Spending by global businesses on cloud infrastructure and services is anticipated to almost triple between 2011 and 2017 to $235.1bn from $78.2bn spent in 2011, a new IHS report revealed.
The latest report, The Cloud: Redefining the Information, Communication and Technology Industry", noted that the spending would reach $174.2bn by the end of 2014, up 20% from 2013.
The spending rise is mainly attributed to increasing enterprise businesses moving their information technology services, applications and infrastructure to a cloud-based architecture.
IHS senior director, cloud and big data and principal analyst Jagdish Rebello said 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.
"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," Rebello said.
However, there would be a continued strong spending growth during the next few years as enterprises would find their own cloud-storage solutions.
In addition, investments on cloud services, applications, security and data analytics would account for an ever-growing segment of the overall IT expenditures carried out by enterprises, valued today at about $2 trillion.