IDC is predicting that worldwide spending on public cloud services and infrastructure will more than double over the 2019-2023 period.
The latest update to IDC's Worldwide Semiannual Public Cloud Services Spending Guide forecasts a five-year compound annual growth rate (CAGR) of 22.3%, public cloud spending, taking the market from $229 billion in 2019 to nearly $500 billion in 2023.
"Adoption of public (shared) cloud services continues to grow...