Public IT cloud services: five-year CAGR 2018-2022, by segment

Forecasts suggest that between 2018 and 2022, the cloud system infrastructure services (IaaS) segment will grow with a compound annual growth rate of around 18 percent. The public cloud services market as a whole is expected to grow with a compound annual growth rate of 12.5 percent, with only cloud business process services (BPaaS) experiencing single digit annual growth rates.

Cloud computing as-a-service

The cloud-based “as-a-service” market is a relatively new tech phenomenon where cloud computing resources are rented from large providers. These service companies provide businesses of all sizes with cloud capabilities without the need to purchase and maintain their own hardware and software. The software-as-a-service market alone is expected to expand past the 150-billion-dollar revenue mark by 2020. Over 60 percent of surveyed technical professionals from industries around the world stated that their organization was currently running apps using the as-a-service platform Amazon Web Services, and many of the world’s largest tech firms are quickly incorporating cloud service packages into their offerings. Microsoft’s intelligent cloud segment, which includes the Microsoft Azure cloud offerings, has grown rapidly, rivalling even the company’s long-established personal computing segment in terms of revenue generation.