By the end of 2019, the information technology and cloud services industry will have grown to approximately $1.6 trillion in the U.S., according to a new report from the consulting firm Avalere Health.
In the past five years, the market has grown by nearly 6,000 percent, and that is likely to continue, Avalere noted.
This year, the firm projects that the information industry will generate $3.9 trillion in revenue and employ more than 10.5 million people.
This is the fifth consecutive year that the industry has grown in the US, according to Avalere.
It is projected to create over 13.5 jobs in 2019.
The market is expected to be among the most dynamic over the next five years and, according with Avalere, the companies that are expected to thrive will include data centers, cloud services, analytics, virtual and augmented reality, and new forms of computing.
In 2019, data centers will account for more than half of the information and computing market.
The growth is expected by the consulting group to accelerate due to higher demand and increased utilization.
Data centers are expected increase by 50 percent by 2020 and reach 3.3 billion people by 2035, according the Avalere report.
Cloud services, which provide cloud-based services, are expected by many analysts to account for nearly 20 percent of the market by 2020.
The report noted that by 2026, there will be a massive growth in the data centers and cloud service industries and this growth will continue as companies invest more in cloud infrastructure and new technology to meet growing demand.
It’s also forecast that by 2020, more than 80 percent of cloud-enabled computing devices will be embedded in cloud services.
Data analytics is expected continue to grow over the coming years and be the largest area of growth.
In 2020, the consulting company expects that the number of cloud services will rise by 25 percent, as it has done over the past several years.
By 2035 the consulting will predict that the cloud will grow by 20 percent, with over 80 percent connected to the cloud by 2040.
This forecast is based on the forecasted growth in cloud-connected services and is expected in the 2020s.
Avalere expects cloud services to account as much as 50 percent of all cloud-related revenue in 2019, with more than 70 percent of it coming from cloud services in 2019 alone.
The consulting firm estimates that cloud services accounted for more revenue than mobile devices, cloud storage, virtualization, and cloud-hosted applications combined.
These are the types of cloud applications that are typically used by the business, and Avalere projects that, by 2020 or 2021, cloud applications will account as a larger portion of the overall cloud-services market than mobile apps.
The firm also forecasts that the growth of the cloud is likely driven by the increasing availability of data.
By 2021, there are more than 20,000 cloud services available for consumers to access, with a forecast of an average of more than 500,000 data services being available every day.
By the 2030s, the number will be closer to 100,000.
Data is expected be the primary use case for the cloud services market in 2020 and 2021.
According to Avalé, the forecast for cloud services is also expected to accelerate in 2022 and the following year, which is when the market will be able to account more for more of the data-processing industry.
This report was published on November 15, 2019.