Spending on public cloud services is expected to jump 25% over last year to $128 billion in 2017, according to market intelligence and advisory services company International Data Corp. Global spending on public cloud services and infrastructure is projected to balloon to $266 billion in 2021, as it achieves a five-year compound annual growth rate of 21%. The U.S. is expected to account for over 60% of worldwide public cloud services revenue at $163 billion in 2021, with the industries seeing the fastest growth in spending expected to be professional services, media, retail and telecom. The industries expected to spend the most on public cloud services are discrete manufacturing, professional services and banking. Among the companies with the largest cloud services businesses, shares of Amazon.com Inc. have soared 35% year to date, Microsoft Corp. has rallied 18%, Google parent Alphabet Inc. has run up 23% and International Business Machines Corp. has lost 7.8%, while the S&P 500 has gained 9.8%.
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