Worldwide spending on public cloud services will grow at a 19% compound annual growth rate (CAGR)—nearly six times the rate of overall IT spending growth—from nearly $70 billion in 2015 to more than $141 billion in 2019, according to new research from International Data Corporation (IDC).

Software as a service (SaaS) will remain the dominant cloud computing offering, with more than two thirds of all public cloud spending through most of the forecast period, IDC says. Worldwide spending on infrastructure as a service (IaaS) and platform as a service (PaaS) will grow at a faster rate than SaaS, with five-year growth rates of 27% and 31%, respectively.

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