Behold the cloud computing presence
The COVID-19 pandemic has appeared as a significant challenge for the global economy. It induced one of the most significant workplace transformations. It has transformed the way businesses leverage smart technologies such as mobile supercomputing, IoT, big data, and artificial intelligence to accelerate Industry 4.0, the fourth industrial revolution.
This accelerated the cloud market in the third quarter of 2020, as organizations continued to migrate their workloads from traditional channels to digital formats.
Numerous enterprises across various verticals have adopted the work from home model to maintain employee well-being and operational efficiency, which in return increased the demand for Software-as-a Service (SaaS) – based solution.
Top 5 public cloud computing company
The above mentioned companies capture nearly 40% of the worldwide total and growing at 36.6% Y/Y.
According to IDC, the cloud infrastructure spending is forecast to exceed $90bn in 2022. Despite the tight supply of some components and disruption in transportation networks, there is a strong growth in infrastructure spending.
The three big global cloud giants- AWS, Microsoft Azure and Google continued to consolidate and grow their positions as cloud market share leaders in the third quarter of 2022.
Worldwide enterprise spending on cloud infrastructure services reached $57.5bn in the third quarter of 2022, representing a 24% increase year over year revenue growth.
Cloud sovereignty is a relatively new idea that has been prompted by legal requirements and data privacy legislation. In addition, 40% of the G2000 will transfer 10% of their workloads to a sovereign cloud provider by 2024 in order to meet their data, technological, and operational needs.
To defend their business from the rising number of ransomware attacks, the majority of organisations will use cyber-recovery-as-a-service. Additionally, CRaaS will offer the firms sophisticated recovery techniques.
Future of cloud computing
By 2027, 65% of businesses will save more than $1mn annually by switching to a fully autonomous digital infrastructure, improving resilience, and reducing repetitive IT ops activities.
The global cloud computing industry reached ~$400bn in 2021, it is further expected to expand at a compound annual growth rate (CAGR) of 15.7% during 2022 and 2030.
–By Shreya Shetty and Rashmitha Selvaraj