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Public cloud spending will exceed $1 trillion by 2026

According to Forrester Research’s 2022 Public Cloud Market Outlook, The global public cloud market will exceed $1 trillion by 2026, more than doubling the current $446 billion market in 2022, thanks to a more than 20% annual growth rate over the next four years.

Factors such as intense competition among the largest cloud providers, market fragmentation due to regulatory and political tensions, and edge computing vendors capturing an increasing share of IT spending in relation to cloud are said to be influencing growth.

According to Forrester, cloud infrastructure services spending will reach $495.5 billion by 2026 as hyperscalers fight increased commoditization of infrastructure. Cloud development services spending will reach $51 billion by 2026, driven by factors such as serverless technology becoming integrated into cloud platform app development, automation, and the incorporation of low code into cloud development.

Cloud applications will cost $396.9 billion, and cloud database and analytics services will cost $89.5 billion by 2026.

According to the report, due to the amount of investment needed to build out a global cloud footprint and customer base, Alibaba, AWS, Google Cloud, and Microsoft now own largest chunk of the cloud infrastructure market.

The sources for this piece include an article in TechRepublic.

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