IDC expects public, private and hybrid cloud revenues to reach up to US$554billion by 2021.
The research firm estimates that, by 2021, cloud services will increase to 48%.
When spending on software and hardware around the cloud, figures are also said to rise by 68% for 2021, according to IDC.
The research firm found spending on professional and managed services around cloud adoption is expected to account for 31% of all cloud-related spending in 2021.
IDC also expects cloud service providers to dominate in 2021, accounting for 76% of cloud-related software spending and infrastructure hardware.
Frank Gens, SVP and chief analyst at IDC, said to ZDNet: “The most obvious takeaway from this forecast is that the shift to the cloud consumption model – in all its forms – is a mass movement, and will continue to be such over the forecast period.
“Equally important, though, is the steady drumbeat of tech innovation that is coming from the major public cloud suppliers, making it virtually impossible for enterprises and developers seeking advantage through IT not to embrace the public cloud.”
Written by Leah Alger