The
International Data Corporation’s (IDC) Worldwide Software and Public
Cloud Services Spending Guide predicts that spending on public cloud
services in Europe will hit $148B this year, with a 22% CAGR over the next five years.
Based on the CAGR, that spending figure will reach $258B by 2026.
- The
IDC’s spending guide considers public cloud computing purchases of 20
industries and five company sizes spanning eight global regions and 47
countries.
- According
to the guide, the sectors in Europe that spend the most on public cloud
services are professional services (23.6%), banking (23.5%), and
discrete manufacturing (23%).
- In
terms of cloud trends, the guide reveals that European companies are
investing in cloud technology to enhance security and adhere to data
privacy laws, which have become more strict in recent years. This has
also pushed companies to spend on sovereign cloud, which provides data
access in compliance with local laws and regulations.
- The
guide states that despite the ongoing geopolitical tensions in Eastern
Europe, coupled with high inflation and soaring energy prices, many
European companies are still choosing to invest in cloud technology to
speed up the creation of apps and enable hybrid work models and digital
transformation to remain competitive.
