NEW YORK (TheStreet) -- EMC (EMC), the world's largest provider of data storage systems, may be geared to get even bigger as cloud computing becomes more popular, said a new report by MarketsandMarkets.
Shares of EMC rose 1% on Wednesday to $27.10.
According to the report, the hybrid cloud market is expected to reach $16.1 billion this year and $79.54 billion by 2018.
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A sub-set of the big data space, cloud computing is expected to have a compound annual growth rate of 50% between 2013-2018. Most of this growth will be driven by smartphone, laptop and tablet users becoming more involved in cloud computing.
According to EMC, spending on public and private cloud computing accounted for 5% of IT spending and it expects 40% of big data information to fall within the cloud.
TheStreet Ratings team rates EMC CORP/MA as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about its recommendation:
"We rate EMC CORP/MA (EMC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."