While many new innovative technologies are surely going to emerge in 2015, one proven technology is poised to become even more prominent in the enterprise this year. According to a recent report by Market Monitor, revenue from the cloud computing market is expected to continue increasing throughout the next two years, likely resulting in a value of just under $20 billion by the end of 2016.

The study projected the cloud computing market will rise at a compound annual growth rate of approximately 36 percent. Individual segments of the market were also analyzed. The fastest growing cloud computing offering is infrastructure-as-as-service, with IaaS making up the majority of the total market revenue and more than half of the total market share for public cloud. The annual growth for IaaS offerings is expected to be even higher than the overall market, at 37 percent. However, platform-as-a-service is predicted to be the fastest growing segment of the cloud market, with a projected annual growth rate of 41 percent between 2012 and 2016. PaaS offerings accounted for almost one-quarter of total public cloud revenue.

"Cloud computing is on the upswing and demand for public cloud services remains strong," stated Yulitza Peraza, a quantitative services analyst with 451 Research and co-author of the report. "However, public cloud adoption continues to face hurdles including security concerns, transparency and trust issues, workload readiness and internal non-IT-related organizational issues."

Because of the security concerns associated with solely public cloud environments, many organizations have started to adopt hybrid solutions. A mix of public and private platforms, hybrid cloud allows enterprises to experience the accessibility and availability of a public environment for less sensitive applications and the security of a private infrastructure for programs that are more business-critical.