And it's set to grow to more than $127 billion in 2018

IT cloud spending set to reach $56.6 billion in 2014

Public IT cloud services spending will reach $56.6 billion in 2014, according to analyst IDC.

it also predicts that by 2018 cloud spending will grow by more than $127 billion.

The analyst also explains that by 2018, public IT cloud services will account for more than half of worldwide software, server, and storage spending growth.

The adoption of ‘cloud first’ strategies by IT vendors and IT buyers is said to be the main driver for this growth.

Frank Gens, senior vice president and chief analyst at IDC, said: "Over the next four to five years, IDC expects the community of developers to triple and to create a ten-fold increase in the number of new cloud-based solutions.

“At the same time, there will be unprecedented competition and consolidation among the leading cloud providers.”

IDC also expects that software as a service (SaaS) will continue to dominate public IT cloud services spending, accounting for 70 per cent of 2014 cloud services expenditures.

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