Number crunchers at IDC claim that public cloud services spend in Europe is set to reach $113 billion in 2022 and will double by 2026.
According to IDC’s Worldwide Public Cloud Services Spending Guide, the growth rate represents a 22 percent five year 2021-2026 CAGR.
Investments in software-as-a-service (SaaS) will continue to lead most of the spending, but pegs platform-as-a-services (PaaS) to be the fastest-growing segment.
IDC explained PaaS enables business agility by allowing companies to quickly test and implement applications they have developed.
IDC UK senior research analyst, Andrea Minonne said that European companies want to automate their processes as they are experiencing market challenges including supply chain disruption and skill shortages.
“More frequently companies will adopt Cloud to create a solid real-time data analysis foundation that support business agility and resilience.”
Professional services, banking, and discrete manufacturing to be among the top spenders in public cloud services, absorbing almost 60 percent of the overall spend in 2022.
“Human-centric industries” were adjusting their work policies to normalise remote working, meaning more attention to remote employee access to information will drive spending in cloud solutions.
