International Data Corporation: Gulf’s public cloud market expected to hit US$2.3bln by 2024

During a recent panel discussion hosted by Dubai Outsource City, research company International Data Corporation (IDC) unveiled that the Gulf Cooperation Council (GCC) public cloud market is expected to mount up to more than double in value by 2024, growing from US$956 million in 2020 to US$2.35 billion at a cumulative annual growth rate (CAGR) of 25%. Among the other findings revealed was that despite the subdued enterprise spending on information technology, several sub-markets within the sector have witnessed strong growth. This trend was particularly manifested in the infrastructure as a service, platform as a service, and software as a service segment, in which spending has grown by 32.7%, 32%, and 24.1% respectively.