Further highlighting the enormous potential of the cloud, research firm Gartner recently predicted lofty growth for the Software-as-a-Service market.
According to the report, SaaS revenue is expected to reach $12.1 billion this year, representing a sizable 20.7 percent increase from 2010. Going forward, the growth shows no sign of slowing, as Gartner forecast SaaS revenue to surpass $21 billion in 2015.
As the research firm pointed out, this growth suggests businesses are now more comfortable with the cloud in terms of data protection than in years past. Often cited as one of the main inhibitors of the technology, businesses are apparently confident in cloud data security – or at least willing to ignore it – in favor of the potential cost savings provided by the technology.
"Initial concerns about security, response time and service availability have diminished for many organizations as SaaS business and computing models have matured and adoption has become more widespread," said Gartner research vice president Tom Eid.
Contrary to Eid's comments, a separate study from nCircle found security concerns in the cloud remain strong, often considered a detriment that outweighs the benefits of the technology.
In a survey of 551 respondents, 69 percent said they were considering deploying some sort of cloud solution. However, 68 percent also said the cost savings afforded by the cloud do not outweigh the security implications.
While this is an improvement from the 74 percent who answered similarly last year, it does indicate that there is still work to be done to bolster the strength of the cloud or, at least, change companies' perception of the assumed shortcomings of the technology.