However, with coronavirus lockdowns and millions of people spending more time indoors and online, global demand for cloud services has skyrocketed in recent months. This growing need for cloud solutions has led to increased spending on the hardware and software components needed to support computing requirements.
Global spending on cloud IT infrastructure is expected to grow by 3.6% year-over-year, reaching $69.2 billion in 2020, according to data compiled by LearnBonds.

Spending on cloud infrastructure has tripled since 2013.
Today, billions of people use personal cloud storage to manage and store private data. However, its ability to provide access to otherwise extremely expensive computing power has also led to widespread adoption of cloud computing technology in the business sector.
Examples of cloud computing use can be found virtually everywhere, from social media, messaging apps, and streaming services to business processes, office tools, chatbots, and lending and e-commerce platforms.
In 2013, global spending on cloud IT infrastructure, which includes hardware, abstract resources, storage, and network resources, totaled $22.3 billion, according to data from Statista and IDC's (International Data Corporation) Worldwide Quarterly Cloud IT Infrastructure Tracker. Over the next four years, this amount grew to $47.4 billion. The trend has continued to grow strongly, so spending on global cloud IT infrastructure has tripled since 2013.

The IDC report revealed that spending on public cloud infrastructure is expected to drive global market growth this year.
Kuba Stolarski, Research Director for Infrastructure Systems, Platforms, and Technologies at IDC, stated, “As enterprise IT budgets tighten throughout the year, the public cloud will see a surge in demand for services.
This increase will stem in part from the rise in employees working from home using online collaboration tools, but also from the migration of workloads to the public cloud as companies seek ways to save money this year. Once the environment is free of the coronavirus, we expect some of this new demand for cloud services to remain strong going forward.”

IDC's five-year forecast predicts that spending on cloud IT infrastructure will reach $100.1 billion by 2024, growing at a compound annual growth rate of 8.4%.

Nearly 80% of businesses will adopt cloud technology in 2020.
The growing need for cloud solutions has recently led to a surge in revenue for cloud IT infrastructure providers. In 2019, they earned $639.7 billion selling these IT products and solutions, a 30% increase compared to 2017 figures. 2019 data also showed that ODM Direct held 32% of the market. Dell Technologies and HPE followed with market shares of 16% and 11.7%, respectively.
According to a global CIO survey, public cloud adoption was the key driver for many businesses in 2020, with 79% of surveyed groups planning a strong to moderate adoption of cloud technology. AI/machine learning ranked as the second most sought-after technology, with 72% of companies planning to use it in 2020.
Statistics show that 70% of companies plan to adopt private cloud solutions this year, followed by 63% of companies that prefer multi-cloud solutions.