By Max Clarke

Microsoft is expected to report a strong set of figures this evening following a hefty million dollar investment in Cloud computing. Cloud, heralded by some commentators as 'the third industrial revolution', will be its major focus for the next few years and it expects 90% of its resources to be focussed on this technology.

The past few days have seen great results from technology companies reporting some exceptional performance mainly attributed to Cloud computing with Intel, Apple and IBM posting some huge profits.

Cloud computing is being debated at the World Economic Forum at Davos this morning and if Cloud needed any further ratification of its growing importance to the future of the world economy this is it.

In a recent report The Centre of Economics and Business Research (CEBR) claims that widespread adoption of cloud computing could give the top five EU economies a 763bn euro boost over five years and create 2.4m
jobs. The findings are backed up by analysts such as Gartner which
predicts that by 2012, 20% of companies will not own their own IT assets.

Piers Linney, founder member of the Cloud Industry Forum (CIF) and CEO of leading UK Cloud computing company Outsourcery said, "It is fantastic endorsement that the World Economic Forum is debating Cloud computing.
The importance of Cloud cannot be under estimated, as the number of significant technology organisations that have 'bet the farm' on this technology indicates. Cloud has been heralded as a third industrial revolution and in five years time IT will be classed as another utility which is simply purchased on a consumption basis, like electricity or water, in fact Utility Computing is a much better description. 2011 will see the widespread adoption of Cloud technology as companies and businesses look to maximise efficiencies and reduce costs."