Public cloud computing services will be a $72.9 billion market in 2015, up from $21.5 billion in 2010, according to IDC.
That growth equates to a compound annual growth rate of 27.6 percent, but IDC estimated that public cloud computing will fuel the information technology industry for the next 25 years.
IDC defines a public cloud as a service that is commercially offered to an "unrestricted marketplace of potential users."
In fact, IDC is estimating that public cloud computing will account for 46 percent new growth for overall IT spending---notably in applications, app development and deployment, infrastructure, storage and servers.
By the numbers:
- One in 7 dollars spent on packaged hardware and software will be related to the public cloud in 2015.
- Software as a service will represent three quarters of all spending on public cloud services. SaaS will also drive server and storage cloud spending.
- The U.S. will represent 50 percent of all public cloud services spending in 2015, but other region such as Asia Pacific and Western Europe will also ramp spending.