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The cloud computing trend is gaining steam as more and more companies are looking to become more efficient and lower their cost structures. Especially in a slow economy as we are in now, companies that are providing cloud computing services are being looked at more and more by CIOs and CTOs.

And this trend is showing up in the numbers. In a report published just last week, GIA predicted that the global cloud computing services market will reach $127 billion by 2017. One of the factors the firm sighted was that cloud computing can potentially slash IT costs by over 35%. Here are four companies that stand to benefit from the growth in cloud computing.

Wave Systems (NASDAQ:WAVX) is a provider of client and server software for hardware-based digital security. Wave’s core products are based around the Trusted Platform Module (TPM), the industry-standard hardware security chip that is included as standard equipment on most enterprise-class PCs shipping today. A TPM is a highly secure cryptographic support system. It generates, stores and processes keys, which can be used to encrypt information and harden identities. Even in a down economy, the company has continued growing its topline. For its recently reported Q3, Wave Systems was able to grow revenues nearly 42% y/y.

CACI International (NYSE:CACI) has been around for 50 years and provides services and IT solutions needed in the areas of defense, intelligence, homeland security, and IT modernization and government transformation. CACI solutions help federal clients provide for national security, improve communications and collaboration, secure information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness.

Because CACI works closely with the government, revenue growth is a bit slower than for the whole cloud computing space. For its recently completed Q1'12, the company reported revenue growth of 10.8% with a jump in EPS of 53.3%. CACI is trading for less than 0.4x sales and less than 10x FY12 estimated earnings.

Amwest Imaging (AMWI.OB) provides relationship-building tools and processes that help any business cultivate profitable relationships with customers, all through web based solutions. The company has been expanding into new technology with its recent acquisition of Zipclik Technologies, which has 256 AES encryption software. This software is essential and necessary for clients wanting to protect and privatize financial data, medical information, enterprise research, sensitive corporate directives, passwords, and all other confidential, and sensitive information. This software has the potential of changing the landscape of how any and all sensitive data or communication is conducted.

VSE Corporation (NASDAQ:VSEC) is another government contractor and is based right outside of Washington D.C. It is a diversified company focused on creating, sustaining, and improving the systems, equipment, and processes of government through core competencies in legacy systems sustainment, obsolescence management, prototyping, reverse engineering, technology insertion, supply chain management, foreign military sales, management consulting, and process improvement.

The company has seen a bit of a slowdown as government budget issues are impacting the flow of orders. Despite a drop in revenues y/y for its Q3, the company was able to cut costs and increase operating margins by 150 basis points. Surprisingly for a tech company, it pays a dividend which currently yields 1.2%.

Disclosure: I received compensation to write the above article. I do not have a position in any stock mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 4 Digital Companies Reaping Rewards From Cloud Computing