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IDC Says IT Cloud Services To Reach $42 Billion By 2012

Based on a survey of IT executives, CIOs, and other business leaders, IDC said this week it expects spending on IT cloud services to grow almost threefold in the next five years, reaching $42 billion by 2012.
Based on a survey of IT executives, CIOs, and other business leaders, IDC said this week it expects spending on IT cloud services to grow almost threefold in the next five years, reaching $42 billion by 2012.The growth will in part be helped by the economic crisis that began in the United States, according to a statement by Frank Gens, senior VP and chief analyst at IDC. "The cloud model offers a much cheaper way for businesses to acquire and use IT -- in an economic downturn, the appeal of that cost advantage will be greatly magnified."

According to IDC, the shift toward cloud computing is being driven by three market forces: