Countries will shell out as much as $107 billion in 2017, up from $47.4 billion in 2013, or a compound annual growth rate of 23.5 percent, the International Data Corp. forecast in its report published Tuesday.
The U.S. will continue to top spending in the market for the 2013-2017 period, although its share will decline from 57 percent to 44 percent.
IDC noted how demand and wider adoption are changing the way people and companies use cloud computing, which in turn is prompting a shift to more user-friendly, solution-driven cloud services.
The so-called “second wave” of growth in the cloud computing industry will see it increase interdependence with mobile, social and big data platforms and force providers to expand their offerings deployment-wise, it added.
“Over the next several years, the primary driver for cloud adoption will shift from economics to innovation as leading-edge companies invest in cloud services as the foundation for new competitive offerings,” Frank Gens, senior vice president and chief analyst at IDC.
“The emergence of cloud as the core for new ‘business as a service’ offerings will accelerate cloud adoption and dramatically raise the cloud model’s strategic value beyond CIOs to CXOs of all types.”