The combined global public cloud infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) market are set to see revenues of US$400 billion by 2025.
According to research firm IDC’s latest forecast for the worldwide public cloud IaaS and PaaS markets, this represents a compound annual growth rate (CAGR) of 28.8 per cent from 2021 to 2025.
Out of the whole market, application development and testing, structured data management and structured data analytics are expected to be the largest workload segments by revenue share.
Meanwhile, unstructured data analytics/data management and media streaming are predicted to be the fastest growing, with CAGRs of 41.9 per cent and 41.2 per cent, respectively.
"Enterprise spending on public cloud infrastructure continues to grow faster than traditional IT infrastructure segments," said Andrew Smith, research manager for Cloud Infrastructure Services at IDC. "We expect all workload segments to grow in the double digits -- some slightly faster than others -- as enterprises emerge from 2020 and continue to prioritise workload migration and modernisation using public cloud infrastructure."
Indeed, other business applications, file and print, and content applications are still forecast to see that double-digit growth despite growing slower than the overall market average.
Additionally, public cloud services, the firm claimed, will continue to be an essential part of enterprise recovery strategies with IT organisations rethinking budgets, building up business resilience-centric infrastructure and shifting to mitigating towards COVID-19-related risks.
Enterprise data growth, which IDC claims has been “relentless”, has continued to push workloads into the public cloud, with cloud infrastructure and application platforms available to meet said growth.
Last year, the trend IDC saw was that of enterprises moving from workload migration to workload modernisation public cloud, with IaaS buying priotitising application modernisation.
Looking ahead to 2022, the firm said that nearly half of enterprises’ products and services will either be wholly digital or delivered digitally, which will increase the reliance on infrastructure — such as compute, storage and networking — to provide support for traditional business applications.
“Timely access to innovative infrastructure resources -- both shared and dedicated -- will be imperative to sustain the adaptive, resilient, secure, and compliant digital business models of the future,” IDC added.
The firm's latest forecast follows its claim from July that the 'dedicated' cloud IaaS market will skyrocket 100-fold by 2025, up to US$14 billion.