The cloud market will generate nearly $20 billion in revenue by the end of 2016, according to a new report from Market Monitor, part of 451 Research.

The report looked at the expected growth of IaaS, PaaS and SaaS in the cloud market and predicted an increase in compound annual growth rate (CAGR) of 26 per cent.

The report which saw predictions from a multitude of sector analyst forecasted the continued growth of cloud uptake.

Yulitza Peraza, analyst at 451 Research and coauthor of the report, said: “Cloud computing is on the upswing and demand for public cloud services remains strong", but added that cloud adoption faced obstacles in the form of “security concerns,

transparency and trust issues workload readiness and internal non-IT-related organizational issues."

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