Enterprises Leverage AI for Operational Efficiency, Leading to Growth in Cloud Computing Market, says Market.us

As technology allows them to be mobile, businesses are becoming more mobile. However, employees must still be able to access and share files while working from home. 

Cloud-based storage makes it easy for users to access files wherever possible. This allows your employees to concentrate on tasks that will drive growth, such as meeting with clients face-to-face or prospecting for new customers.

According to a report by Market.us, “The Global Cloud Computing Market size is expected to grow from USD 745.8 billion in 2022 to USD 1,540.9 billion by 2030 at a CAGR of 21.9% during the forecast period 2030.”

Gaurav Yadav, a senior research analyst at Market.us, said,” Enterprises embrace AI-powered solutions to improve their strategic and operational efficiency, as well as increase their insight-driven capabilities.  AI can automate tedious and difficult processes without the need for human participation. IT departments can use AI to oversee and monitor critical workflows.”

The factors driving the cloud computing market are lower operating costs, improved collaboration, better flexibility, and a quicker time to market. These factors are in demand in the market. Cloud computing allows businesses to delegate routine tasks, and technology can do them faster.

The growth is expected to be driven by the increasing use of Big Data, Artificial Intelligence, and Machine Learning (ML), among others. These technologies can transform the market by allowing users to monitor, analyze, and visualize unprocessed data.

These technologies can be combined with cloud solutions to improve visualization and make complex data more accessible. Businesses have seen an increase in data usage. These technologies can also be used to reduce operating costs.

Enterprises embrace AI-powered solutions to improve their strategic and operational efficiency and increase insight-driven capabilities. AI can automate tedious and difficult processes without the need for human participation. IT departments can use AI to oversee and monitor critical workflows.

Cloud solutions and services companies always focus on R&D, product enhancements, and new product launches incorporating Big data, AI, and ML. For example, It is specifically designed to support both transactional and analytical workloads. It unifies health data, powers Artificial Intelligence(AI) in the cloud, and exclusively supports Protected Health Information.

Users use cloud services to store sensitive data over cloud-based platforms. Cloud computing is expected to be hampered by privacy and data security concerns about data loss, breaches, and unanticipated emergencies.

Cloud services can benefit businesses as they help reduce costs and increase efficiency. However, cloud-based data is susceptible to cyber-attack. Cyber-attacks like cloud malware injection, meltdowns, account or service hijacking, and man-in-the-cloud attacks expose company data vulnerabilities that could lead to business closures and losses. Cyber-attacks can also disrupt corporate operations, limiting the growth of cloud services.

A changing business environment means compliance and regulatory requirements are becoming more important. Organizations must also comply with regulatory requirements to remain competitive in the marketplace.

Recent trends in the cloud computing market

May 20, 2022 – SAP SE and Google Cloud have expanded their partnership. This partnership between SAP S/4HANA Cloud and Google Workspace allows customers to integrate Google Sheets or Google Docs capabilities from within SAP Software.

Rackspace Technology announced additional investments of USD 65-70 million in July 2022 to better align its resources with its expanding product and service offerings. These investments will enable the company to achieve its expansion goals while providing a flexible and adaptable spending structure.

November 2021 – Amazon Web Services (AWS) announced a significant investment in Alberta’s innovation and technology sector. They plan to invest USD 4.3 billion to build a cloud computing facility in Calgary (Alberta) by 2037. This will create over 950 jobs.

April 2021 – Google Cloud and OSIsoft teamed up to provide easy migration to the cloud for industrial workload organizations. Manufacturers will be offered a single platform for managing all of their equipment.