Cloud Computing in Hypergrowth Mode

Grazed from MidsizeInsider. Author: Marissa Tejada.

Cloud computing has entered a new and exciting era. No longer is it just a service that companies are thinking about, firms are now entering what Forrester Research calls a "hypergrowth" phase in which the cloud is being implemented throughout the total IT infrastructure.

Record Revenues

In 2013, the public cloud market saw revenues of $58 billion. Forrester’s latest study, featured at ZDNet, predicts the public cloud market will grow to $191 billion by 2020. This growth in the use and maturity of public cloud platforms is solidifying the technology’s status as a go-to deployment and solution for various business needs. The current exponential adoption of cloud services at firms is considered the hypergrowth — or second stage — of technology, according to Forrester. This adoption has created much higher revenues than the beginning exploratory phase of the technology that took place over the last few years…

The report also found that a major portion of cloud revenue was derived from software-as-a-service (SaaS) solutions, which comprised $36 billion in revenue in 2013. SaaS is replacing licensed software for sales force automation, customer relationship management (CRM) systems and procurement and purchasing tools. This shift will only continue to grow: Forrester predicts that SaaS will be utilized for other applications as well. As the tremendous growth of SaaS solutions continues, more IT managers will budget for cloud deployments…

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