A recent report by Gartner indicates that the continuing explosion of public cloud services in 2022 will result in a 20.4% rise in global spending in the sector compared to last year, totaling almost $495 billion, and go on in 2023 to record spending of nearly $600 billion, according to SDxCentral
"CIOs are beyond the era of irrational exuberance of procuring cloud services and are being thoughtful in their choice of public cloud providers to drive specific, desired business and technology outcomes in their digital transformation journey," according to Gartner Vice President Sid Nag.
Nearly every layer of public clouds is expected to see an increase in spending, including cloud management and cloud security
services, which is projected to see spending reach almost $30.5 billion, while infrastructure-as-a-service and desktop-as-a-service are expected to display the strongest growth of 30.6% and 26.6%, respectively.
In addition, new product categories are continually being created to develop new revenue streams, such as those forming around hyperscale edge computing and secure access service edge, according to Nag.