Gartner forecasts public cloud spending

Almost 600 billion in 2023 

According to Gartner's latest forecast, global end-user spending on public cloud services will increase 21.7 percent to $597.3 billion by 2023 - up from $491 billion in 2022. Cloud computing is driving the next phase of digital business as companies break new ground with emerging technologies such as generative artificial intelligence (AI), Web3 and the metaverse. 

"Hyperscale cloud providers are driving the cloud agenda," said Sid Nag, vice president analyst at Gartner. "Enterprises today view the cloud as a highly strategic platform for digital transformation. This requires cloud providers to offer increasingly sophisticated capabilities as competition for digital services intensifies. Generative AI, for example, is supported by large-scale language models (LLMs) that require powerful and highly scalable computing capacity to process data in real time. The cloud provides the perfect solution and platform. It's no coincidence that the key players in the generative AI race are cloud hyperscalers." All segments of the cloud market are expected to grow through 2023.