Gartner released a forecast for the global public cloud market. Analysts predict global public cloud revenues will grow 20.7% to $591.8 billion in 2023.
Analysts note that inflation and macroeconomic conditions have a two-fold impact on the demand for cloud services. On the one hand, cloud technology attracts users because of flexibility, elasticity and scalability, which helps maintain business growth in difficult conditions. However, given the reduction of the IT budget in general, the purchase of cloud technology is also decreasing, as in most organizations it is still the largest portion of IT spending.