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Cloud computing has been a buzzword in the IT world for a while now, however, the technology was unable to realise its full potential. Now, with Spanish bank BBVA partnering with search engine giant Google for its cloud-computing services, the technology is paving its way toward becoming mainstream in the corporate world.

According to market analyst International Data Corporation (IDC), the worldwide revenue from public IT cloud services exceeded US$16 billion in 2009 and is forecast to reach US$55.5 billion in 2014, representing a compound annual growth rate of 27.4%.

This rapid growth rate is over five times the projected growth for traditional IT products (5%).

The economic downturn has amplified cloud services adoption due to the cost-cutting mantra of most organisations, explains IDC.cloudcomp

Service outage and security are probably two major concerns for end users when it comes to cloud computing.

People and corporations alike are uncomfortable to work with third party firms when it comes to critical information. Cloud computing is an IT service provided by a third party firm via the Internet.

In short, it means an organisation like Google can take away all your IT headache.

As an end user, you do not have to spend time or resources building your own IT platform to host a range of technologies.

A third party firm will host all your IT requirements at its large server farms.

Furthermore, cloud computing also provides an opportunity for corporates to conduct their business in a converged environment.

After all, cloud computing is about converged IT infrastructure and shared services, providing end users with benefits such as efficiency, less maintenance, early adoption of new technologies and a competitive hosting price.

As far as security is concerned, there is a general paranoia about it. Now, I would not have thought the banking industry, which has stringent security rules and regulations, to be one of the early adopters of cloud computing.

However, the BBVA has just done that. Under the current partnership between Google and the Spanish banking firm, the financial institution will use the technology for internal communication only.

However, the bank must be confident of cloud computing's security aspect. The bigger picture is that the corporate world has noticed cloud computing.


By Angela Sutherland

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