Businesses of all sizes in the cloud computing market are striving to harness advanced technologies to boost scalability, streamline operations and minimize costs. Eurostat asserts that around 42.5 % of enterprises in the EU bought cloud computing services (in 2023), majorly for the storage of files, e-mail and office software. Cloud services have ushered in an era of unparalleled agility, leveraging organizations to keep up with the trends, seize opportunities and pivot when required.
C-suite leaders are expected to bank on cloud-ready infrastructure for business resilience while reducing operational expenses. Industry leaders are doing away with siloed data to future-proof their organizations. The wave of optimism comes in the wake of the aura created by big data, artificial intelligence and machine learning. The next few years promise to provide compelling growth opportunities in cloud computing services and deployment.
Trends which are expected to redefine the global landscape are delineated below:
- Unfolding Growth Potentials in Software-as-a-Service (SaaS)
Software-as-service (SaaS) has become a value addition to boost data management, foster marketing automation and enhance lead management. The software distribution model has come to the fore as a viable option on the back of its security, user accessibility, simplicity and connectivity. For instance, cloud-based SaaS enables enterprises to expand seamlessly (attributed to scalability). Furthermore, the rising footfall of AI, including GenAI, has propelled personalization, speed, identification and remedy of possible threats and consumer behavior analysis. Encouragingly, the global cloud computing market size could reach USD 752.44 billion by 2030.
The latest forecast calls for industries to cash in on the opportunities and trends in cloud-based services.
- BFSI Shifts to Cloud
Bespoke cloud computing solutions have forayed into banks and financial sectors as industry decision-makers seek cost savings, fraud detection, transaction monitoring and personalization. BFSI companies are likely to infuse funds into cloud services to leverage blockchain, edge computing, 5G, AI and robotic process automation. Cloud-based solutions have become a core engine to achieve sustainability targets and rev up innovation cycles and time to market. To illustrate, in April 2024, Nib Group, an insurance provider, reportedly moved its on-premises workloads (across all business branches) to Amazon Web Services (AWS).
- Unmissable Business Opportunity in Asia Pacific
Investment spree across China, Japan and India alludes to the cloud as more than merely a technology buzzword. In retrospect, COVID-19 served as a catalyst in expediting adoption and migration to cloud services and challenged the status quo, prompting enterprises to tap into new growth opportunities. Industries in the Asia Pacific perceive the cloud as having the endless potential to boost market revenues and share, enhance customer experience and underscore productivity. To illustrate, in April 2024, Oracle announced pouring over USD 8 billion to keep up with the demand for cloud computing and AI in Japan. Besides, AWS is contemplating infusing USD 15.24 billion in Japan by 2027 to bolster cloud computing infrastructure. Meanwhile, in February 2024, Alibaba led the USD 1 billion funding round for Moonshot AI, which included Tencent and Microsoft.
The Roadmap—Harnessing Cloud
At a time when the cloud is continuing to unlock innovation, organizations are gearing up to embark on a future-proof journey. Moreover, the innate ability of cloud to process and store enormous datasets has accentuated the AI revolution. Predominantly, enterprises can use cloud computing services to reveal trends, patterns, actionable insights and datasets.
Industry decision-makers are poised to explore cloud configuration types, including public, private and hybrid clouds. In essence, hybrid clouds have become sought-after among organizations that want to retain sensitive data on their private cloud while leveraging the cost-efficiency and scalability of their private cloud. The interplay between cloud and AI will shape the growth trajectory of industries across business verticals.
https://www.grandviewresearch.com/industry-analysis/cloud-computing-industry
