Cloud computing is the practice of sharing network of remote servers which are hosted on the Internet to store, process, share, and manage data rather than on a local server or a personal computer. The services provided by the cloud computing technology are referred to as cloud services. It specifically refers to a common storage space through which all the devices in the network can access data simultaneously. The use of cloud services not only provides cost benefits but also makes data accessible to all devices in the network at any time and from any location. The global cloud services market is seen to be driven by many factors. The most important factor, which is driving the market, is the cost effectiveness. With the deployment of cloud services organizations can save more than 35% of the annual operating costs. The other factor includes all the functional capabilities which boost up the business performances of the organizations. However, data security is the key restrain for the growth of cloud services market as organizations believe that their data is more secure in in-house data centers as compared to a virtual cloud network. The other limiting factors are the data location and data administration, which need to be properly worked out in order to increase the revenue of the market. The opportunity for cloud services market lies in the developing economies as they have gradually grown to become the hub for IT services, one of the largest target segment for cloud services. In addition, substantial increase in the number of small and medium enterprises will eventually lead to the increased adoption of cloud services in such regions.
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