Spending on public cloud services worldwide is forecast to jump more than 24 percent this year due to rapid growth in Asia-Pacific, especially in China and Latin America.

The global spending on public cloud services and infrastructure will surge 24.4 percent from a year ago to $122.5 billion in 2017. The public cloud spending will grow 21.5 percent on average annually by 2020, when the expenditure is likely to hit $203.4 billion worldwide, said International Data Corp, a US-based research firm.