As Global Public Cloud spend, soared to a mammoth $332 billion (2021) with a 20% year-on-year (YoY) growth projected in 2022, India’s cloud market valued at nearly $4.4 billion (2021), is looking to capture an increasing share of the pie at $5.6 billion in 2022 (a growth rate pegged at 26%). In practice, cloud computing is not just here to stay but it is here to change the entire technology landscape. Cloud is effectively maturing into a disruptive force and in order to transform, businesses need to adapt quickly to the fast-changing customer demands, shifting operating models and the threats and prospects arising from the market entry of new players. Moreover, with the onset of the pandemic and the emergence of hybrid/remote working models, cloud platforms have become increasingly foundational for businesses to not just ‘survive’ but also ‘thrive’ in the new normal. In order to store, manage and process colossal amounts of data businesses need to transcend from legacy systems to cloud.
Essentially, cloud adoption is primarily driven by the following seven factors:
- Business growth – Enhancing revenue or market share, depending upon the maturity of the business.
- Efficiency – Bolstering business progression by enhancing worker productivity. Employees can conveniently access data anytime from anywhere.
- Flexibility and Scalability – Cloud computing enables businesses to scale up with ease, and attain prompt access to increased storage/computing power as well as expanded capabilities.
- Fulfilling consumer experiences – through faster and smoother need-fulfillment initiatives. Companies can imbibe new channels of engagement and improve workplace productivity with cloud technology.
- Agility – With the advent of Software-as-a-Service (SaaS) technologies, IT is no longer consumed with routine application management tasks and can upscale to partnering business heads in the organization’s growth and strategy formulation. Cloud technologies are an optimum solution to fluctuating business needs.
- Cost optimization – The transition from on-site to cloud-based storage, results in significant savings for businesses, in terms of costs associated with maintenance, equipment upgradation and software management. Further, tech-related expenses can be apportioned across a period of time with the licensing model of SaaS technologies.
- Enhanced Data Security – Cloud provides increased data assurance by mitigating the risk of data breach. Users are able to attain better uptime because solutions are maintained by providers whose businesses are built around these competencies. Moreover, users can save substantial costs on data security management as that expense would come under the gamut of the provider. Multiple cloud providers are also employing artificial intelligence (AI) to help detect and track down the latest threats in order to enhance security.
Technology partnerships and collaborations are becoming the norm, as businesses strive to become system integrators and solution adopters to create seamless experiences that appeal to consumers at multiple touch-points. In fact, organizations are striving to automate (almost) all of their functions. While routine tasks are being highly automated, technologies such as AI, Blockchain, Unsupervised Machine Learning, Robotics Process Automation (RPAs) etc. have spread their wings to digitize niche high-level tasks, involving high degree of human intellect, such as treasury, strategy formulation etc.
Further, the adoption of cloud platforms and technologies is not just restricted to industries in the Technology Services, Telecom, eCommerce and Internet space, but extends across the board to quite a few emerging industries, such as Retail, Manufacturing, Automotive, Education and Healthcare, as well. Moreover, with the emergence of ‘Edge Computing’, organizations will be able to promulgate ways to accentuate the quality of experience (QoE) to their end-users with the aid of compute-intensive and latency-sensitive networks. Thus, upcoming Cloud-native applications like real-time Edge Computing, and hybrid-friendly Cloud platforms are sector-agnostic, and are here to take all businesses including Industry 4.0 by storm.
To read more about the different stages of Cloud maturity, its bearing on the cloud talent landscape and India’s potential of attaining the acclaim of becoming a cloud-first nation, download our report “CLOUD SKILLS: POWERING INDIA’S DIGITAL DNA” from the links below.
NASSCOM website – https://nasscom.in/knowledge-center/publications/cloud-skills-powering-indias-digital-dna
More on the impactful presence of Cloud Computing in Digital transformation in the coming days.