Cloud – A Billion Dollar Future!
The epoch of transforming business into the cloud solutions has reaped the cloud-based market. The industry analysts says cloud, to work as a catalyst which will significantly impact IT supply, composition, and consumption and provides the basis for many of the big data, mobile, and social solutions. It is calculated that the cloud-based solutions will threefold by 2020, IDC reports.
IDC is reckoning the public cloud computing will reach almost $70 billion in 2015 worldwide, with the top 5 verticals (discrete manufacturing, banking, professional services, process manufacturing, and retail) accounting for approximately 45% of the total spend for the market.
“With the huge increase in the number and diversity of services available in the market, organisations across the industries will shift steadily toward cloud-first strategies to enable digital transformation,” the analyst firm says.
According to the study, the key opening for cloud within verticals come from the development of intelligent industry solutions, which are built on top of a new platform that includes cloud as well as big data and analytics, mobile, and social.
The study also asserts the easy availability of cloud-based solutions has assisted transfer buying power from IT to functional lines of business like marketing, finance, and operations.
“The technological innovations and enabling capabilities unleashed by cloud have fostered new opportunities across the industries,” explains Eileen Smith, programme manager, IDC Global Technology and Research Group.
“As a result, it is necessary for both technology vendors and buyers to recognise the industry drivers and barriers of cloud deployment, to understand the business transformation brought by cloud, and to act upon the changes that will shape business and technology strategy in the coming years.”
Smith adds, “We have already seen such platforms and innovation communities in place in retail, financial services, media, and other industries.
“This will reshape not only how companies operate their IT but also how they compete in their own industry,” she says. “Technology suppliers will continue to see significant demand for their industry-specific solutions. It is important for these suppliers to develop strong customer-partner relationships with cloud/platform players to seize new opportunities.”
The new study provides a vertical forecast for three public cloud computing technologies, that being software as a service, platform as a service, and infrastructure as a service. Further, the study takes a look at two primary software markets for SaaS – applications and system infrastructure software –and one primary software market for PaaS — application development and deployment.
Security and regulatory is still a big snag for adopting cloud across industries like government and financial services, study reveals, while loss of perceived control over IT assets and massive legacy systems are also stumbling blocks for using cloud.
IDC’s latest report, Cloud Computing: The Essential Foundation of Industry Digital Transformation — Worldwide and U.S. Cloud Forecast by Vertical, 2015–2019 studied presents insights in terms of how to leverage cloud computing to create new value.
IDC says that cloud services will remain the essential foundation of the IT industry’s 3rd Platform of growth.
