Idc: Public Cloud Services Market Grows To $669.2 Billion In 2023

The public cloud services market experienced significant growth in 2023, with a 19.9% increase in revenue from the previous year. The top contributors to this revenue were SaaS – Applications, followed by IaaS, PaaS, and SaaS – SIS. PaaS and SaaS – SIS saw the fastest year-over-year growth, driven by increased investment in AI-powered solutions. The top five public cloud service providers, including Microsoft and AWS, dominated the market. IDC projects continued growth in the public cloud services market, with a forecasted revenue of $1.6 trillion by 2028.