Major industry groups such as finance, manufacturing, healthcare and the public sector will be spending $22.5 billion on industry cloud in 2018, according to IDC.
Of the four industry groups, healthcare providers will account for 48 percent of total spending on industry cloud.
The finance industry will spend $4.5 billion on industry cloud.
The public sector will spend $4.3 billion on industry cloud.
Manufacturing is estimated to spend close to $3 billion on industry cloud deployment in 2018.
IDC forecasts that the four combined industries will increase spending by 24.3 percent in 2019, a rate similar to 2018.
Both the finance industry and the public sector are expected to grow below average at 23.4 percent and 19.4 percent respectively. The healthcare and manufacturing industries will increase their spending on industry cloud solutions by 26.1 percent.
SAP is the top industry cloud player in 2017 among the 50 vendors tracked in the finance industry.
Veeva Systems came out first among the 40 vendors covered in the manufacturing industry cloud market.
Lockheed Martin earned top billing with $1.4 billion in revenues in the public sector industry cloud market.
The other vendor with over $1 billion in industry cloud business in 2017 was athenaHealth, which took in $1.2 billion in revenue.
“More and more leaders within major industries are using the same cloud services delivery models as companies like Amazon, Google, Facebook, and others – to deliver new and innovative digital services to their customers,” Zachary Rabel, senior research analyst, Cloud, SaaS, and Industry Cloud research at IDC, said.
