by Nicole Brizuela
International market research has indicated strong predictions that the global market for Cloud products and services will grow rapidly in the next few years.
Global research firm IDC has predicted a compound annual growth rate (CAGR) of 27.4 percent in public cloud services (including software as a service) up to 2014, rising to a total global market value of over US$55 billion2.
US based research firm 451 Group has predicted that core cloud platform and infrastructure services outside of software as a service will grow at a rate of more than 60 percent in the period 2011 – 20141.
There is consensus amongst major IT research and advisory firms that Cloud related products and services will grow much faster than traditional IT services, with an estimated speed of growth typically at around four to five times the rate of growth of traditional IT products and services.
The prospect of this rapid growth, coupled with the dynamic nature of the cloud product and affordability of the technology provides a great opportunity for innovative Australian companies to embrace this new technology and enhance productivity outputs.