Global business spending for infrastructure and services related to the cloud could be $174.2bn this year which will represent a 20% growth on 2013.
By 2017, enterprise spending on the cloud is predicted to be a mouth-watering $235.1bn.
The cloud offers online storage, computing, analytics and provisioning services. This is becoming strategically important with more media now being consumed on mobile devices like smartphones, tablets and computers requiring larger storage solutions.
Companies like Google, Apple, Amazon and Microsoft are offering public cloud storage to drive adoption of the individual companies’ hardware and content.
Others, like Barracuda, Dropbox and Carbonite, are adopting the so-called Freemium model—in which premium storage services are available on top of a fixed amount of free storage—in order to compete with the giants.
According to Rebello, the number of global consumer subscriptions to the cloud will jump to 730 million this year, up from 630 million in 2013.
“With the cloud touching nearly every consumer and enterprise around the globe, spending for cloud-related storage, servers, applications and content will be dedicated toward building a framework that is rapidly scalable, dynamic, available on-demand and requiring minimal management,” said Jagdish Rebello, principal analyst for the cloud and big data at IHS.
“The robust growth will come as an increasing number of large and small enterprises move more of their applications to the cloud, while also looking at data analytics to drive new insights into consumer behaviour," said Rebello.
Spending on cloud services, applications, security and data analytics will account for an ever- growing portion of total information-technology expenditures undertaken by enterprises, valued today at approximately $2 trillion, Rebello noted.
These findings can be found in the report, “The Cloud: Redefining the Information, Communication and Technology Industry,” from the Mobile & Wireless Communications service of IHS.