Companies are estimated to spend $494.7 billion on cloud computing in 2022, up 20 percent from 2021, The Wall Street Journal reported April 20.
Adoption of advanced capabilities such as AI are driving up cloud-usage bills as the applications tend to eat up computing power, leading more CIOs to invest in cloud computing platforms.
Here are four things to know:
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Accordinging to a report from information-technology research and consulting firm Gartner, cloud-based platform services will drive $109.6 billion in corporate spending this year, up from $86.9 billion in 2021.
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Infrastructure-as-a-service, a type of cloud-computing service that provides companies with on-demand computing, storage and networking resources, is expected to be the highest-growing cloud category in 2022, with a spending increase of 31 percent.
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Cloud-based platform services used to build, test, deploy and update business software applications, including AI, will see a 26 percent increase in 2022.
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Cloud computing spending is on pace to reach $600 billion by the end of 2023.