The revenue generated by the public IT cloud services in the US is expected to rise at a compound annual growth rate (CAGR) of 18.5% by 2016 to $43.2bn when compared to $18.5bn in 2011, according to a new report.
International Data Corporation’s (IDC) US Public IT Cloud Service by Industry Sector forecast is fragmented by five functional technology categories and by six vertical sectors.
The functional technology categories include applications as a service, system infrastructure software as a service (SaaS), platform as a service (PaaS), server as a service and basic storage as a service
The six projected vertical sectors include financial services, manufacturing and resources, services and distribution, infrastructure services, public sector, home business and consumer sectors.
IDC’s Global Technology and Industry Research Organization program manager Eileen Smith said that the three verticals that accounted for 50% of the spending in 2011 are discrete manufacturing, professional services, and process manufacturing.
"This is not surprising as these industries are typically less risk averse and compliance focused," Smith said.
"Communications and media, education, and construction were found to be the fastest growing verticals.
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"We expect the media portion of the communications and media vertical to continue to be one of the main users of storage on demand to enable continuous service for content-heavy customer offerings."
In 2011, the services and distribution accounted 30.3% of total revenue, manufacturing and resources accounted for 24%, while the infrastructure accounted for 12.3% of spending.
According to report infrastructure will account for 12.9% of spending through the next four years.
