Business Practices | | Published October 15, 2013

Cloud Services Will Have Compound Annual Growth Rates

BusinessWire recently published a projects report about the continued explosive growth of cloud services, which aligns with what we in the cloud space firmly believe - the cloud is here to stay, and it's only going to get better.

"FRAMINGHAM, Mass.--(BUSINESS WIRE)--Worldwide spending on public IT cloud services will reach $47.4 billion in 2013 and is expected to be more than $107 billion in 2017, according to a new forecast from International Data Corporation (IDC). Over the 2013–2017 forecast period, public IT cloud services will have a compound annual growth rate (CAGR) of 23.5%, five times that of the IT industry as a whole."

There are still a lot of companies who are hesitant to adopt the cloud for many reasons. Security, no physical ties to the hardware, unplanned downtimes and backups are a few that come up by late adopters.

The enterprise world is seeing another explosion of growth with the private cloud as well according to Gartner. Gartner says nearly half of large enterprises will have hybrid cloud deployments by the end of 2017.

"Nearly half of large enterprises will have hybrid cloud deployments by the end of 2017, according to Gartner, Inc. In the past three years, private cloud computing has moved from an aspiration to a tentative reality for nearly half of large enterprises. Hybrid cloud computing is at the same place today that private cloud was three years ago; as actual deployments are low, but aspirations are high. "