Cloud technologies allow companies to offer services and products on a scale that they would otherwise not be able to achieve, Villars said.
Cloud technology's 23.5 compound annual growth rate is five times greater than that of the technology market as a whole, Villars pointed out.
Global spending on technology will increase year over year by 6.2 percent in U.S. dollars, to $2.22 trillion in 2014, according to a Forrester forecast. That does not match the double-digit growth rate that tech experienced prior to the Nasdaq's peak in March 2000, but is much better than IT market growth of 1.6 percent in 2013.
This week, Gartner said that storage is among the tech sectors expected to start trending up again this year. Sales of external controller-based storage, including hard-drive and flash arrays, rose to US$6.3 billion worldwide in the fourth quarter, up 5 percent from a year earlier, Gartner said.
"Following an abysmal third quarter, the fourth quarter of 2013 returned to growth. Driven by pent-up demand and the year-end budget flush phenomenon, the market overcame a fragile global economy and grew a strong five percent over the same period in 2012" said Roger Cox, research vice president at Gartner.
The year as whole was dismal for storage, which registered 1.4 percent revenue growth year over year, to $22.5 billion. This year, Gartner expects the market to speed up to 3 percent growth.
Signs of growth have spurred investor confidence. Though the tech-heavy Nasdaq Composite Index declined slightly in afternoon trading Friday, computer company shares on the exchange are up more than 32 percent from a year ago and almost 3.5 percent for the year so far.
Sign up for CIO Asia eNewsletters.