Public Cloud Services Revenue Surged Past $500 Billion Last Year

The public cloud services market jumped in value by nearly 23pc last year, reaching $545.8bn in global revenue. SiliconRepublic: A new report by the International Data Corporation (IDC) claims that all sections in this market saw growth last year, with Software-as-a-Service (SaaS) applications retaining the top spot and representing more than 45pc of total revenue last year. The report found that revenue for foundational cloud services "that support digital-first strategies" grew by nearly of 29pc. The IDC said this increased growth highlights an increasing reliance of enterprises on cloud platforms built around "widely deployed compute services, data/AI services and app framework services." Dave McCarthy, vice president in IDC's worldwide infrastructure practice, said cloud providers are making "significant investments" in high-performance infrastructure, which can help create the "foundation for new AI software that can be quickly deployed at scale." This verdict was shared by Rick Villars, group VP of ICD worldwide research, who said the use of AI is starting to "dominate the long-term investment agendas of businesses and cloud providers."

Read more of this story at Slashdot.