The banking sector is rapidly increasing its investment in cloud services, outperforming other sectors like manufacturing. This growth is driven by the need for advanced AI tools for threat intelligence and data management. IDC's analysis indicates that public cloud spending in Europe will rise significantly, reaching $373 billion by 2028. The PaaS segment will dominate this growth. However, barriers such as potential US tariffs, economic challenges in Germany, and global competition may impede progress, particularly in industries experiencing supply chain issues.
Manufacturing industries, especially chemicals and automotive, are paying the effects of prolonged supply chain disruptions, lower demand, skill shortage, and tough global competition,
Banking, software and information services, and insurance will be the industries with the fastest year-on-year spending increases in 2025, IDC noted.
Public cloud spending in Europe will hit a total of $221 billion this year and is expected to reach $373 billion by 2028.
Potential new US tariffs and trade tensions with the European Union could create challenges for some European industries.
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