As enterprise businesses plan to move their IT services, applications and infrastructure to a cloud-based architecture market revenue in that sector is set to surge by a factor of three from 2011 to 2017, according to consultancy IHS technology.

The firm states in its Cloud and big data report that global business spending for infrastructure and services related to the Cloud will reach an estimated US$174.2bn in 2014- a 20% increase from last year.

It states by 2017 enterprise spending on the cloud will be approximately $235.1bn, three times greater than $78.2bn in 2011.

The company estimates global consumer subscriptions to the cloud will jump to 730m this year from 630m in 2013.

IHS’s senior director and principal analyst for the cloud and big data, Jagdish Rebello, said the growth will come from an increasing number of small and large enterprises moving applications to the Cloud while looking at data analytics to observe consumer behaviour.

“With the cloud touching nearly every consumer and enterprise around the globe, spending for cloud-related storage, servers, applications and content will be dedicated toward building a framework that is rapidly scalable, highly dynamic, available on-demand and requiring minimal management,” Rebello said.