Spending on public cloud services is forecast to grow 20.7 percent to $591.8 billion in 2023, up from $490.3 billion in 2022, according to forecast report from Gartner. This is higher than the 18.8 percent growth forecast for 2022.
“Cloud spending could decrease if overall IT budgets shrink, given that cloud continues to be the largest chunk of IT spend and proportionate budget growth,” said Sid Nag, Vice President Analyst at Gartner.
Infrastructure-as-a-service (IaaS) is forecast to experience the highest end-user spending growth in 2023 at 29.8 percent. All segments are expected see growth in 2023.