More businesses are set to invest in cloud computing between now and 2014, it has been reported.
According to International Data Corporation (IDC), the private cloud market will rise from its current value of £4.9 billion to £7.9 billion over the next five years, while the public cloud will be worth £480 million, up from £389 million.
In total, the industry will be worth £8.4 billion within half a decade, as businesses turn to managed hosting for their IT needs, IDC forecasts.
Katherine Broderick, research analyst for enterprise platforms and data centre trends at the organisation, said now is "a great time" for organisations of all sizes to begin considering the on-demand technology.
She suggested that the use of public and private clouds can help simplify sprawling IT environments.
"Many vendors are strategically advancing into the private and public cloud spaces, and these players are widely varied and have differing levels of commitment," Ms Broderick added.
Last month, IT analyst Gartner predicted that the global server market would expand by 5.3 per cent this year
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