Worldwide Public Cloud Services Revenues Grew 19.9% Year Over Year In 2023, According To Idc Tracker

The public cloud services market is experiencing significant growth, with a total revenue of $669.2 billion in 2023. The largest source of revenue is Software as a Service – Applications (SaaS – Applications), followed by Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). PaaS and SaaS – SIS are the categories with the fastest year-over-year revenue growth, driven by end-user investment in AI and the release of PaaS-delivered AI offerings by both market-leading and smaller vendors.