Home Global Public IT Cloud Services Market Revenue Increased by 34% in 2020 – $312B
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Global Public IT Cloud Services Market Revenue Increased by 34% in 2020 – $312B

Rex Pascual Finance News Writer Author expertise
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Cloud Services have become an integral part of business operations for many large companies and in 2020 the industry earned an estimated revenue of over $300B globally. According to data presented by Trading Platforms, global public IT cloud services market revenue for 2020 was at $312.4B – a 34% Increase from 2019.

Global Spending on Cloud Services Passes $300B; CAGR of 36% From 2016-2020

In 2016, global spending on public IT cloud services was just under $100B. In 2021 that figure has ballooned to a healthy $312.4B after experiencing a 34% increase from 2019’s $233.4B revenue. In the 4 year period from 2016-2020 revenue from spending on cloud services grew at an impressive compound annual growth rate (CAGR) of 36.31%.

SaaS Accounts For Largest Share of Revenue; IaaS Saw Highest Growth in 2020

Of the three main types of cloud services, Software as a Service (SaaS) still accounts for the largest share of total revenue with a 63% share. In 2020 SaaS revenue amounted to $197.6B which is a 33% increase from 2019’s $148.5. S From 2016-2020 SaaS revenue grew at a CAGR of 34.1%

Infrastructure as a Service (IaaS) held the second-largest share of the revenue accounting for 21.5% of total revenue. IaaS experienced the largest growth among the three main types of cloud services with a 37% increase in revenue from $49B in 2019 to $67.2B in 2020. From 2016-2020 IaaS had a staggering CAGR of almost 40%.

Platform as a Service (PaaS) revenue accounts for just 15% of total revenue and experienced a 32.6% increase from $35.9B in 2019 to $47.6B in 2020. PaaS experienced a CAGR of 42.42% from 2016-2020, the highest out of the three main types of cloud services despite experiencing the lowest YoY growth.

Rex Pascual, editor at Trading Platforms, commented:

“The cloud services industry was already gathering strong momentum prior to the outbreak of the COVID-19 pandemic in 2020. Lockdowns across the world resulted in many businesses rapidly shifting to cloud-based services giving the industry its highest YoY growth to date. Expect the industry to sustain this growth as many more businesses see the value in the adaptability of cloud services even in a post-pandemic world.”

Rex Pascual Finance News Writer

Rex Pascual Finance News Writer

Rex is an Editor who specializes in creating high-quality content about Esports, Sports, Finance, CBD and Tech. Rex is an experienced SEO writer who is passionate about creating content that is user-focused. 

Before working with Finixio, Pascual worked as a Senior Contributor for GiveMeSport, an SEO Content Executive for Gamesys and a Freelance Write for Write Label. Rex developed his content writing skills while studying at University where he received a Bachelor of International Studies. 

Rex is active in the finance space and uses his industry knowledge to write regular news posts for Trading Platforms. He uses accurate sources to deliver content that is timely, helpful and informative.