Cloud technology is expected to transform storage and computing power into a “public utility,” according to a recent ABJ Entreprenuer report.

New innovation opportunities and business expansion will be a direct result of cloud computing, which offers users unlimited processing and storage capacity. The report compared the cloud boom to how the public power grid allowed growth during the Industrial Revolution and the internet fueled new communication opportunities.

“It’s just a matter of time before it becomes an integral part of your IT infrastructure and strategy,” the ABJ wrote. As most companies do not generate their own electricity, soon it won’t make “economic or business sense” for businesses to run their own data centers.

Cloud computing enables customers to reduce costs and save on energy by eliminating much of their capital expenditures. Because cloud vendors provide applications that can be accesible from any internet-connected device, businesses no longer need to spend on costly software and can instead pay for computing resources as they use them.

In addition, because consumers pay for services instead of owning a variety of applications, they don’t have to worry about purchasing the latest upgrades or having unused software sitting on shelves.ADNFCR-2553-ID-19858649-ADNFCR