Covid-19 Pandemic: Time to Adopt Cloud Services to Boost Revenue

The Covid-19 pandemic has proven to be fruitful for the global cloud services market. As in contrast to other industries, the cloud services industries have observed a significant growth in the demand during the pandemic.

Cloud computing technology enables the use of IT resources to store large databases. In addition, it consists of both hardware and software with which various services can be delivered. Cloud computing services have revolutionized the way companies manage and process large-scale data and derive value.

According to Allied Market Research, the global cloud service market is expected to reach $927.51 billion by 2027, registered at a CAGR of 16.4% from 2020 to 2027. A cloud service eliminates the need for software installation on your desktop and lets you use them over the Internet. Cloud computing services vary from providing servers, storage, and virtual desktops. Some of the most common types of cloud computing services are Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). The cloud service market has been profitable as several companies have been investing big bucks to adopt cloud computing services.

The adoption of cloud computing services can help save more than 35% of the annual cost of an organization. Moreover, cloud computing services offer scalable computing resources, helping organizations reduce costs.

Realization of the importance of cloud industry

During these tough times, several businesses have been affected like never before due to lockdown in various countries and lack of finances to support new technologies. Unlike the other industries, the Covid-19 pandemic has boosted the importance of cloud-based technologies in a new way.

Many companies have decided to choose cloud as a standard of use of applications to store and backing up of data. This adoption of cloud has helped several companies to lower the cost of backup or to gain better flexible computing power. On the other hand, more and more companies have beginning to realize the vitality of cloud computing and invested heavily in the IT and cloud resources for the sake of the future. The adoption of work from home culture by several multinational companies have supplemented the need for better cloud infrastructure.

Not only the business sectors but also the schools and other institutions have shifted toward digital schooling to facilitate distance-learning. Along with businesses and institutions, the e-commerce industry has observed a significant growth.

Advent of cloud computing services in e-commerce

E-commerce is another industry which has foreseen a sudden growth during this time of crisis. The revenue spike was witnessed due to increase in online shopping of groceries, as instead of going outside and fall to the risk of Covid-19, people are more inclined toward the use of e-commerce. According to the World Health Organization (WHO), it is safe to receive packages and there is a very low risk of the spread of viruses from the delivered products.

Apart from this, it is observed that there is a significant rise in subscription-based services such as Netflix and Amazon Prime. It has been reported that the number of new subscribers over Netflix is increased by almost twice the estimated value because of the extreme use of the Internet. There is a shift in online shopping behavior as well. People prefer buying more health-related products, protective gear such as protective masks and sanitizers and grocery, and other essentials rather than purchasing luxury goods and fashion and apparel. The customers aim to try their best to adapt to the tough times and shop wisely.

Cloud Security: Biggest concern for Cloud Services

The Covid-19 pandemic has forced almost every other industry to adopt cloud computing services but with the increasing adoption, people are more concerned regarding data security. Moreover, the work from home culture has increased the issue of cybersecurity.

To access cloud computing services over the Internet, the data is stored with a third-party provider. Though the visibility and accessibility of your data are limited, numerous threats might increase security risks for your organization. Thus, organizations should work toward DevOps and DevSecOps to reduce the risk of cyber-attacks.

To keep the growth constant of the cloud computing services industry, data security is vital to ensure the safety of users’ data. Cloud-service providers such as Google, Microsoft, and Amazon have been offering major discounts and lending infrastructure to corporates to make the cloud-services more affordable and in turn, increase its adoption. Thus, the demand for the cloud-services is expected to increase among firms as well as the customers in the near-time future.

Reference:

https://www.who.int/emergencies/diseases/novel-coronavirus-2019/question-and-answers-hub/q-a-detail/q-a-coronaviruses

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