Public cloud services spending will reach $56.6 billion in 2014 and grow to more than $127 billion in 2018, according to a new forecast from International Data Corp. (IDC).

That represents a five-year compound annual growth rate (CAGR) of 22.8%, which is about six times the rate of growth for the overall IT market, IDC says. In 2018, public IT cloud services will account for more than half of worldwide software, server and storage spending growth, it says.

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