Cloud Computing in 2023: Trending Statistics and Benefits that You Need to Know

Cloud computing has become increasingly popular in recent years, and for good reason. It offers a number of benefits for businesses of all sizes, including scalability, cost savings, and increased agility. Having developed many cloud computing applications over the years, Era Biz Solutions felt it key to state the benefits and trends related to cloud computing

What is Cloud Computing?

The Cloud Computing Dictionary of Microsoft Azure defines Cloud computing as the “delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet (“the cloud”) to offer faster innovation, flexible resources, and economies of scale”. In simpler terms Cloud Computing is the usage and storage of information on a virtual network of servers connected together as a single ecosystem, otherwise known as the ‘cloud’, for the enhancement of speed and efficiency and the reduction of cost.

The Growth of Cloud Computing

Cloud Computing is said to have originated in the 1960s with the initiation of the ARPANET by J. C. R. Licklider. However, the true popularity of the “cloud” began in 2006 when Amazon introduced the first commercial cloud service known as the Elastic Compute Cloud (EC2) for the Amazon Web Service (AWS).

In 2010 Cloud Computing had a huge boost when Microsoft entered the cloud market with Azure. By 2012 Cloud Computing had started having drastic increases in its usage and started making echoes in media and other online platforms. According to Statista, the global hosting and cloud computing market grew from USD 24.63 billion in 2010 to USD 156.4 billion in 2020, a growth of over 600% in just 10 years. In the recent few years Cloud Computing has been evolving even more in leaps and bounds, not least due to the remote work trend and the rapid spread of the usage of AI and Machine Learning with ChatGPT. 

According to the most recent statistics by Statista, the public cloud services end-user spending worldwide is now at USD 591.79 billion. Here a public cloud is defined as “a type of cloud computing through which a service provider makes resources, such as applications, virtual machines, or storage capabilities available to the public via the internet.”[Statista]. In a research article, Zippia stated that 60% of all corporate data worldwide is now on the cloud as of 2023, and the volume is still growing. 

Meanwhile, Market.us stated in a 2023 report that the Global Cloud Computing Market size is expected to have a Compound Annual Growth Rate (CAGR) of 16% over the 10 year period from 2022 to 2023, forecasting that Cloud Computing would have a Global Market size of USD 2,321 billion. Taking these statistics into consideration, many businesses have started the complete shift to cloud computing recently.

Looking to Develop a Cloud App? Contact Era Biz Solutions for a free consultation

The Benefits of Using Cloud computing

Cloud computing is one of the technologies we use most commonly at Era Biz. There are many benefits to cloud computing which is why it is becoming increasingly popular. Here are some of the most important ones that makes our clients at Era Biz Solutions incredibly happy:

• Scalability: Cloud computing allows businesses to easily scale their IT resources up or down as needed. This is ideal for businesses that experience seasonal fluctuations in demand or that are rapidly growing.
• Cost savings: Cloud computing can help businesses save money on IT costs, such as hardware, software, and maintenance. Businesses only pay for the resources they use, so there is no need to overprovision resources.
• Increased agility: Cloud computing can help businesses become more agile and responsive to change. For example, businesses can quickly deploy new applications and services in the cloud.
• Security and compliance: Cloud computing providers offer a variety of security and compliance features to help businesses protect their data and meet their compliance requirements.

The Different Types of Cloud Computing

Cloud Computing can be categorized into 3 main types: 

• Infrastructure as a service (IaaS): IaaS provides businesses with access to computing resources, such as servers, storage, and networking.
• Platform as a service (PaaS): PaaS provides a platform for enterprises to develop, implement, and manage applications.
• Software as a service (SaaS): SaaS gives companies access to cloud-hosted software applications.

Choosing the Right Cloud Solution for Your Business

When choosing a cloud computing solution, businesses should consider the following factors:

• The type of applications and services that the business needs: Some cloud computing providers are better suited for certain types of applications and services than others.
• The size and budget of the business: Cloud computing solutions can vary in price, so it is important to choose a solution that fits the business’s budget.
• The security and compliance requirements of the business: Some businesses have specific security and compliance requirements that need to be met. It is important to choose a cloud computing provider that can meet these requirements.

Conclusion

Cloud computing can offer a number of benefits for businesses of all sizes. By carefully considering the factors above, businesses can choose the right cloud computing solution for their needs.

Era Biz Solutions is an offshore software development company in the UK and Sri Lanka that was formed in 2011. The organization focuses on providing custom software development, web development, and mobile app development services to clients in a transparent and reliable manner. It is known for the innovation and creativity of its talented dedicated developers and dedicated teams sourced by its tech hub in Sri Lanka. In addition to the custom development projects offered in the form of full project outsourcing, Era Biz also provides flagship solutions for CRM, ERP, LMS and Logistics that have many loyal users over the years.

If you are considering moving to the cloud, contact us at Era Biz today to discuss your needs. We will help you choose the right solution for your business and get you started on your cloud journey.

Resources

1. Cyber: The History of Cloud Computing
2. Market.us: Global Cloud Computing Market: Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032