Cloud computing set to rapidly grow, researcher report states

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.