cloud services was close to $ 100 billion. In 2021, this figure has risen to a whopping $ 312.4 billion, after growing by 34 percent compared to the $ 233.4 billion of 2019. In the 4-year period from 2016-2020, revenue from spending on cloud services grew at an impressive annual growth rate of 36.31 percent.
SaaS accounts for most of the revenue
Of the three main types of cloud services, Software as a Service (SaaS) still accounts for the largest share of total revenue, accounting for 63 percent. In 2020, SaaS revenue was $ 197.6 billion, up 33 percent from $ 148.5 billion in 2019. From 2016-2020, SaaS revenue grew at an annual growth rate of 34.1 percent.
Infrastructure as a Service (IaaS) accounted for the second largest share of revenue, accounting for 21.5 percent of total revenue. IaaS experienced the largest growth among the three main types of cloud services, with revenue increasing 37 percent from $ 49 billion in 2019 to $ 67.2 billion in 2020. From 2016-2020, IaaS had a stunning annual growth rate of nearly 40 percent.
Revenue from Platforms as a Service (PaaS) accounts for only 15 percent of total revenue and saw a 32.6 percent increase from $ 35.9 billion in 2019 to $ 47.6 billion in 2020. PaaS experienced an annual growth rate of 42 percent between 2016-2020, the highest of the three main types of cloud services, although it experienced the lowest annual growth.
Rex Pascual, editor at Trading Platforms, comments: “The cloud services industry has already gained a lot of momentum before the COVID-19 pandemic broke out in 2020. Lockdowns around the world caused many companies to quickly switch to cloud-based services, giving the industry its highest year-over-year growth to date. We expect the industry to maintain this growth as more and more companies recognize the value of cloud services ‘ adaptability even in a post-pandemic world.“