According to a report by IDC, the Asia/Pacific whole cloud spending is forecasted to grow at a compound annual growth rate (CAGR) of 17.3 per cent and reach $329.1 billion by 2027.
The report stated that Asia/Pacific whole cloud spending grew at a year-over-year (YoY) rate of 10 per cent in 2023, and further it is expected to grow at 23.4 per cent in 2024 as cloud-related spending continues to accelerate.
Commenting on the report, Shouvik Nag, senior research analyst, cloud research, IDC Asia/Pacific, said, “Despite last year’s economic challenges, there has been considerable demand for the cloud as it becomes the foundation for innovation and a key enabler for leveraging artificial intelligence (AI). We anticipate robust investments across hardware, software, professional, and managed services as organisations (including governments) in the region aim to scale their digital economies. A major focus will also be on cloud cost optimisation with the outlook to maximise utilisation of cloud resources.”
The report further highlighted that, since the last decade, cloud technologies have enabled innovation at scale and speed. The last few years have seen a shift towards leveraging cloud as an operating model and delivery platform; it will continue to play a critical but increasingly supporting role in enabling a rapid pivot to the AI everywhere era.
