Global spending on cloud services is expected to reach $235.1bn (£140.5bn) in 2017 - triple the $78.2bn (£46.8bn) figure in 2011, claims research by global information company IHS Technology.
According to the report, this year alone will see a 20% rise in cloud sales from last year, with a projected figure of $174.2bn (£104.26bn), up from $145.2bn (£86.9bn) 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, highly dynamic, available on-demand and requiring minimal management,” claims Jagdish Rebello, senior director for cloud and big data at the company.
“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,” he added.
The company calls the cloud a “critical cornerstone,” claiming the growth in spending is because it has become essential for organisations seeking to offer online storage, computing, analytics and provisioning services.
Despite a growing increase in cloud service purchases, the company warns that there are some factors that have yet to be properly addressed.
IHS claims the major concerns for those using the cloud are security, mobile data use and privacy, which need to be tackled to ensure cloud growth continues smoothly.
The study also notes that competition between cloud service providers is fierce, with giants like Google and Apple competing with smaller, more bespoke services such as Dropbox.