Cloud computing market to reach $121 billion by 2015

WASHINGTON, US: The global cloud computing market is expected to grow from $37.8 billion in 2010 to $121.1 billion in 2015 at a CAGR of 26.2 per cent from 2010 to 2015, according to the study done by Markets and Markets.

Cloud computing market forecast analyzes the cloud computing market by services and deployment model and studies the major market drivers, restraints, and opportunities for the cloud computing markets.

It delivers software, platform, and IT infrastructure services via a shared network.

In this model, businesses access resources such as hosted software and applications remotely, i.e., via the internet. The model not only obviates the need for making capital investments in servers and storage, but also results in zero operational expenses for running data centers.

Cloud computing not only reduces business costs, but also makes applications accessible from any location, and reacts swiftly to changes in business needs. While interoperability and data security issues may hinder market growth, the future of cloud computing seems promising with IT giants such as IBM, Google, Microsoft, and Salesforce.com actively developing new solutions to address existing issues.