Technologies Shaping Global Cloud Strategies
CIO Review Europe | Monday, April 17, 2023
The cloud market has seen tremendous growth in the last several years, and the recent acceleration in adoption due to the pandemic pegs. The market is expected to grow at a compound annual growth rate (CAGR) of nearly 20 per cent over the next several years and is estimated to reach US USD 1712 billion1 by 2029.
FREMONT, CA: Beginning with the cloud, start-ups, mid-size businesses using the cloud to drive growth, and big businesses with substantial technology budgets seeking to modernize their applications by moving to the cloud are all impacted by cloud adoption. Each of these companies uses the cloud in a variety of methods, including infrastructure as a service (IaaS), product as a service, software as a service, or a combination of all of these.
The following applications have made use of cloud technologies:
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• Modernisation of the infrastructure
• Exiting the data centre
• Modernisation of applications
• Developing new, cloud-based apps
• Moving certain tasks, such as data processing, to the cloud
• Using the cloud for backup while enhancing resiliency, innovation, and even geographic growth
Public clouds are known as hyper-scalers because they can scale massively on demand. These hyper-scalers have transitioned from offering infrastructure services to software over time, and they continue to develop by introducing new services and enhancing those that already exist. Many businesses that have adopted the cloud are now looking for methods to reduce costs and advance their cloud strategies. Many organisations have spent more on the cloud than they had anticipated, which is making them re-evaluate their strategy. Hyper-scalers have also recently prioritised improving their current services over launching new ones, demonstrating a certain degree of maturity in this market.
In addition to the widespread use of cloud technologies for digital transformation, emerging technologies using the cloud are likely to drive growth. Leverage scenarios include Metaverse and more. AI is utilising technologies like OpenAI's ChatGPT, the development of 5G, and a rise in the use of digital clones, as well as quantum computing and other ones. The exponential growth of computing and storage resources, which is best serviced by utilising the public cloud, is a common theme among all of these emerging technologies.
Organisations must comprehend and analyse each of these technologies and their uses to determine how they can influence and be influenced by the current technology footprint. As an illustration, the fashion and retail sectors were early users of the metaverse, which led to the development of digital avatars, digital clothing and accoutrements, and more. This will lead to an explosion of new data elements that are not currently present. To provide a better experience, a company now needs to gather more metaverse-related data sets, combine them with the existing customer data, and potentially use sophisticated machine learning models. They must have the technical base and infrastructure to support this use case to be able to do this. As technology and customer expectations advance, additional uses might appear.
To support the overall company over the long term, an organisation must therefore revisit its business and technology roadmap, comprehend the impact of emerging technologies, and determine how to evolve its cloud strategy. Additionally, this strategy might require companies to expedite certain initiatives, possibly adopt new services, and assist in prioritising cloud initiatives.
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