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Michael Morella
Analysts say cloud computing will revolutionize the way we use technology
With the launch of Apple's iCloud system in October, many consumers got their first clear glimpse of the future of computing. Giving users the ability to store their music, photos, and data online and call it up on any of their computers or mobile devices, iCloud has all the benefits of a hard drive without any of the bulk. In recent years, more and more businesses have been embracing so-called cloud computing, and many market analysts and technophiles forecast that the concept will revolutionize the way companies and consumers use technology (and make a lot of money for some firms and investors along the way).
In essence, cloud computing means doing business over the Web rather than keeping it on location. That might mean that one company pays another for use of its servers, or to store digital information at an off-site data center, or to control and maintain its software instead of having the expense of an in-house IT department. The idea is that computing "be made available to people anywhere, anytime, like electricity or utilities," says Venky Ganesan, managing director of
Some companies have been resistant to storing their valuable data off-site; others see danger in effectively outsourcing their IT departments. But the cloud will become a growing part of company business models, predicts Ken Allen, manager of the
You also might consider a mutual fund like Allen's, whose top holdings include
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Why Investors Should Keep Their Eyes on the Cloud