IDC published a new forecast for the European market of public cloud services. Analysts predict that the costs will grow rapidly and the main segment will remain the SaaS platforms.
According to experts, this year the cost of the public cloud market in Europe will reach $113 billion and by 2026 the industry will approximately double to $239 billion. The CAGR (compound annual growth rate) from 2021 to 2026 will be 22%. PaaS will be the fastest-growing segment.
IDC notes that in the near future the largest consumers of public cloud services will be professional services, banking, and manufacturing. They will account for approximately 60% of total spending in Europe by the end of this year.
Organizations are using public clouds more and more to access new technologies such as containers, open DBMS, big data analytics, AI, security solutions, and collaboration tools. Analysts believe that in the current situation, public cloud services are becoming more than just an alternative to the enterprise's own infrastructure or IT services.