Cloud computing has transformed IT into a service oriented sector. The transformation of the cloud into an on-demand service from an on-premise service is also increasing. The Forrester report "Sizing the Cloud" provides vital insights about the growth of cloud computing in this decade. The report predicts that the cloud computing market will increase drastically from $40.7 billion this year to more than $241 billion in 2020 with a growth of over 20% every year. It also predicts that Software as a service (SaaS) in the global public cloud space will increase to a whopping $132.57 billion by 2020.
According to a report by IDC, spending on IT cloud services would grow to a large extent, reaching $4.6 billion by 2014. By 2012, nearly 85% of net-new software firms coming to market will be built around SaaS service composition and delivery; by 2014, about 65% of new products from established software vendors will be delivered as SaaS services.
A Grail Research report “Navigating the Cloud” explains some key reasons for such tremendous growth of cloud computing – Initial apprehensions about security features, storage reliability, data privacy etc. are subsiding rapidly and new debates on public versus private cloud, adapting and deploying a hybrid cloud etc. are taking the center stage right now. Organizations around the world are realizing the opportunities galore that the cloud brings in and they have started analyzing ways to leverage the power of the cloud.
At present, we are in an era of “Internet of things”. More and more devices are connected to the World Wide Web and remote access and computing have become much simpler. Based on this trend, technology experts predict that, humanity will ‘live mostly in the cloud’ by 2020, working on cyber-based applications accessed through networked devices or thin clients.
As Arthur Eddington says,
“Cloud computing will not just be more innovative than we imagine; it will be more innovative than we can imagine.”