Cloud Computing: What It Is & Why You Should Care

Cloud computing is the pay-per-use online access to a variety of computing resources, including software, hardware (real or virtual servers), data storage, networking, application development tools, and AI-powered analytic tools. Customers can enjoy more scalability and flexibility with this strategy than with traditional on-premises infrastructure. Whether using Netflix to stream a movie, playing a video game stored on the cloud, or accessing cloud applications like Google Gmail, cloud computing is essential to our daily life. Cloud service providers are always pushing the envelope to satisfy changing user and organizational needs.

The global cloud computing market size was valued at USD 388.47 billion in 2022. It is estimated to reach USD 1,844.99 billion by 2031, growing at a CAGR of 18.9% during the forecast period (2023–2031).

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Learn more about the key trends in the cloud computing market including:

• Increasing Investment in Cloud Security and Resilience: As cloud computing becomes more widely used, there is a growing need to make sure that cloud-based systems are secure and resilient.

• The Use of Multiple Clouds Is Growing in Popularity: A lot of businesses are implementing multi-cloud strategies, which use services from many cloud providers to fulfill particular business requirements.

• Enhanced Multi-Cloud Integration: As companies implement multi-cloud strategies, there's an increasing demand for tools and technology that can combine services from many cloud providers in an easy-to-use manner.

• Cloud Powered by AI and ML: In cloud computing, the application of machine learning (ML) and artificial intelligence (AI) is growing in popularity. Numerous cloud-based services and applications rely on these technologies for operation.

• Scaling up of Containers: Cloud computing is using containers, a kind of virtualization technology, more and more. They provide a simple and adaptable method for managing and deploying apps.

• Gaming Spirit High: More games are being hosted and played straight from the cloud as the gaming industry shifts towards cloud gaming.

• Decline in Latencies: As cloud services develop, there is an increasing focus on cutting down on latency, or the time it takes to get a response after making a request.

• Industry Clouds Drive Innovation: With the increasing prevalence of industry-specific cloud platforms, businesses may now access features and capabilities tailored to their particular industry.

• Modernizing Core Apps for the Cloud: In order to benefit from cloud computing's scalability and affordability, many companies are updating their core programs.

• Embedded AI Makes: AI is becoming more and more integrated into cloud services, giving companies access to cutting-edge tools for data analysis and decision-making.

• Scaling up of Containers: Cloud computing is using containers, a kind of virtualization technology, more and more. They provide an easy-to-use and adaptable method for deploying and controlling applications.

• Modernizing Core Apps for the Cloud: In order to benefit from cloud computing's scalability and affordability, many companies are updating their core programs.

The top key players in cloud computing include

1. Amazon Web Services (AWS)

2. Microsoft Azure Google Cloud Platform (GCP)

3. IBM Cloud

4. Salesforce

5. Oracle

6. Cloud Tencent

7. Cloud Alibaba

8. Cloud VMWare

9. Rackspace International Business Machine Corporation

10. SAP SE

11. Workday Inc.

AWS holds the highest market share of nearly 32% among cloud providers, with Microsoft Azure trailing after with a 20% market share. Cloud services such as infrastructure as a service (IaaS), platform as a service (PaaS), software as a service (SaaS), and serverless computing are provided by these companies. They charge for their cloud computing services on a pay-as-you-go basis and offer scalable, resilient, and adaptable infrastructure for efficient operations and peak performance.

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Recent Developments:

In July 2023, content delivery network provider Akamai Technologies established a new cloud computing facility in Chennai to accommodate the needs of contemporary applications that need high performance, low latency, and worldwide scalability. This is the company's second cloud computing facility in India, the first being in Mumbai.

In July 2023, DigiBoxx, a cloud storage and digital file-sharing service provider, unveiled a new data storage option for both consumers and businesses. Megh3, a homegrown software as a service (SaaS) digital storage platform, said in a press release that it will provide clients with quick, easy, elastic storage options at competitive prices that combine affordability and convenience of use.

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