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Cisco Systems Enters Cloud Space

Cisco Systems Enters Cloud Space

Posted by Liliana Castaño on March 24, 2014

Cisco Systems, Inc. (CSCO) has announced plans to invest $1 billion over the next two years into cloud computing services, reported the Wall Street Journal. The shift towards cloud is among the latest trends in the information technology services industry. For cloud computing, Cisco will be spending the said amount to construct data centers that will run Cisco Cloud Services.

 

Cloud computing is essentially the outsourcing of IT infrastructure and services to third parties that own and manage data centers. Using web based tools companies can access all their data and information from any location through the internet. This not only allows companies to save on large investments in IT infrastructure but also saves them the management costs associated with them.

Cloud computing is currently dominated by Amazon.com, Inc.’s (AMZN) Amazon Web Services (AWS), which is estimated by analysts to contribute over $3 billion annually to the company’s revenues. The retail giant is considered to be the pioneer of the cloud computing industry, which is expected to generate revenues of $40-$50 billion through 2013-2014. Up to 2020, revenues are projected to compound at a 20% growth rate annually.

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