Cloud market will grow 20.3% in 2023, reaching 640 million euros

For 2026, the expectation is that this market will be worth one billion euros, in continuous growth, according to the forecasts of the consultancy IDC

The Cloud Computing market will grow by around 20.3% in Portugal, according to forecasts by International Data Corporated (IDC), a company specializing in market intelligence, consulting services and go-to-market for the information technology markets, telecommunications and consumer technology.

According to estimates by this consultancy, the cloud should represent a global investment of 640 million euros this year, a value that should continue to grow until 2026, when it will reach 1 billion euros. Software as a Service (SaaS) will represent around 70% of the global market by categories, the highlight goes to Software as a Service (SaaS), which will represent around 70% of the global market, an investment of around 447 million euros, which will grow to 685.2 million euros in the next three years.

The Platform as a Service (PaaS) model, which will register an average growth of 30% per year until 2026, will have a slice of 103 million euros. In the Infrastructure as a Service (IaaS) service, growth will be 25% per year, and the investment for 2023 will be 143.4 million euros.

“The cloud market will continue to play an increasingly important role across the IT industry as an enabling technology for a digital-first economy. National organizations are committed to making the transition to an increasingly digital economy and, in this transformation, cloud services show a substantial increase. For this reason, significant growth is expected in the next three years in the area of ​​cloud computing”, says Gabriel Coimbra, Group Vice President and Country Manager at IDC Portugal.

The 10 trends that will mark the cloud market

It was at the IDC Cloud Road Show event, which took place today at the Centro Cultural de Belém, in Lisbon, that the Cloud 2023 Predictions study was presented, in which the 10 trends for this sector are highlighted.

Find out what they are below:

1st By 2024, around 40% of the G2000 companies (two thousand companies present in Forbes Global) will transfer 10% of their information to a cloud provider to handle data, technical and operational requirements. Implementing privacy measures is now a top priority for multinationals.

2nd By 2027, 65% of companies will save more than a million dollars a year by using automation to improve resilience and reduce repetitive tasks in IT operations.

3rd Around 75% of organizations will privilege, by 2025, technology partners that provide a consistent application deployment experience through the cloud, edge and dedicated environments.

4th By 2025, 55% of G2000 companies will adopt multi-cloud data logistics platforms to enable active data migration, optimize costs, reduce vendor dependencies and improve governance.

5th Around 70% of companies will adopt, by 2025, WANs and cloud networks to improve the availability, latency, performance and reliability of the Cloud, in Edge applications and Workloads.

6th By 2027, 80% of organizations will invest in specialized cloud-based applications and high-performance computing environments to gain agility, scale, and make business faster.

7th Around 45% of G2000 companies will adopt, by 2026, cyber recovery as a service, as Ransomware attacks increase and demand sophisticated recovery strategies.

8th By 2024, 80% of IT buyers will make their decision to use cloud services if the provider demonstrates that their solution helps reduce the customer’s carbon emissions.

9th By 2027, AI will increase speed, automatically generating code to satisfy business requirements, for 80% of new digital solutions in development and early implementation.

10th By 2024, the complexities of digital business and IT budget pressures will drive 70% of G1000 companies to invest in FinOps through multiple cloud optimization.