Cloud computing has been one of the most celebrated technologies in recent memories, especially when it comes to corporate IT and consumer electronics. However, some would argue that the cloud still does not get the credit and attention it deserves, as the technology is relatively boundless when it comes to various innovation capabilities.

Businesses that underestimate the power of enterprise-class cloud computing products might be at a disadvantage in the coming years, with most research firms agreeing that the technology will be ubiquitous around the globe within the next two decades. Studies have also found that companies which are earliest to adopt the technology generally optimize their use more quickly than others, leading to a significant advantage in increasingly competitive markets.

Hype cycle woes
Matt Asay, writing for TechRepublic, recently asserted that the cloud might be a hyped technology, but it is not nearly as celebrated as it should be among the majority of corporate leaders. According to the news provider, the global cloud market expanded significantly in 2013, reaching $131 billion this year and showing plenty of room for continued growth in the near future.

The author cited a statement from Dave Kellogg, the CEO of a major analytics firm, who gave a quick rundown of what is to be expected from the cloud market in the coming year.

"IDC predicts that aggregate cloud spending will exceed $100 billion in 2014 with amazing growth, given the scale of 25 percent," Kellogg told Asay. "Those are big numbers, but think about this: some 15 years after was founded, its head pin category, sales force automation (SFA), is still only around 40 percent penetrated by the cloud. ERP less than 10 percent in the cloud. EPM less than 5 percent in the cloud."

This statement indicates that the industry still has a lot of emerging markets to penetrate that are ripe for long-term revenue growth.

Apps galore
Talkin' Cloud recently explained that more IT managers are going to be involved in the cloud-based application development and procurement arena in the coming years. As Infrastructure-as-a-Service and Platform-as-a-Service become more common in the average IT framework, companies will enjoy enhanced flexibility in app development and customization processes.

According to the source, business leaders should ensure that security remains a high priority when launching new cloud-based application strategies, as too many firms forget to cover the backend of systems when deploying new software.