For those of you still wondering what the cloud is exactly, think of it as a metaphor for the Internet. Cloud computing is simply a way of storing and accessing files online. One’s cloud can be accessed via multiple computers as long as you are connected to a network. The information is then stored on remote servers. The cloud makes accessing data easier, and allows for the storage of large quantities of information. Therefore the future of business is no doubt cloud based.
Microsoft is the biggest enterprise-cloud vendor in the world. But, how does it compare to other industry giants like Amazon, Google and IBM? See below for 2020’s Q2 revenue figures.
Microsoft: $14.3 billion
Amazon AWS: $10.8 billion
IBM: $6.3 billion
Google: $3.0 billion
Many people currently consider the cloud to be more secure than conventionally stored data. In the last several years new anti-malware and firewall tools have decreased many decision makers reservations about data passing in and out of the cloud. Data is also further secured by encryption, if the user doesn’t have the key to decrypt the data, then the data is absolutely useless to even those who are able to access it.
An increased investment in cloud computing will likely be seen across all industries as the cloud helps businesses save money by using staff more efficiently. Long term, IDC expects spending on cloud IT infrastructure to grow at a five-year compound annual growth rate of 10.4%, reaching $109.3 billion in 2024 and accounting for 63.6% of total IT infrastructure spend.
In 2017, the federal government switched from a ‘Cloud First’ strategy to a ‘Cloud Smart” strategy in order to increase the speed at which their agencies could migrate from legacy technologies and accelerate agency adoption of cloud-based solutions. The government is now thought to be the largest user of cloud computing technology.
This is a direct result of the popularity of mobile banking applications and virtual transaction services like PayPal and Venmo. Developing currencies like Bitcoin may also play a role in the increase of cloud utilization within the banking industry in the years to come.
Currently the cloud is being utilized for storage more than it is used for things like application deployment. However, this could change as the demand for cloud services grows and enables new business models.
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