Public cloud infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and software-as-a-service (SaaS) have fundamentally reshaped the way enterprises consume technology — and how they build and operate the software they use to create compelling experiences. We project that revenue from public cloud infrastructure, platforms, and applications will slow to a still healthy CAGR of 21% between 2018 and 2022, reaching $411 billion. Fewer, but larger, public cloud platform providers and a maturing SaaS ecosystem will dominate enterprise cloud spending. CIOs should use this forecast to benchmark the pace and shape of their public cloud strategies.