Security News > 2020 > October > Global spending on cloud services to surpass $1 trillion in 2024

The COVID-19 pandemic has largely proven to be an accelerator of cloud adoption and extension and will continue to drive a faster conversion to cloud-centric IT. Global spending on cloud services to rise.

The strongest growth in cloud revenues will come in the as a service category - public cloud services and dedicated cloud services.

The services category, which includes cloud-related professional services and cloud-related management services, will be the second largest category in terms of revenue but will experience the slowest growth with an 8.3% CAGR. This is due to a variety of factors, including greater use of automation in cloud migrations.

The ecosystem of tech companies helping customers migrate to cloud environments, create new innovations in the cloud, and manage their expanding cloud environments will enable enterprises to meet their accelerated schedules for moving to cloud.

The adoption of cloud services should enable organizations to shift IT from maintenance of legacy IT to new digital transformation initiatives, which can lead to new business revenue and competitiveness as well as create new opportunities for suppliers of professional services.

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