Gartner forecasted a massive increase in the cloud service market in the coming years.

Since the introduction of SaaS in the global market, cloud services have been used by organizations worldwide. The cloud’s popularity is on the rise. According to a study by Gartner, the use of cloud services will increase 20.7% by 2023, with spending totalling $591.8 billion.

Gartner has been forecasting growth and spending in the cloud service sector for years. The analysis firm predicts that organizations will have spent $490.3 billion on cloud services by the end of 2022, up 18.8% from last year.

Future of cloud services, according to Gartner

Gartner believes that the success of cloud services is only set to grow. “Current inflationary pressures and macroeconomic conditions are having a push and pull effect on cloud spending”, said Sid Nag, Vice President Analyst at Gartner. “Cloud computing will continue to be a bastion of safety and innovation, supporting growth during uncertain times due to its agile, elastic and scalable nature.”

Gartner has segregated the cloud service market into six different segments. The segments are as follows:

  1. Software as a Service (SaaS)
  2. Platform as a Service (PaaS)
  3. Infrastructure as a Service (IaaS)
  4. Desktop as a Service (DaaS)
  5. Cloud management as a security service
  6. Business process as a security service

According to Gartner, all segments are set to grow in the coming years, which in turn will expand the sector as a whole.

With more organizations understanding the importance of cloud services and how they can help businesses improve their bottom line, the expected growth rate for cloud services is set to be accelerated in the coming years.