Cloud computing trends are shaping technology and business landscapes
Cloud computing has ushered in many innovations that have driven accelerated digital transformation for many industries. For companies that have incorporated cloud technology into their digital business plans, the result is usually significant improvement in growth and efficiency.
The cloud technology industry is expected to accelerate its growth in the medium term. Valued at around $429.5 billion in 2021, it is expected to reach $1.025 trillion by 2028, at a compound annual growth rate (CAGR) of 15.8%. With the increased capabilities of cloud computing, more technology companies will become self-sufficient and capable of creating innovative products.
Cloud technology is now a norm for businesses that expect it to be part of their day-to-day operations. They expect more efficient and powerful solutions that enable smoother workflows. Businesses of all sizes need to be wary of these essential cloud computing trends.
Multi-cloud and hybrid cloud computing
Cloud customers previously only had the option of public or private cloud deployments. The public cloud was more affordable and offered pay-as-you-go services. On the other hand, private cloud systems offer more data storage and security integrity.
Hybrid cloud solutions offer the best of public and private clouds. For example, Microsoft Azure now allows you to store certain data on public servers for customers who need it frequently and efficiently. However, you have the option of keeping sensitive data on your private servers for monitoring and control.
Also called a hybrid data center approach, it combines on-premises and cloud environments, allowing applications to be shared between these data sets on the corporate network. It can even bridge public and private clouds, as well as on-premises deployments, providing highly flexible workload provisioning and unified resource management.
Meanwhile, multi-cloud services allow you to use different solutions from different vendors. Customers can connect applications between Azure and Oracle Cloud, for example, taking advantage of the best of both systems. It is possible to create a personalized technology environment aligned with your long-term business objectives, thanks to hybrid and multi-cloud services.
AI and machine learning have already become commonplace in enterprise solutions and back-end operations. This enables real-time analysis and decision making from a multitude of data points and inputs.
Analysis by Zion Market Research projects that the global AI services market is expected to grow at a compound average growth rate of 39.4% from 2022 to 2028, or $422.37 billion by 2028.
“Companies are exploring completely autonomous robots that can sense, interact with and design the environment around them to stay ahead in a global market. Industries are looking for reliable and experienced technology partners as they commit to leading this current technological transformation,” the study states.
“Deep learning models process huge amounts of data, such as photos, texts and sounds, using artificial neural networks to deliver correct results,” he adds.
For businesses, cloud technology offers the ability to scale and sustain these platforms through growth cycles. Meanwhile, AI can be integrated into the process to provide sophisticated decision-making and analytical capabilities based on customers and other market inputs.
Thanks to cloud computing, AI is made more affordable and accessible, even for organizations with limited budgets. According to the Zion study, this growth in AI services will be driven by natural language processing, machine learning, and computer vision, all made accessible by service providers.
Serverless cloud technologies
Serverless cloud technology can help you streamline IT management by automating certain tasks and maintaining your server infrastructure. Serverless cloud technology allows you to have more storage and bandwidth flexibility without imposing a predetermined price.
Serverless cloud technology is being adopted by businesses at an increasing rate. The demand for serverless cloud technologies is expected to maintain a CAGR of 21.71% for the forecast period 2021 to 2028. It is expected to reach a value of $36.84 billion by 2028, according to The Enterprise Storage Forum.
Serverless doesn’t require you to invest a lot of capital or resources upfront. This makes cloud technology more accessible. It removes the barriers that prevent it from being used by small businesses and startups, making cloud use accessible to everyone.
Businesses can scale quickly with serverless cloud technology while reducing costs. You only pay for actual usage, which means you only spend what you use. There is also no need to invest time and resources in managing and acquiring a server infrastructure. You can customize it to suit your business needs.
This allows organizations to focus more on application development rather than network administration.
Cloud Computing Security
Organizations also need to step up their efforts to improve cloud security in light of the increased endpoint exposure and use of untrusted devices that the cloud can involve. The cloud security services market will reach $106.02 billion between 2022 and 2029 growing at a CAGR of 18.1%, according to Fortune Business Insights.
This is due to the increase in data monitoring solutions and the growing demand for massive storage applications. Additionally, the growing adoption of managed container services and solutions, coupled with the increase in cyberattacks, will increase the demand for cloud security. There is also an ongoing crypto-jacking trend, which will fuel the growth of the market towards an extended frontier.
Cloud computing is more sustainable than local computing. It can also reduce a company’s carbon footprint as well as physical waste. A Google article shows that companies could reduce their energy consumption by 87% by moving their most used software to the cloud.
Cloud computing can still have a negative impact on the environment. Climate activist group Greenpeace estimates that technology could consume 20% of all electricity in the world by 2025. Computing currently contributes 1.4% to the global greenhouse gas footprint. greenhouse, but it is expected to reach 14% in 2040.
With the rise of cloud computing, solution providers will also need to adapt their services and infrastructure to ensure the sustainability of their operations to protect our planet.
The take-out sale
Cloud computing is evolving and expanding into other technologies, implementations, and domains. It contributes to simplifying the IT landscape and will continue to do so in the medium and long term.
That said, companies need to consider the business issues associated with these cloud trends. Secure and efficient cloud adoption should be a goal for your business. You need to make sure you’re using the right security and compliance tools and automating as many processes as possible. Your organization’s cloud will also need to consider sustainability and impact.
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Last updated September 6, 2022.