A recent report from market research firm Markets and Markets reveals that the cloud market is expected to grow to $121 billion dollars by 2015: a 26% compound annual growth rate from the $37 billion value in 2010.

A large proportion of the growth of the cloud services sector is being driven by rapid adoption of Software-as-a-service platforms, which are saving businesses on the cost of licensing, management, and deployment of software and hardware for productivity and collaboration.

Infrastructure-as-a-service is also expected to grow rapidly as a platform on which businesses will host their own SaaS solutions and for other business critical infrastructure deployments.

Much of the growth is being driven by larger companies that have previously been reluctant to invest in cloud infrastructure because of concerns of vendor lock-in, lax security, and the difficulty of developing cloud solutions that are tailored to their specific requirements.

As the cloud sector …