By: Kirtika and Neelarya
Cloud computing technology has become a crucial part of the business enterprises. The rapid changing work environment with the advancements of technology in the wake of pandemic has led to the swift adoption of cloud computing in the organisations. The cloud services are positioning to be a new normal in the information segment easing up a lot of complications and requirements.
The cost effective and increased scalability feature provided by the cloud services has sprung the revenue generation of cloud-based infrastructures SaaS and IaaS providers. It is projected that the expenditure on the cloud services by the industries is not slowing down any time soon.
Trending Features are:
· Hybrid cloud computing is one of the significant trends of recent times, dominating the 2021 market. With remote accessibility and more use of the IaaS platforms, most of the major companies are shifting to hybrid cloud services. The key features providing are high speed and improved security.
· The multi-cloud approach will reduce the vendor lock-ins with application portability. The most benefits are the quick functionality and risk mitigation on portability. The joint cloud providers strengthen the mutual partnerships in the competitive landscape.
· Quantum Computing has been an emerging trend in the leading IaaS providers, Amazon and Microsoft. It provides faster data configuration of multiple variables with a lot of accuracy and ease.
· Serverless Computing offers both flexibility and scalability to organizations looking to deploy their applications without worrying about investing in the underlying infrastructure.
Impact of Artificial Intelligence, IoT is going to fuel the cloud services market. AI and IoT will make the cloud work faster and in smarter way, improving efficiency. The AI related technology generating large volumes of big data requires the scaling up of cloud computing services. In the technology with Internet of Things such as smart home automation, smart city infrastructure, automated vehicles, where the effects of smart algorithms delivered through cloud services will be felt.
Competitive Insights: AWS and Microsoft Azure are locked in a tussle in the fastest growing cloud service market. Other major players are Google Cloud, IMB, Hewlett-Packard Company, Alibaba, Oracle, Tencent, Salesforce. US has covered the most share of cloud service market. The market has witnessed certain strategic alliances and partnerships to sustain in the competition.
Most Benefitted Sector: Cloud services has benefitted almost all sectors with its fast compliance and data storage accessibility. Among the sectors of manufacturing, IT, retail, healthcare, financial services, Educational sector has the maximum market share of adoption and usage of cloud services. The higher education user segment is expected to dominate the cloud computing in education market contributing the largest market share.