Dec-2022
Cloud Data Storage Providers in the Era of Digitalization
Most people are on the internet in the present day and age. Everyone who has been using the internet is using the cloud, most of the time without even realizing it. From your emails to shopping websites even entertainment platforms everything is on the cloud. So as cloud service providers it is our responsibility to ensure uninterrupted data access. In-house computing and storage have become complex to manage in terms of maintenance, security, and cost-saving among other challenges are difficult to administer. That’s when organizations turn to cloud services and data center solution providers to help overcome these challenges and ensure the business runs smoothly. As digital transformation is growing rapidly and so with it is the customer-buying mindset, businesses have become more resilient to keep their customers engaged. Cloud service providers are also working endlessly to provide better reliability, stronger security, and enhanced storage capacity for smoother data transactions with cost-saving benefits. With cyber-security as one of the highest considerations, we as cloud service providers offer our clients customized business recovery and a backup plan for times of crisis.
IT leaders and business decision-makers are open to exploring tools, technology, and trusted partners that would help them grow in this unpredictable yet competitive market. Thanks to various government initiatives such as GI cloud, and during the COVID-19 pandemic cloud computing has witnessed remarkable growth in the past 2 years. As per business insights, in 2020 the exhibited growth was 13.8% as compared to 2019. By 2025 economic output worth is estimated to add $14 billion from the cloud and data center industry. The cloud has promising potential and with growing technology can only be expected to flourish moving forward.
Cloud Computing Sector & Rapid Evolution of Semiconductors
Despite the global pandemic of 2020, the semiconductor industry remained resilient with revenue growth of 10.8%. While the cloud is not new to semiconductors, however, adoption towards it has been slow-moving. Security and innovation capacity have been some of the reasons for concern for chip-makers hence, the slow pace towards adoption of the cloud. The high demand of smartphones, laptops, and tabs across multiple industries such as education and healthcare, along with hybrid working systems has led to the constructive growth of the semiconductors market. The automotive and manufacturing sectors are also embracing more advanced technologies and making use of sensors for more contactless and sustained operations. Similarly, cloud computing also needs continuous innovation. I believe substantial research and development can help in leveraging together the cloud and semiconductors’ potential as well. At ESDS continuous innovation and committed R&D are dedicatedly followed by our team of experts.
Benefits of SMEs
As the competition is growing the market is becoming more unpredictable, and even consumer trends are changing briskly, so for any small or medium-sized business to survive is to stay on top of the industry trends. Advanced technology is on the leader-board of industry trends like AI, ML, and cloud computing are among the top embraced ones. We have witnessed the potential of cloud during the pandemic that helped businesses across industries to pull through and make profits as well. So how does the future look for the cloud industry? I believe that the cloud is here to stay for longer and thrive in the coming years. It is a blend of scalability, flexibility, security, capacity for data storage, and cost-saving which are the core requirements for small, and medium businesses today. In fact, as per reports, about 44% of small traditional businesses use cloud infra or hosting services. By 2026 the Indian public cloud services spending is estimated to grow at a CAGR of 24%. (Source: Ken Research Report) There are endless statistics and figures that show us the growth and potential the cloud holds and there’s no end to it.
Cloud meets the needs of businesses as per their requirement and type. Small organizations can benefit from enhanced collaboration, quick turnaround, and ease of access. For medium businesses, the requirement is generally security, scalability, easy access, and flexibility; cost-saving benefits are one of the most common and important factors for all. Cloud-based applications such as SaaS, IaaS, Paas, edge computing, and hybrid cloud, among many have gained prominence. Organizations realized that the traditional hosting system is getting complex and more time-consuming hence the shift towards the cloud saves time, manpower, and budgets leaving more time to focus on actually growing it.
Adoption of AI and Blockchain in the Cloud Computing Industry
One of the biggest developments in the cloud has been the alliance of cloud and AI in recent years, which has made AI accessible to organizations irrespective of their type or budget. Smart city infrastructure, self-driving cars, 5G, etc. have been achievable using both AI and the cloud. For growing businesses, to keep their customers hooked by learning from their buying/behavioural patterns is possible through the use of AI. Developing an in-house AI infrastructure is quite complex and not cost-effective as it requires a sizeable amount of computational power, and storage space for data collection, algorithm training as well as manpower. Hence, many cloud service providers have started using AI internally for cybersecurity tools and for other reasons like controlling the cooling and electrical system, for running huge distributed networks to supply storage for their clients. The APAC growth estimates for the global AI market between 2022 to 2030 to be at 38.1% CAGR As for blockchain technology apart from cryptocurrency transactions, it is also used for cybersecurity for its integral design that ensures data security which is useful for online payments and transactions. Apart from finance blockchain is used for industries such as insurance, healthcare, voting and counting, gambling, and welfare benefits. In recent years blockchain has impacted businesses across sectors and the economy. In the budget announcement this year honorable finance minister stated that the RBI will soon issue a digital rupee and that digital currency will be based on blockchain technology.
