Global Projections: Public Cloud Services to
Surpass $1.35 Trillion in 2027
Global expenditure on public cloud services is projected to reach $1.35 trillion by 2027. While annual spending growth is anticipated to moderately decrease between 2023 and 2027, the market is predicted to maintain a robust five-year compound annual growth rate (CAGR) of 19.9% during this period.
Among the 28 industries covered in the Spending Guide, the top three in
2027 –Banking, Software and Information Services, and Telecommunications – will jointly account for $326 billion in public cloud services spending. Retail and Professional and Personal Services will follow closely as the next largest industries in terms of spending, collectively making up nearly 36% of the total. Notably, the industries expected to experience the swiftest spending growth through 2027 are Software and Information Services (24.0% CAGR), Capital Markets (21.9% CAGR), and Telecommunications (21.8% CAGR). Remarkably, all industries, except for Consumer, will achieve double-digit CAGRs during the 2023-2027 forecast period.