Cloud IT infrastructure spending will grow by 21% to $32 billion in 2015.
Market watcher IDC predicts that this spending will account for 33% of all IT infrastructure, which is an increase from 28% in 2014.
Private cloud infrastructure spending is expected to grow by 16% year over year to $12 billion with public cloud spending is expected to far outstrip that, by increasing by 25% in 2015 to $21 billion.
The report covers eight regions such as Asia/Pacific, Europe, Japan, Latin America, the Middle East & Africa, and the U.S. Western Europe is expected to have the highest growth of these regions at 32% with Latin America (23%), Japan (22%) and the U.S. (21%) following.
Kuba Stolarski, Research Manager, Server, Virualisation and Workload Research, IDC, said: "The pace of adoption of cloud-based platforms will not abate for quite some time, resulting in cloud IT infrastructure expansion continuing to outpace the growth of the overall IT infrastructure market for the foreseeable future."
"As the market evolves into deploying 3rd Platform solutions and developing next-gen software, organizations of all types and sizes will discover that traditional approaches to IT management will increasingly fall short of the simplicity, flexibility, and extensibility requirements that form the core of cloud solutions."
The five-year forecast predicts that cloud IT infrastructure will grow at a CAGR of 14% with private and public growing at the same rate.
With this forecast growth it is perhaps unsurprising to see that by 2019, IT infrastructure spending will be at $52 billion and represent 45% of total spend. Public cloud will remain the main beneficiary of this spending with $32 billion and private accounting for $20 billion.