Cloud computing is the latest super-hyped concept in IT. According to Gartner’s latest Hyper Cycle Report (2009), cloud computing is a very simple idea, but there are many issues regarding its scope for deployment that makes it a subject ripe for a Gartner Hyper Cycle Report.

Gartner examined the maturity of 1,650 technologies and trends in 79 industry areas for this report. “Technologies at the peak of inflated expectations in 2009 include cloud computing, e-books, and Internet TV, while social software and micro-blogging sites have tipped over the peak and will soon experience disillusionment among enterprise users,” says Jackie Fenn, Vice President, Gartner Fellow, and Co-author of ‘Mastering the Hype Cycle’.

As enterprises seek to consume their IT services in the most cost-effective way, interest is growing in drawing a broad range of services from the ‘cloud’, rather than from on-premises equipment. The level of hype around cloud computing in the IT industry is deafening, with every vendor expounding its cloud strategy and its variants such as private cloud computing and hybrid approaches, compounding the hype.

Another report released this year that paints cloud computing as over-hyped is the McKinsey Reporttitled ‘Clearing the air on cloud computing’. According to this report, large organizations could lose money through adoption of this hyped technology. While cloud computing is optimal for small and medium-sized businesses, large companies will spend less if using traditional data centers. Virtualization is the optimal way to go, and by implementing virtualization in-house, corporations can reduce costs when factoring in depreciation and tax write-offs.

Large technology vendors are launching new initiatives and are educating enterprise customers. Hype or no hype, cloud computing continues to be catapulted to the forefront as companies and governments use this emerging concept in the real world.