The worldwide public cloud computing market is expected to reach nearly $70 billion this year, according to research firm International Data Corp. (IDC). The top five verticals—discrete manufacturing, banking, professional services, process manufacturing and retail—will account for about 45% of total spending in the market.
The study identifies industry drivers and barriers of using cloud technology and presents insights about how companies can leverage cloud computing to create new value.
Industry-specific applications will be a driving force to the cloud as businesses look for solutions that can be easily configured to their unique business and vertical requirements, the report notes. With the huge increase in the number and diversity of services available in the market, organizations across industries will shift steadily toward cloud-first strategies to enable digital transformation.
The major opportunities for cloud within verticals comes from the development of “intelligent industry solutions”, which are built on top of a new platform that includes cloud as well as big data and analytics, mobile, and social, the report says.
Security and regulatory compliance remain the biggest barriers for cloud adoption across industries such as government and financial services, while loss of perceived control over IT assets and massive legacy systems are also stumbling blocks for using the cloud.
"The technological innovations and enabling capabilities unleashed by cloud have fostered new opportunities across the industries," Eileen Smith, program manager, IDC Global Technology and Research Group, said in a statement.
"As a result, it is necessary for both technology vendors and buyers to recognize the industry drivers and barriers of cloud deployment, to understand the business transformation brought by cloud, and to act upon the changes that will shape business and technology strategy in the coming years," Smith said.
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