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"The cloud" is a broad term that encompasses many different technologies, similar to the way the Web or the Internet have many different aspects to it, Gartner says. And many of the individual aspects of the cloud computing industry each have their own degree of hype surrounding them. Gartner attempts to put this all in perspective by using its Hype Cycle formula to evaluate more than three dozen specific technologies within cloud computing.

The lifecycle of a technology is broken down into five stages: First there is a trigger for a technology, or a reason it is needed. This then leads to the technology being hyped to the point of a peak of inflated expectations. Following that, there is a trough of disillusionment in which reality about the benefits of a technology are understood. For technologies that are truly meaningful, they stick around for a slope of enlightenment and finally to a plateau of productivity.

The overall cloud computing industry is past its peak of inflated expectations, Gartner says, but other aspects of the cloud computing industry are at various points of the lifecycle.