A new report from International Data Corp. projects the global market for public cloud platforms to reach $70 billion this year as commercial enterprises in different industries look for services to manage their operations.
The company said Tuesday banking, process and discrete manufacturing, retail and professional services are among the industries to represent nearly half of the total market share.
The IDC report also cited regulatory concerns, security issues and use of legacy systems as challenges to cloud deployment in financial services, government and other sectors.
Eileen Smith, program manager of global technology and research group at IDC, said suppliers of cloud platforms and services will continue to witness “significant demand” for their offerings.
“It is important for these suppliers to develop strong customer-partner relationships with cloud/platform players to seize new opportunities,” she added.