Market tracker, Canalys, reports that a record-high $41.8 billion was spent on cloud computing in the recently ended quarter as businesses leaned heavily on the internet to survive the pandemic. It noted that spending on “cloud infrastructure services around the world was up to nearly $11 billion from the first three months of last year”.
Following the emergence of COVID-19 and the adoption of lockdown measures, organisations and businesses depended on digital services and the internet to maintain operations, as well as adapt to the new reality, thereby recoursing to cloud computing.
Cloud computing operates on a familiar principle that allows users to access all of the features and files of a system without having to keep the bulk of that system on their own computers. In fact, most people already have been using a variety of cloud computing services without even realising it.
Gmail, Google Drive, iCloud, and even Facebook and Instagram are all cloud-based applications. For all of these services, users are sending their personal data to a cloud-hosted server that stores the information for later access.
Cloud computing has been around for more than two decades and despite the data pointing to the business efficiencies, competitive advantages, and cost-benefits, a large number of industries refuse to adopt this technology. The International Data Group noted that 69% of businesses are already using cloud technology directly or indirectly, while 18% plan to implement cloud computing solutions in due time.
At the same time, Dell also reports that companies or industries that invest in big data, cloud, mobility, and security experience up to 53% faster revenue growth than their competitors.
Cloud computing is simply computing services provided over the internet. It can also be referred to as “Cloud Storage”. This means that with cloud computing, it is not necessary to acquire basic computing skills for creating a website, database management, data analysis, programming, etc.
The goal of cloud computing is to allow users experience more from all of these technologies, without deep knowledge about or expertise with each one of them. The cloud aims to cut costs and helps the users focus on their core business instead of being impeded by IT obstacles.
During the coronavirus pandemic, for businesses and brands to continue to run, cloud computing was adopted making it underpin the world’s economy, global supply chains and remote workforces. As cloud usage continues to grow among businesses, its importance and advantage have become more glaring, resulting in more adoption and usage globally.
Over time, the challenges of every sector especially the banking industry has been data size and information comprehension. Therefore, the need to solve these issues have given cloud computing an edge.
The banking industry has always encountered challenges of ever-growing data input demands. Hence, the need to contain this has always been a challenge until the cloud option was introduced.
Apart from the data comprehension the cloud provides, speed and agility are part of the character of cloud computing. The bank application was a huge business transformer because of a centralised storage centre known as cloud, updates, and upgrades, improvement can apply to the bank app with the user not noticing the changes.
Before the adoption of cloud computing, some financial institutions always notify their users of incoming updates thereby meaning that the app will be down for a number of hours or days. But with the inception of the Cloud, banks can make changes to their bank application without disrupting the flow of transaction or normal day to day activities.
From a student’s perspective, access to cloud infrastructure allows them to modernise their approach to learning. Course management software, such as Moodle is an open-source software package designed to help educators create effective online learning.
Professors are now able to share notes and lesson plans quickly and efficiently. This eliminates the need for heavy and outdated textbooks and facilitates e-learning. These hosting platforms also allow students to access varied resources, such as grades, discussion forms, and even class lists.
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One of the most fascinating realisations of the cloud has been in the health sector. The health records of hospital patients before the inception of the cloud-based health management systems were so cumbersome and voluminous. To locate a patient’s health record for easy treatment, the hospital staff needs to look through a heap of files.
However, it is a different thing today as all data is on secured cloud solutions. Information sharing and access among all relevant stakeholders (medical professionals and insurance) is a breeze.
Cloud-based solutions ensure excellent and timely treatment without unnecessary delays. Recently a remote surgery was performed from thousands of miles away. Such innovation could revolutionise the healthcare industry.
One of the greatest questions about the cloud is whether it is secure. Security issues in cloud computing is a major source of worry for many organisations that are considering using cloud-based apps and infrastructure.
However, cloud computing service users are often responsible for a major portion of their cloud security. Failing to properly address cloud computing security risks and issues can lead to an otherwise preventable data breach.
According to information by McAfee, “Through 2023, at least 99 per cent of cloud security failures will be the customer’s fault.” In other words, cloud security can be highly variable, depending on how well the end user addresses cloud computing security issues and risks.
Nonetheless, Canalys envisaged that migration to the cloud will continue as confidence in the option improves. Probably, the future is here and the need to be more productive have been the headline. In years to come, the internet, with cloud computing will become very easy to use for every individual.