Global public cloud infra market to reach $108 billion in 2024: Report

New Delhi: The shared (public) cloud infrastructure market reached $26.3 billion in the first quarter of this year globally, up 43.9 per cent compared to a year ago, according to a new report.

The shared (public) cloud infrastructure is expected to grow 30.4 per cent (year-over-year) to $108.3 billion for the full year, according to an IDC report.

For 2024, IDC forecasts overall cloud infrastructure spending to grow 26.1 per cent compared to 2023 to $138.3 billion.

Spending on dedicated cloud infrastructure is also expected to have double-digit growth in 2024 at 12.8 per cent, reaching $30 billion for the full year.

“The subdued growth forecast for non-cloud infrastructure at 8.4 per cent in 2024 reflects that even though most of the growth will come from cloud spending, general non-cloud dedicated systems are set to recover this year,” the report mentioned.

According to the report, the shared cloud infrastructure category continues to hold the largest share of spending compared to dedicated (private) cloud deployments and non-cloud spending.

In the January-March period, shared cloud accounted for 56.1 per cent of total infrastructure spending.

Cloud infrastructure spending growth continues being driven by the explosion of AI-related investments, which not only impact servers but also started to have positive influence on enterprise storage as well," said Juan Pablo Seminara, research director for IDC's Worldwide Enterprise Infrastructure Tracker.