Public cloud spending will grow by 25 percent in 2015 to reach a staggering $21bn, as firms continue to host services on platforms from the likes of Amazon Web Services, Google and Microsoft.
Data from analyst house IDC also revealed that private cloud IT infrastructure spending will grow 16 percent over the year to $12bn. This will give a worldwide total cloud spend for 2015 of $32bn, up 28 percent on 2014's $26.4bn.
Western Europe is expected to see the highest growth in cloud IT infrastructure spending at 32 percent, followed by Latin America (23 percent), Japan (22 percent) and the US (21 percent).
Overall, this will mean that 33 percent of all IT infrastructure spending in 2015 will be in the cloud, which shows that there is still some way to go before cloud becomes the preferred platform for hosting IT systems.
However, the gap will be even closer by 2019 when 45 percent of total IT infrastructure spend will be on cloud systems, at a total of $52bn. This will be split between $32bn for public cloud services and $20bn for private cloud.
Kuba Stolarski, research manager for server, virtualisation and workload research at IDC, said it is clear that the cloud market is still in a period of intense growth.
"The pace of adoption of cloud-based platforms will not abate for quite some time, resulting in cloud IT infrastructure expansion continuing to outpace the growth of the overall IT infrastructure market for the foreseeable future," he said.
"As the market evolves into deploying third-platform solutions and developing next-gen software, organisations of all types and sizes will discover that traditional approaches to IT management will increasingly fall short of the simplicity, flexibility and extensibility requirements that form the core of cloud solutions."
This huge growth of cloud services, both public and private, suggests that fears raised by the Edward Snowden revelations of 2013 have not damaged trust in remotely hosted systems.
Indeed, V3 has recently heard from firms as diverse as Harley-Davidson, Netflix and specalist sports shoe retailer Vivobarefoot about how they are using the cloud to improve their use of IT, and bring more flexibility and cost savings to the business.
Microsoft receives a 30 per cent cut of all purchases on the Xbox digital store
Credit card thieves used Apple ID accounts to buy and sell virtual currency for Clash of Clans and Clash Royale and Marvel Contest of Champions
$5.1bn fine further evidence that the EU is anti-US, claims Trump
New cable will connect Virginia to France