According to a research firm IDC, IT Cloud services, a major revolution in the domain of networking and communications, is expected to post a stellar growth rate which may be four times the rate of growth of the entire IT market, over the next four years.
The market for the IT Cloud services is expected to stand tall at about $72.9 billion as compared to the current level of $21.5 billion. The Cloud services arena has the potential for becoming a lucrative growth domain for nearly all the IT vendors with a possible compound growth rate ranging between 25-30% in the cloud services.
According to the chief analyst at IDC, the growth of these services are purely related to the growth in the usage of mobile communications, social networking and wireless networks; and these technologies are getting integrated into the long term growth platform.
The Software as a Service will contribute a whopping 75% share to the whole public IT cloud spending which will include server and storage applications and hardware. Apart from this, the public IT clouds are expected to evolve more in terms of availability and security thereby making private IT clouds a lucrative option; an idea which is being actively considered for implementation by many large organizations in the present.