From business to medicine, from cloud-based ERP to professional services automation, the cloud has innumerable applications with organizations in nearly every sector seeking out its benefits. Now, a recent survey is making it clear that the technology is already a massive economic sector – and still growing.
The looming cloud
Bessemer Venture Partners, a venture capital firm, has invested a great deal in the growth of the cloud, and a recent study the firm conducted sees nothing but growth in its future. BVP found that publicly traded cloud computing companies now exceed $100 billion in worth, according to VentureBeat. But there is no sign of a slowdown in the future.
The firm only tallied the worth of publicly available companies, so many large, privately owned firms could still make an impact on that number soon with their own initial public offerings. In addition, the software market overall is worth over $1 trillion worldwide – and much of that software will be converted to cloud-based solutions in the years to come.
Byron Deeter, who helped conduct the research for BVP, said that, while arbitrary, the $100 billion benchmark is impressive, and it’s making investors take note.
“The $100B milestone is massively significant in terms of relevance to the overall software and tech industry, and to Wall Street,” said Deeter, according to the source. “We’re now at the point where this is too large to ignore.”
From big to small
The coming growth will affect nearly all businesses, according to Forbes, which points to a number of recent studies on the subject. Forrester, for instance, found that channel partners plan to boost their reliance on cloud software in the coming years, moving to a total of 27 percent in 2014.
Spending by small to medium-sized businesses will grow almost 20 percent in the next five years. And while 61 percent of small and medium businesses are using the cloud at this point, an additional 5 percent plan to move to the cloud in the next six months, according to SpiceWorks.
Businesses who hope to keep up with the fast-evolving world should consider the agile capabilities of the cloud. BMI Cloud Solutions, with its years of experience and wealth of expertise, is a perfect candidate to help your company decide just how the cloud can work for you. With award winning tools such as OpenAir and NetSuite, BMI can answer all of your company’s cloud questions.