The UK cloud computing market will grow to an annual worth of more than £10bn over the next four years, coming to represent a quarter of all IT software and services spending.
A report from analyst TechMarketView reveals the cloud computing market will be worth £2.4bn this year, with application provision worth an additional £3.4bn. Together, the two are projected to be worth £10.4bn in 2014, with the cloud computing space set to enjoy compound annual growth of 26 per cent.
Cloud and hosted applications will account for 25 per cent of total software and IT services (SITS) spending in 2014, according to TechMarketView. The use of public clouds will be the key growth area in the next few years as SMEs begin to move non-mission-critical applications off-premises.
This is what the analyst refers to as the first wave of adoption, with the second wave seeing old-school datacentres moved into private clouds. The third wave, which is expected to kick into gear in about five years' time, will see mission-critical legacy applications migrated into public clouds.
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