Gartner is a highly respected and followed name in the realm of technology trends. The research giant’s take on the Cloud is given a lot of weightage by both Cloud Service Providers (CSP) and cloud users alike.
Recently, Gartner released an update to its hype cycle for cloud services, with a specific focus on the year 2021. According to Gartner, the market for public cloud services will grow by over 26% during the year 2021.
As per the company’s estimates, supporting remote workforces and speedy digitalization were the main driving forces behind this heightened demand for public cloud services. It is estimated that 2020 alone resulted in digital transformation worth of seven years.
From a commercial success perspective as well, cloud adoption paid good dividends. 61% of the enterprises that moved to the public cloud in response to the pandemic saw revenue growth to the tune of nearly 25% or more, despite the challenging circumstances.
Public cloud technologies and services also accelerated digital transformation by drastically reducing the lead times to develop, test and deploy new applications as well as solutions in specific response to the post pandemic market trends.
The clear differentiating factor for cloud services in 2021, according to Gartner, was the instant scalability that was offered by the Cloud. Enterprises were able to leverage this scalability in times when historical usage trends had become almost irrelevant.
Gartner anticipates that the global demand for cloud services could sustain a Compound Annual Growth Rate (CAGR) of nearly 21.5% for the next five years. Right now, the total size of the public cloud market is believed to be around US $387 Billion.
Based on the above CAGR forecast, the total size of the public cloud market could achieve a whopping US $805 Billion by the year 2025. It is estimated that by the year 2023, nearly 70% of enterprise workloads will make their way to the public cloud.
Right now, the percentage of enterprise workloads in the public cloud is at 40%. Towards the end, Gartner has underscored the importance of maintaining robust security postures, especially in the backdrop of constantly rising hybrid and multi cloud environments.