While more company’s CIOs and CTOs are leveraging hybrid IT infrastructure models and integrating multi-cloud solutions, other major trends are gaining pace. Though, as per the recent IDC’s (International Data Corporation) worldwide market study, five key industry groups, last year, anticipated to invest a total sum of USD 37.5 billion on industry Cloud solutions. Healthcare, finance, retail & wholesale, public sector, and the manufacturing sector are the five key industries that spent on industry Cloud solutions.
Through the study report, the manufacturing sector raised the most; while retail & wholesale were next to boost their spending. The overall market for Industry Cloud, in 2019, is predicted to reach at USD 45.5 billion, along with three of the five groups rising above the market average of 21.5 percent. The healthcare provider and public sector investment are expected to grow below the market average in 2019, but their growth rates will be higher than for last year’s growth. According to the Senior Vice President & Chief Analyst at IDC, Frank Gens, this latest prediction indicated that Industry Cloud growth rates will keep on to go faster over the next three years that is very abnormal for multi-billion-dollar markets. Frank also said that this market growth is driven by such rapidly-digitizing industries like financial services, healthcare, and manufacturing sector, where industry Clouds are becoming the foundation for next-gen growth and innovation strategies.
The U.S. market, on the basis of geographic prospect, will make close to three-quarters of the overall market. Several other regions will benefit stronger than average market growth, where China and Japan predicted to grow at 54 percent and 47 percent, respectively. The United States, Latin America, and the Middle East & Africa, will also break their last year’s growth rates.