Five large industry groups, including healthcare, public sector, finance, retail/wholesale, and manufacturing, are expected to spend a total of $37.5 billion on industry cloud solutions in 2018, according to the Worldwide Semiannual Industry Cloud Tracker from International Data Corporation (IDC). The report forecasts the overall market to reach $45.4 billion in 2019.
"IDC's latest forecast shows that industry cloud growth rates will continue to accelerate over the next three years, which is very unusual for multi-billion-dollar markets. This growth is being driven by rapidly-digitizing industries like healthcare, financial services, and manufacturing, where industry clouds are becoming the cornerstones for next-generation growth and innovation strategies," said Frank Gens, senior vice president & chief analyst at IDC.
Some highlights:
- the U.S. will make up close to three-quarters of the overall market in 2018.
- Japan and China expected to grow the most year over year at 54% and 47% respectively.
- Other regions will also outperform their 2018 growth rates.
- The healthcare provider market in the U.S. is expected to pass the $10 billion mark in 2018 for the first time while the Western Europe market for healthcare industry cloud is also forecast to hit a landmark in 2018 by crossing the $1 billion mark.
- Relative to all other regions, Japan can be considered a late adopter to industry cloud deploymen but will pass the $1 billion mark by 2022.
- China will pass the $1 billion mark by 2022.
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