Global spending on public cloud infrastructure and services will almost double from $229 billion this year to around $500 billion by 2023, according to analyst firm International Data Corp.’s latest report.

IDC, in its Worldwide Semiannual Public Cloud Services Spending Guide published this week, said the main force driving this growth would be continued adoption of services by enterprises in the professional services, telecommunications and retail industries. Those sectors are increasingly ditching traditional application software in favor of the “software-as-a-service” model, in which the cloud provider hosts applications and makes them available to customers over the internet.

IDC said SaaS will remain the largest category in cloud computing, accounting for more than half of all public cloud spending in 2023. The bulk of this money will go on applications and system infrastructure software, with the most popular services being customer relationship management and enterprise resource management software.

Infrastructure as a service will be the second most popular category in cloud computing, followed by platform as a Service, IDC said. IaaS refers to a business model in which a cloud provider rents out the infrastructure components traditionally found in an on-premises data center, such servers, storage and networking hardware, as well as the virtualization or hypervisor layer.

PaaS relates to a service where the cloud provider provides both the hardware and software tools, usually for application development, to users over the internet. The model frees users from having to install in-house hardware and software to develop or run new applications.

According to IDC, IaaS will be the fastest growing cloud computing segment from 2019 to 2023, with a compound annual growth rate of 32%. But spending on PaaS will grow almost as fast, with a CAGR of 29.9% driven by increased spending on data management software and applications platforms.

The biggest consumers of these public cloud services will be found in the professional services, discrete manufacturing and banking industries, IDC said. These will account for more than a third of global cloud spending from 2019 to 2023.

“While SaaS will also lead here, IaaS will see spending increase significantly for industries that are building data and compute intensive services,” the researchers said. “For example, IaaS spending will represent more than 40 percent of public cloud services spending by the professional services industry in 2023 compared to less than 30 percent for most other industries.”

U.S. companies will remain the biggest spenders, accounting for more than half of all of the money thrown at cloud services in 2023. But China and Latin America will be the fastest growth regions, with spending in those two regions set to increase at a CAGR of 49.1% and 38.3%, respectively.

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