Every now and then, we hear “shifting to the cloud, storing data in the cloud, and accessing data from the cloud” from businesses to common users. Everything seems to be happening ‘in the cloud’ these days.
Cloud computing is the delivery of hosted services through the internet or ‘the cloud’. These hosted services are classified into three types, software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). A cloud can be public, private, or hybrid. Cloud computing is highly dependent on automation technologies and virtualization. The rising incorporation of advanced technologies such as machine learning and artificial intelligence is predicted to benefit global market growth. As per a report by Fortune Business InsightsTM, the market for cloud computing is estimated to expand from USD 250.04 billion in 2021 to USD 791.48 billion by 2028, registering a striking CAGR of 17.9% between 2021 and 2028.
Swift digitalization and work-from-home regime adoption during the COVID-19 pandemic have stimulated the demand for cloud computing significantly. Without any direct active management by the user, it has gained high demand. Moreover, the top firms seek cloud computing to mitigate the complexity of computing hardware in-house and housing networks, which is expected to surge its demand in the coming years.
Who are the users of the cloud?
The cloud has emerged as crucial in our everyday life. Without it, there would be no Spotify, Gmail, Twitter, or Instagram. Millions of businesses use the cloud today for a range of tasks from the creation and backup of documents to accounts and Social Customer Relationship Management (CRM).
What are its advantages?
- It does not require any effort to manage or maintain it.
- No worrying about running out of capacity due to its infinite size.
- For accessibility to cloud-based services and applications from anywhere across the world, only an internet connection is required.
- It is economical and effectively helps in cost management.
- It offers accessibility to data even if an emergency occurs such as a power outage or natural disaster.
Top 5 Providers of Cloud Computing:
Amazon Web Services (AWS)
AWS was the first to provide cloud computing infrastructure as a service (IaaS) in 2008, and it provides the highest operating revenue in the company. It offers a myriad of services, including AWS Key Management Service, Elastic Compute Cloud, DynamoDB, AWS data Transfer, Cloud Trail, Route 53, Virtual Private Cloud, and others. In June 2019, AWS acquired E8 Storage for approximately USD 18.3 million to integrate its cloud technologies together and expand its penetration across the globe.
Azure was released in March 2014 and is amongst the fastest-growing clouds. It supports several different languages, frameworks, and tools. Microsoft is a pioneer in machine learning and artificial intelligence. Azure also provides exclusive cloud computing designed for the U.S. government agencies such as local, state, and federal. Recently, Microsoft Corporation released an industry-specific Microsoft cloud for the healthcare sector to improve workflow efficacy and streamline interactions in healthcare organizations.
Developed by IBM, the IBM cloud provides PaaS, SaaS, and IaaS services through private, public, or hybrid cloud models. IBM offers three hardware platforms that offer built-in support for virtualization. The company offers Websphere application, which supports open standards and programming models for virtualization. IBM recently acquired Red Hat for USD 34 billion in 2020, which is anticipated to bolster the company’s market share in the coming years.
Google Cloud offers a range of hosted services for storage, computing, Big Data, networking, and machine learning. The platform can be accessed by IT professionals, software developers, and cloud engineers using the internet or a dedicated network connection. Google has listed more than 100 products under the brand Google Cloud. Recently, a Google Cloud partner, SADA, acquired ByteWave Digital in December 2021 to expand business in Asia Pacific.
Oracle Cloud provides PaaS, IaaS, SaaS, and data as a service (DaaS). The services offered are used to create, deploy, incorporate, and extend applications on the cloud. Oracle Cloud supports several open-source applications, open standards, databases, programming languages, tools, and frameworks specific to Oracle, third-party software, and Open Source. Oracle recently acquired Cerner for USD 28.3 billion in December 2021.
Cloud computing’s future is bright and is likely to become more expansive and powerful in the forthcoming years. The advancements in technologies such as the Internet of Things are anticipated to offer lucrative growth opportunities to both users and hosts. The growing competition will result in price competency, which will further expand cloud computing’s horizon.
About the Author:
Arun K Gautam is a graduate of Business Administration and a dedicated writer. He enjoys philosophy and debates. He loves cooking and is a petrolhead too!