Cloud computing is booming by the day and there are many ongoing trends shaping the markets. The growth Cloud Computing showed over the last year has been a surprise to all tech businesses. Technology giants are heavily investing in cloud computing and experts predict that the cloud computing market will break its own record in upcoming years. In this blog, we discuss the trends in cloud computing to watch out for. Read on to find out more.
Increased Use of Public Cloud
Public cloud is a computing service that is offered by third-party providers. It is available to anyone willing to use it. More and more enterprises today are migrating to the public cloud and changing the way their business operates.
It may surprise to learn that public cloud investment is growing 3 times faster as compared to its private counterpart. The public cloud shows a 24% growth, while the latter has only 8%.
IaaS, PaaS, and SaaS
SaaS is majorly contributing to the revenues of software vendors. Tech experts suggest that the use of SaaS, IaaS, and PaaS, is expected to increase hugely in the coming times.
IaaS services like cloud storage are expected to reach $82 billion worldwide by 2022. The previous year, SaaS is predicted to grow with an 18% CAGR, according to a quote by Bain & Company.
Immense Market Growth
The global cloud computing market is predicted to cross $1,025 billion by 2026. And 80% of organizations are predicted to migrate toward the cloud, hosting, and colocation services by 2025. Currently, 84% of enterprises run on a multi-cloud strategy.
Increased Revenue
With big investment comes big revenue as well. It is forecasted that cloud computing revenues will break all records in the upcoming years. The global cloud computing market is said to have exceeded $350 billion the previous year. You can consider that 70% of all the tech revenues in the market today come from cloud computing.
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