Corporate spending on cloud computing is headed sky high, according to a February 2014 report from IHS Technology (IHS).
Cloud-related tech spending by businesses is forecast to triple from 2011 to 2017, the research firm said. By 2017, enterprise spending on cloud computing will amount to a projected $235.1 billion, triple the $78.2 billion spent in 2011, IHS said.
According to IDC the cloud “software” market reached $39.3 billion in revenue in 2013, a 22.6% YoY growth rate. IDC expects cloud software will grow to surpass $100 billion by 2018 at a compound annual growth rate (CAGR) of 21.3%. SaaS delivery will significantly outpace traditional software product delivery, growing nearly five times faster than the software market as a whole and becoming a significant growth driver to all functional software markets. By 2018, the cloud software model will account for $1 of every $5 spent on software.