Research by IT analyst Gartner showed that the value of the marketplace will increase by 16.6 per cent when compared with the $58.6 billion worth of revenue generated during last year.
Global growth is forecast to continue with revenue estimated to have reached $148.8 billion by 2014, the study showed.
Ben Pring, research vice-president at Gartner, said that increasing numbers of IT vendors are looking to exploit the commercial opportunities of cloud-based services.
âAfter many years of germination, most notably in the Software-as-a-Service (SaaS) arena, the core ideas at the heart of cloud computing - such as pay for use, multi-tenancy and external services - appear to be resonating more strongly,â he explained.
A forecast by Gartner showed that companies are expected to invest up to $112 billion in cloud-based services, such as SaaS, during the next five years.
Figures from the technology research firm revealed that North America and Europe are the largest geographic markets for cloud computing.
These territories will continue to be so over the course of the next five years, the research showed.
By Jim Ottewill