Gartner Predicts Explosion in Growth of Cloud Services Over the Next Five Years

Worldwide cloud services revenue is forecast to reach $68.3bn in 2010, an increase of 16.6 percent compared to $58.6bn for the same period last year, according to a report from IT research and advisory firm Gartner.

Gartner said that the industry is poised for strong growth with global cloud services revenue projected to reach $148.8bn in 2014. The research firm expects that over the next five years enterprises will spend $112bn cumulatively on software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS), combined.

Ben Pring, research vice president at Gartner, said: "We are seeing an acceleration of adoption of cloud computing and cloud services among enterprises and an explosion of supply-side activity as technology providers maneuver to exploit the growing commercial opportunity."

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