The budding surge of cloud computing in businesses is only just beginning, according to a study released today by IBM. Over the next three years, the study found, the number of businesses that will adopt cloud computing is expected to more than double as business leaders look to capitalize on the rapid availability of data and the growing popularity of social media.

Collaborating with the Economist Intelligence Unit, IBM surveyed over 500 business and technology executives from around the world in hopes of not only understanding more about how organizations use cloud today, but how this emerging model will affect the future of business.

“Companies are starting to understand — cloud isn’t just about gaining efficiencies and cost savings; it’s about driving the kind of fundamental innovation that provides lasting marketplace advantage,” said Saul Berman, IBM global strategy consulting leader and co-author of the study.

While 16% of the execs surveyed said they are already using cloud capabilities, 35% said they intend to use it to improve their business by 2015. Although more than half of all respondents named “improving organizational efficiency” as the top challenge for businesses today, only 31% believe that will be one of the top challenges for businesses in three years. One reason for why organizational efficiency won’t be such a problem in the future will be due to the implementation of cloud computing.

Other notable findings on how cloud computing is set to change business include:

“Cloud has the power to open doors to more efficient, responsive and innovative ways of doing business, and we believe the companies that will come out on top will be the ones that find ways to leverage it as a key point of differentiation in driving business value,” Berman said. “Whether they choose to tap cloud to optimize, innovate or even disrupt their business models, they need to start working on it now.”