Annual public cloud revenue reaches half a trillion dollars
Global revenue generated by public cloud services topped the $500 billion mark in 2022, according to new data released this week by research firm IDC.
The actual figure was $545.8 billion, IDC’s research found, a sum that represents a 22.9% increase over the previous year. Foundational cloud services — which IDC defines as infrastructure, platform and system infrastructure software delivered as services — grew even more quickly, rising by 28.8% in year-on-year terms.
This foundational spending, according to IDC, reflects the growing dependence organizations have on data and AI services, distributed computing and app frameworks. Spending on IaaS and PaaS, in particular, should continue to grow more quickly than the overall public cloud market, which cloud providers have reacted to by deploying increasingly high-performance infrastructure.