Worldwide spend on cloud systems is expected to pass USD 1 trillion in 2024, accelerated by cloud adoption amid the coronavirus pandemic, according to the latest study from IDC, which forecasts a five-year CAGR of 15.7 percent. The research took into account cloud services, the hardware and software components underpinning cloud services, and the professional managed services around cloud services. 

The strongest growth in cloud revenues will come in the as a service category-public (shared) cloud services and dedicated (private) cloud services. This category will make up over 60 percent of all cloud revenues by 2024, with a CAGR of 21 percent. 

The second largest will be the services category, which includes cloud-related professional services and cloud-related management services. However, growth will be slowest here, at 8.3 percent CAGR, due to a number of factors, including greater use of automation in cloud migrations. 

The smallest cloud category, infrastructure build, which includes hardware, software, and support for enterprise private clouds and service provider public clouds, will enjoy solid growth, with 11.1 percent CAGR.