Despite Amazon’s fumble, cloud computing market projected to hit $241 billion by 2020

Amazon’s data center crash has created a small level of doubt in “the cloud” and the ability to serve tremendous amounts of data to sites like Reddit, Foursquare, and Hootsuite, but that was after Forrester completed their recent analysis of the future of the cloud market. In the study, they concluded that the market will jump nearly 6-fold in less than a decade from $40.7 billion in 2011 to $241 billion in 2020.

Software as a Service (SaaS) is projected to hit $21.2 billion in 2011 and expand to $92.8 billion in the next 5 years. Many social networks, quick-data ports, and SaaS providers rely or plan to rely on the cloud as the foundation for a stronger infrastructure to serve their customers.

Amazon continues to sort through the mess with many websites still down for the third day. Here’s a news report on the incident:

Chart source