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The worldwide Public Cloud services market is projected to grow 17.5 per cent in 2019 to total $214.3 billion -- up from $182.4 billion in 2018, a Gartner report said on Tuesday.
The fastest-growing market segment will be infrastructure-as-a-service (IaaS), which is forecast to grow 27.5 per cent in 2019 to reach $38.9 billion -- up from $30.5 billion in 2018.
The second-highest growth rate of 21.8 per cent will be achieved by platform-as-a-service (PaaS).
"Cloud services are definitely shaking up the industry. What we see now is only the beginning, though.
"Through 2022, Gartner projects the market size and growth of the cloud services industry at nearly three time the growth of overall IT services," said Sid Nag, research vice president at Gartner.
More than a third of organizations see Cloud investments as a top three investing priority, which is impacting market offerings.
Gartner expects that by the end of this year, more than 30 per cent of technology providers' new software investments will shift from cloud-first to cloud-only.
"Organizations need Cloud-related services to get onboarded onto public clouds and to transform their operations as they adopt Public Cloud services," said Nag.
Currently, almost 19 per cent of Cloud budgets are spent on Cloud-related services, such as Cloud consulting, implementation, migration and managed services.
Gartner expects that this rate will increase to 28 per cent by 2022.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)