In a fast moving trend, 36 per cent of enterprises will by 2020 use the Cloud to support more than half of their transactional systems of record, market research firm Gartner said on Wednesday.
Organisations of all sizes are moving to Cloud solutions such as core financial applications and for transactional systems of record.
According to the report, smaller and midsize organisations are adopting Cloud more rapidly than larger organisations, with 44.6 per cent of smaller organisations, 37.7 per cent of midsize enterprises and 40.4 per cent of large organisations planning to move to the Cloud over the next three years.
"We have found that most clients asking about these financial business application markets are solely interested in the cloud option," said John Van Decker, Research Vice President at Gartner.
The report further revealed that 93 per cent of enterprises see the Cloud being utilised for half of enterprise transactions in the future.
According to the Gartner, Cloud solutions are still developing and do not have uniform capability to meet the needs of all verticals, company size and local markets.