The 21st century is referred to as the information age that has transmogrified the data-driven global business sector. With the increased reliance of enterprises on technological advancements, they look forward to enabling digital transformation with the help of cloud computing solutions and cloud-based services.
According to the reports published by one of the world’s leading research companies Gartner, the cloud market is growing persistently. The reports valued the cloud market at $153.5 billion in the year 2017 which reached the staggering mark of 186.4 billion dollars in the year 2018. It is also projected that the cloud market will experience a massive surge with market value potentially reaching almost $220 billion dollars in the year 2023.
Cloud computing is an ever-advancing technology that undergoes massive developments every year. Here are some cloud computing trends that will potentially shape the cloud market in the year 2023:
Accumulated Growth of Cloud Services
Technical experts have marked the year 2023 as the most lucrative year for the cloud market. Enterprises are increasingly embracing the cloud’s simple yet flexible services (IaaS, PaaS, and SaaS) for developing and modernizing their business operations and communication. According to research, it is predicted that the public cloud revenue will grow substantially by 17.3 % in the year 2023, wherein IaaS will develop as the fastest-growing segment of the cloud market with a 27.6% growth projection.
Hybrid Cloud to Emerge as Significant Priority
Since public and private clouds are prone to limitations and restrictions, they may not be the most suitable option for enterprises with specific needs and requirements. With the hybrid cloud model recognized as the best of both worlds, it offers a transition solution with accumulated benefits of public and private cloud. According to technical experts, more enterprises will opt for the hybrid cloud to savor the maximum efficiency and effectiveness of cloud computing solutions. The hybrid cloud market is also expected to rise with market value projected at 61.2 billion dollars in 2023.
Backup Solutions to Steal Limelight
According to reports, backup solutions and services with disaster recovery solutions will account for almost 15% of the cloud budget. It is the highest percentage of allocation followed by e-mail hosting (11%) and productivity tools (9%). Cloud platforms like Microsoft Azure work for the availability and security of the infrastructure while leaving customers in charge of compliance.
Other major trends include:
- Automation will simplify cloud administration and will develop as a paramount
- Combination of cloud computing with 5G network to improve systems substantially
- Security remains a major concern with the advent of the General Data Protection Regulation (GDPR)
- Possible introduction of Quantum computing
Easy deployment, scalability, flexibility, and cost efficiency manifest that cloud computing services offered by globally recognized certified consultants will continue to dominate enterprise functioning with accelerated market growth. With upcoming trends and innovations in the cloud sector, cloud solutions and services are likely to play a vital role in technological advancements in the year 2032.
