IDC reveals in a report that the cloud software market reached $48.8 billion in revenue in 2014 (a 24.4% growth from the year ago) and is projected to be worth in excess of $112 billion by 2019. SaaS (Software as a Service) will play an instrumental role, outpacing traditional software product delivery by a rate of 5-to1. $1 of every $4.59 spent on software will directed at the cloud software model, IDC predicts.
The analytics firm sounds the horn on a huge opportunity, advising all major IT product vendors to put this strategic goal at the top of their to-do lists: figure out how to capitalize on the cloud services transformation. However, CIOs and IT reps at various cloud-centric companies seem to be fully aware that the doors to service heaven are wide open.