Jun 26, 2018
Posted in Accounting
The popularity of the “Cloud” has grown significantly, and so has its usage. The world is already familiar with so many revolutionary transforming powers, which are capable enough to change the entire process for good. The energetic power station was the talk of the past century while cloud computing has grabbed all the attention in this century, and who knows, serverless architectures will be the talk of the future!!
“As cloud technology spreads; our lives will evolve, our businesses will accelerate and, our future will be full of varied opportunities.”
The scope of a better technology is vast; new trends keep evolving every now and then and same is the case with cloud computing. Businesses are steadily growing and improving their in-house structure by moving all of their data to the cloud. From easy communication to unlimited connectivity, cloud computing has revamped the way how modern businesses function.
Here are the top trends in cloud computing that will dominate in 2018:
The steadily growing likability of cloud computing in every domain is the optimum call for advancing its solutions as well. Cloud computing offers three efficient solutions to its users SaaS, IaaS and, PaaS among which, SaaS offers a flexible and financially sustainable portal for young entrepreneurs whereas, PaaS and IaaS provide advanced cloud services to huge enterprises.
Here are some data points related to cloud solutions for us to look into:
1. According to Gartner’s research, the public cloud services market was expected to grow 18% in 2017 globally, however, the predictions for 2018 is even more. It also said that “IaaS is projected to grow by 36.8% in 2017 and will reach $36.4B whereas, SaaS is expected to increase by 20.1%, reaching $46.3B in 2017.” The stats for the year 2018 seem to rise high already as more businesses are getting close to cloud’s services.
2. Deloitte Global predicts that the overall spending on IaaS including data centers, services and software will accelerate from $361B to $547B at the end of 2018. Relying upon Deloitte’s prediction clears that, “IT-as-a-Service will represent more than half of IT spending by the 2021/2022 timeframe.”
3. KPMG interprets that PaaS cloud service adoption rate will increases from 32% in 2017 to 56% in 2020 and become the fastest-growing sector of cloud platforms by the end of 2020.
The security of data is one major concern when it comes to the cloud, and right now, data breaches are on the rise. According to ITRC, there are 1,579 data breach cases counted in the U.S alone, among which 45% of the breaches were held in 2016 [As stated in this blog.] The list generated by the ITRC detailing the 2017 identified breaches is summed up of, 55.1% business scam cases, 23.7% medical & healthcare cases and, 8.5% finance related scams. However, it is surprising to see that most of the cyber attacks are about business & IT industry.
The other identified data breach category can check here:
There’s no doubt in the fact that security has always been compromised no matter how vast technology is riding. Online banking offers great ease of financial access, however, also roots the loopholes of insecurity as scammers are given “all data on Internet” to attack in one way or the another. Same as what happened in the Equifax case; personal information of millions of clients was compromised and leaked online.
Wayout to such security issues is hard but not impossible at all. Numerous cloud security companies are already working on new strategies to strengthen data security over the cloud. But, in order to make it happen, IT and data security experts need to embrace automation and other advanced technologies into their business. As cloud computing must the term used for businesses success and not a loss.
In today’s technology-centric world, everyone is using IoT connected devices in one form or other. Be it household appliances or car, electronics or gadgets, every single IOT connected device needs a cloud-based platform to store information or to communicate with humans in the form of predefined actions.
According to IDC’s Worldwide Semiannual IoT Spending Guide, “the IoT market is expected to obtain 27% CAGR gain in the 2018-2024 time slab which was previously determined, 14% CAGR rise through the 2017-2021 forecast period, surpassing the $1 trillion mark in 2020 and reaching $1.1 trillion in 2021.” As of now, the IoT connected devices are on a rapid sale which means that the use of cloud is going to raise only.
The basic economics of supply and demand states that if the supply of any particular thing is high and its demand in the marketplace is not so high, then the price will remain low. If we observe the supply and demand of cloud storage according to above-mentioned economics then both of its demand and supply are high due to which it is cheap. Services providers also offer cloud storage for free so as to enrich their user collections.
According to an article covered by Forbes, “Cloud computing spending is growing at 4.5 times the rate of IT spending since 2009 and is expected to grow at better than 6 times the rate of IT spending from 2015 through 2020.” The stats quoted above are clearly showing the bright future of cloud computing; businesses are going to need a large cloud space to store their data and to continue business with more efficiency and productivity.
The spending on cloud computing may increases rapidly since past few years but, with that rapid increase, the cloud storage options are expanding and getting cheaper day by day.
Till now it is confirmed that cloud computing holds a widespread network on the Internet which will expand in the upcoming future. The evolving cloud power is no less than a tremendous technological breakthrough for young entrepreneurs, SMBs and, enterprises. Almost every industry is going to get benefits from its presence and will continue to grasp even more.
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