Harnessing the Power of Cloud Computing
We need cloud computing because of the numerous individual and business problems that we encounter today - from acquiring and maintaining expensive hardware and software resources to streamlining these resources in the most efficient manner. It enables us to run software programs without installing them on our computers; it enables us to store and access our multimedia content via the internet, it enables us to develop and test programs without necessarily having servers and so on.
Enterprises are concerned about the upfront and ongoing costs of hosting data on-premises. Furthermore, employee costs and challenges with downtime are two additional worries for businesses. The current competitive environment and global economic conditions have hastened the use of cost-effective business model restructuring measures. Another factor driving the adoption of cloud computing services is the increasing shift of enterprises toward digital transformation and the acceleration of customer experience, both of which are lowering enterprise costs. Furthermore, the cloud provides the benefit of a pay-as-you-go model, which allows enterprises to pay for cloud services based on their usage, resulting in lower costs.
From the time the Idea first came in the 1950s, five technologies - distributed systems and its peripherals, virtualization, web 2.0, service orientation and utility computing - have played a crucial role in its furtherance. Cloud computing is a 21st-century marvel that holds its importance in almost every field we can think of. Emerging technologies such as Artificial Intelligence, distributed ledger technology, and many other capabilities are becoming available as services through cloud computing. As a segment of IT services, cloud computing generated more than 300 billion U.S. dollars in revenue in 2020 and is showing very few signs of slowing down.
Three Main Types of Cloud Computing Services
Within each of these service categories, there are Public, Private, and Hybrid cloud solutions.
Stringent Regulatory and Compliance Policies
There are federal, international and even state laws that impose responsibilities to both cloud computing tenants and providers. Regardless of which side the business is on, one has to consider the legal issues, especially those related to the data we collect, store and process.
In the United States, privacy and security are spread over different industry specific laws and regulations:
Cloud Computing Attacks
Cyber-attacks such as Spectre and Meltdown, as well as cloud malware injection attacks, account or service hijacking, and man-in-the-cloud attacks, are posing risks to enterprise data. These threats have the potential to cause business losses and shutdowns.
According to the 2020 Trustwave Global Security Report, cloud environments are now the third most targeted environment for cyber-attacks. The volume of attacks on cloud services more than doubled in 2019 and accounted for 20% of investigated incidents.
Sharing sensitive organizational data with a third-party cloud service provider comes with its set of challenges:
Other Aspects to Consider
APAC is expected to provide significant growth opportunities during the forecast period. The increasing availability of skilled labor and keen focus provided by SMEs and large enterprises to enter and grow in this region are a few factors driving the adoption of cloud computing in this region.
According to the US Business Formation Statistics (BFS), the developing countries of Asia and Latin America are far ahead of Europe in starting new businesses.
In U.S. in 2010, the number of new business applications came in at 2.50 million. In 2020, 4.35 million applications were submitted. That’s a whopping 74 percent more. It is also a 24.13 percent increase from 2019 and the biggest increase of the past decade by a mile.
As per Global Entrepreneurship Center: worldwide, there are about 300 million persons trying to start about 150 million businesses. About one third will be launched, 50 million new firm births per year.
The cloud computing market is dominated by companies such as Microsoft, AWS, Salesforce, Oracle, SAP, Google, Workday, Adobe, IBM, and others.
Key Elements Included In The Study: Global Cloud Computing Market
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