Cloud market to triple in value by 2020
Cloud market to triple in value by 2020
The cloud market is set for exponential growth over the coming six years, according to new figures released this week.
Firstly, Forrester has estimated that the public cloud services market ended 2013 with $58 billion (£34.5 billion) in revenues. By 2020, the research house expects the market will reach $191 billion, an increase of almost 330 per cent.
While already considered to be a mature technology, cloud adoption is still expected to rise further for the rest of the decade. Furthermore, the scale to which organisations are deploying cloud solutions is likely to become far broader; the use of holistic solutions that include infrastructure, platforms and software is likely to grow, particularly as the big data trend engulfs companies.
Forrester predicts that in this second stage of adoption, public cloud platforms will rival traditional infrastructure deployments, while SaaS will continue to dominate the market. The improving broadband speeds around the world will act as an enabler to allow businesses to realise the full potential of the cloud, while leased lines will also prove a popular option for companies needing fast and secure internet connections to access business critical data and applications based in the cloud.
Moreover, the booming cloud market is being reflected in soaring stocks among leading providers, according to Money Morning. Further research from Forbes, meanwhile, found that 86 per cent of the companies it surveyed were using at least one form of cloud computing, with the average business deploying four cloud solutions at present.
An infographic entitled 'The explosive growth of cloud computing' amalgamated the various aforementioned pieces of research and suggested that "half of all information technology will be in the cloud within the next five to 10 years".
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