'Whole cloud' revenues projected to hit $554B in 2021
- "Whole cloud" revenues are set to reach about $554 billion internationally in 2021, according to an IDC report. The projection is more than double the revenues in 2016.
- The "whole cloud" market includes public, private and hybrid cloud offerings as well as cloud-based services, software and infrastructure-related hardware. Expenditures on managing and servicing cloud-based solutions represents 31% of whole cloud revenue.
- The public cloud took up 41% of all cloud spending in 2016 and is forecasted to grow to 48% in 2021. Spending on software and hardware is expected to increase to 65% in the same time, according to the report.
With the new year approaching, IT departments are sure to consider the most crucial needs of the company.
Digital transformation and the opportunities the cloud affords companies was the top priority for CIOs in 2017, but ensuring those efforts will continue being optimized is the main task for 2018.
About half of CIOs said they have experienced a positive return on investment since implementing cloud-based solutions, and another 40% expect future returns. But securing a workforce capable of properly maintaining both the digital and physical infrastructure of the cloud is a struggle for CIOs.
Approximately 40% of IT professionals say a lack of skills is a "barrier" to cloud adoption, and this accrues even greater costs for the entire business. But embracing the cloud helps IT departments better overcome their cost center reputation.
Finding the right cloud combination – public/public, private/public, etc. – is only half the task. To support companies managing data on the cloud, major vendors are expected to offer "standalone modules" and hybrid cloud management solutions for optimization, governance and monitoring.
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