Ninety-three percent of organizations now use the cloud in some form, according to CBTS.
Of those companies, 42 percent now generate at least half their revenue by utilizing cloud-based applications, the company said.
CBTS estimates that the growth rate of cloud spending is roughly six times that of overall IT development spending, making cloud services one of the fastest-growing technology fields.
Gartner recently estimated that the global cloud services market will grow by 21.4 percent in 2018 and hit $186.4 billion. The fastest-growing segment of the cloud market is infrastructure-as-a-service, or IaaS, which Gartner estimates will grow 35.9 percent to $40.8 billion this year.
Looking ahead, Gartner projects that global public cloud services revenue will roughly double from $153.5 billion in 2017 to $302.5 billion by 2021.
In that time, revenue in the largest segment of the cloud market, software-as-a-service, will grow from $60.2 billion to $117.1 billion.
For investors, Gartner projects cloud revenue will continue to be consolidated among the largest global providers. Today, the top three cloud services providers by market share are Amazon.com, Inc. AMZN, Microsoft Corporation MSFT and Alphabet, Inc. GOOGL GOOG.
CBTS recently compiled data on the cloud computing space and created the infographic to illustrate the rise of the cloud services industry.
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