All around the world, the technology sector is slowly moving more players towards the stock market – the cloud business is no exception.
Recently, Gartner projected the public cloud market size of 2020 will jump 6.3% from a year earlier, to USD 257.90 billion. The figure for last year was USD 242.7 billion. Public cloud service is outstanding amid the IT spending cut caused by the pandemic.
Among niche markets, Desktop-as-a-Service (DaaS) is going to present the most significant growth rate of 95.4%, will have given a market size of USD 1.2 billion by the end of 2020. DaaS provides enterprises an economical way of remote work, as well as secure access to applications for various equipment in different places.
Software-as-a-Service (SaaS) will still be the largest track, which is estimated to keep expanding 2.6% to USD 104.80 billion this year. Transition to a subscription model from licensing and increasing demand for coordination software stimulated by the Covid-19 outbreak lead to the growth of the SaaS market.
Still, Infrastructure-as-a-Service (IaaS) is going to maintain its second-largest niche market position, up to USD 50.40 billion at a growth rate of 13.4% in 2020. Global economic collapse accelerates tradition to cloud based-infrastructure from on-premises versions.
Gartner’s analytics summarized two significant advantages from the deploying cloud: a lower cost from cloud computing scalability and delayed payment.
Gartner also expected the cloud spending to return to fast growth with the partial resumption of economic activities in many countries and areas.