The market researchers at IDC are predicting that public cloud computing revenues will climb to $56.6 billion in 2014. They believe cloud revenue will grow six times as fast as IT spending as whole, topping $127 billion by 2018.
"Over the next four to five years, IDC expects the community of developers to triple and to create a tenfold increase in the number of new cloud-based solutions," said Frank Gens, senior vice president and chief analyst at IDC. "At the same time, there will be unprecedented competition and consolidation among the leading cloud providers. This combination of explosive innovation and intense competition will make the next several years a pivotal period for current and aspiring IT market leaders."