Cloud service providers have carved out an important niche in business today, having aligned themselves with the latest technology phenomenon, cloud computing. Initially popular thanks to constrained budgets post-recession, cloud computing has fast become indispensable to companies of all sizes that wish to slash costs and tap into a more agile and scalable infrastructure. Although this market is still in its infancy, its growth is formidable: According to a report published by In-Stat, businesses in the United States will spend more than $13 billion on cloud computing and managed hosting services by 2014, up from $3 billion in 2010. Worldwide, the numbers are even more impressive. Yankee Group estimates cloud services generated worldwide revenue of $9.2 billion in 2010, and that number will grow to $22.3 billion in 2014 (25 percent compound annual growth rate).
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