Gartner: Cloud to grow 20% this year to $109B market

The cloud computing market will grow almost 20% this year to become a $109 billion industry, research firm Gartner predicts.

Image source: Frank IT Lab

Gartner predicts business process as a service (BPaaS) and software as a service (SaaS) will dominate the market, with infrastructure as a service (IaaS) quickly gaining momentum.

n 2011, the market stood at $91.4 billion and the research firm expects it to grow to $206.6 billion by 2016. Cloud is still only a very small part of the overall IT spending market though. In July, Gartner predicted total IT spending would be $3.6 trillion in 2012.

How much Cloud does your CU use?

Software as a Service Market Growing Leaps and Bounds

Software as a Service, also known as SaaS, is a part of cloud computing and said to grow 17.9 percent. How much is 17.9 percent you ask? A whopping $14.5 billion!

Image source: profitbyoutsourcing.com

“North America is the most mature and largest SaaS market, expected to generate $9.1 billion in revenue this year, compared to $7.8 billion last year,” as predicted by Gartner and stated in an article in PC Business Center.

Although North America may be growing at mind-boggling rates, worldwide SaaS revenues are skyrocketing in places such as Latin American, Japan, and the Asia-Pacific region to name a few.

Has your Credit Union tapped into the SaaS market? How is it helping your team meet its business objectives? Read more about SaaS and its growing market in this article.