Worldwide cloud services revenue is forecast to reach $68.3bn in 2010, an increase of 16.6% compare to $58.6bn for the same period last year, according to a report from IT research and advisory firm Gartner.

Gartner said that the industry is poised for strong growth with global cloud services revenue projected to reach $148.8bn in 2014.

The research firm expects that over the next five years enterprises will spend $112bn cumulatively on software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS), combined.