Recent figures from Frost and Sullivan have pointed to the significant growth in the cloud computing sector, with a growing number of organisations turning to this option as a way to build a more flexible business.
The report found considerable growth across the range of services offered through the cloud, with Australia expected to see considerable growth in the cloud computing sector. Over the next five years the market is expected to expand rapidly, with a compound annual growth rate of 30 per cent through to 2018.
At this point, the market for these solutions will have reached $4.55 billion, up from the $1.23 billion recorded in 2013.
Part of the reason for this growth, according to Frost and Sullivan, is that cloud computing has gone mainstream, with the technology no longer the preserve of fast movers. Now, companies across the board are looking to move aspects of their business into the cloud.
While cloud computing is helping businesses to support areas like their strategic planning, it is also creating a more fundamental change in the way companies operate. In fact, this move is also leading to innovation in company structures, according to Phil Harpur, Frost & Sullivan's senior research manager, Australia and New Zealand.
"Two thirds of companies that have adopted cloud services believe it has significantly improved their overall business performance. A significant proportion of organisations feel it has enhanced their ability to innovate and explore new business models," he stated.
When it comes to business management applications, Mr Harpur went on to state that companies in the retail and manufacturing sectors were the most likely to invest in cloud-based business management applications.
As cloud computing, specifically for areas like business process management, increases in popularity, there is going to be an growing demand for companies to implement the best technology.