According to Gartner research, the Global Public Cloud Services spending is estimated to Total $679 Billion in 2024 from $491 Billion in 2022. The adoption is estimated to surpass $1 Trillion by 2027. An interesting aspect in O’Reilly’s latest Cloud Adoption report based on a global survey conducted is that 90% of the responders are using the cloud to support their business. Diving further into the report, it is evident that 67% of the responders have adopted the public cloud, and 45% are using the private cloud. One of the key takeaways from the State of the Cloud report from Flexera that studied the organization’s cloud adoption progress around the world is that 92 % of the enterprise organizations (organizations with more than 1000 employees) are adopting a multi-cloud strategy, and 80% of the organizations are adopting hybrid cloud model.
One of the major areas of cloud spending by organizations of all sizes is public cloud. 31% of the respondents reported spending at least $12 million annually, and 76% of the respondents spend around $1.2 million annually on public cloud. Diving further into the report findings, it’s evident that 36% of the enterprises (organizations with more than 1000 employees) that have responded spend more than $12 million annually on public cloud.
