The Future of Cloud Computing
So what all is included when we say ‘cloud computing’?
Well, anything and everything remotely linked with managing, operating and maintaining the cloud!
This includes all Internet-based services, infrastructure and development related activities, right from site management, data security to data analytics, server monitoring and management of large quantities of data.
“The pandemic validated the cloud’s value proposition. The ability to use on-demand, scalable cloud models to achieve cost efficiency and business continuity is providing the impetus for organizations to rapidly accelerate their digital business transformation plans. The increased use of public cloud services has reinforced cloud adoption to be the ‘new normal,’ now more than ever.”
– Sid Nag, Research Vice President at Gartner
Since 2020, the pandemic has ushered in a dramatic shift in work patterns and lifestyles, the most prominent being an overnight move to WFH culture. As organisations pivoted to remote lifestyles, the move precipitated a shift to cloud-based platforms and solutions. As an increasing number of employees depended on easy access to company’s resources over varying Internet bandwidths and investments in WFH infrastructure shot up, the physical storage of data depleted in significance and so did physical infrastructure. This period also forced many C-suite leaders to speed up their cloud migration plans.
Amazon Web Services (AWS), Google Cloud and Microsoft Azure also experienced unprecedented demand during the early stage of the pandemic.
Following data proves the magnificent shift to the cloud, that has been experienced by industries around the globe:
- Cloud expenditure reportedly shot up by 37% to $29 billion during the first quarter of 2020.
- Global expenditure on public cloud computing almost doubled up from a meagre $186B in 2018 to $300B in 2021.
- In a recent Cloudreach-sponsored IDC study, out of 200 interviewed IT leaders, 27.5% magnanimously agreed that large-cloud migrations were “essential for business survival” going forward. In the last 10 months, out of 200, 29.5% have already achieved their digitisation plans.
- A report by Great Learning concludes that the Indian cloud computing market, which is currently at $2.2B, is slated to grow to $4B by 2022, generating more than a million job opportunities!
- Another recently published report also established how by the end of 2021, more than 3,80,000 jobs will be created in cloud computing itself.
Cloud computing is here to stay, and there are n number of reports to prove as much. As far as the foreseeable future can be predicted, analysed and dissected, here are a few of those that have predicted the impending growth of the cloud market:
- According to a 2021 Forecast published by Gartner, Inc., worldwide end-users spending on public cloud services is predicted to grow by 18.4% in 2021, reaching a value of almost $304.9 billion, up from $257.5 billion in 2020.
- The proportion of IT spending shifting to the cloud will accelerate as just one of the many outcomes of the COVID-19 crisis, with cloud computing investments projected to make up almost 14.2% of the total global enterprise IT expenditure in 2024, up from 9.1% in 2020.
If this piques your interest, check out our article on ‘All about AWS’ to understand your best career options in cloud computing.