Louis Columbus states in Forbes.com that 78% of small businesses in the US will adopt the cloud by 2020 which is more than double the figures of 2015. The cloud market for Small & Medium business (SMB) will grow from US $ 43 billion in 2015 to US $ 55 billion by the end of 2016 with 18% of them using hybrid cloud solutions.

He says that cloud based solutions are especially valuable for SMB’s as they complement their small and overworked IT departments well.

Compass Intelligence had forecasted a compound annual growth rate of 40% for cloud solutions from 2011 to 2016 with the largest opportunities in data services, cloud solutions-applications/software, and managed services.

Of those that adopted the cloud in 2015, 65% were doing typical backoffice work like book keeping/accounting and nearly half of them are using a smartphone as a primary device to manage the solution on the go.

Cloud computing was top SMB IT priority for 2015 ahead of social media and mobility solutions as per techaisle.com. The top functions being implemented on the cloud were marketing, customer care, sales, operations and HR.

The European SMB cloud services market is expected to grow from Euro 19 billion in 2015 to Euro 30 billion in 2018 as per Odin SMB Cloud Insights 2015. Almost 65% of SMB’s in Western Europe are already using cloud solutions- about 3 applications on an average.

As per frevvo.com, almost 60 % of US SMB’s using cloud solutions reported significant productivity benefits compared to 30% of those who had not adopted the cloud. 85% of cloud users were confident about security of data and 82% of them reported significant savings after adoption. IDC also reported that over 80% of mid size US companies with over 100 employees are actively leveraging the power of cloud solutions.