Services, software and resources connected with the cloud computing industry will exponentially expand during the coming years as the innovative practice becomes more popular and prominent, according to a research firm.
Forrester Research Inc. forecasts the cloud computing industry to reach $191 billion by 2020, Bloomberg reports. The sector is growing so rapidly to the extent that forecasts and projections are trumping previously released predictions. Based in Cambridge, the service released a report about growth prospects in cloud computing earlier this week.
After having been a $58 billion market last year, the industry is forecast to see growth this year that will bring it to $72 billion.
“There’s been a higher level of replacement than we had assumed,” analyst Andrew Bartels with the Massachusetts-based researcher told the news source. “A lot of companies are not building data centers. They’re going to public providers.”
Similarly, cloud stocks are a good investment at this time, a high-flying investor said.
CNBC reports Jim Cramer said the industry’s growth potential establishes it as a stock with strong prospectslooking forward. He noted some companies are well aware of this and they devote significant effort into establishing strong technology, customer service and software.