The global cloud computing industry is expected to increase from $445.3 billion in 2021 to $947.3 billion in 2026, according to Markets and Markets’ forecast. Enterprises are increasingly relying on cloud infrastructure to suit their diverse requirements, as well as reengineering corporate processes to better line with current market trends.
So, what industries will be impacted by cloud computing?
- Financial services
The cloud is rapidly emerging as an effective solution for meeting the growing needs of the financial services sector. Recognizing the benefits of cloud computing, many traditional financial institutions and financial technology start-ups are migrating to cloud computing to improve user experience, scalability, and data management. One of the major challenges that financial institutions face is that bill information, credit card transactions, stock transactions, insurance, loans, and borrowings generate and consume an increasing amount of data. Data storage and security have always been important considerations. Cloud computing offers a cost-effective solution for increasing banks’ storage capacity on demand without jeopardizing the integrity of confidential data.
- Retail industry
Cloud computing can benefit the retail industry in a variety of ways, and it is changing the retail industry’s operating model in terms of inventory management, data security, and enhanced customer experience. Cloud computing applications in the retail sector have fueled the global retail industry’s growth at a record CAGR of 16.3 percent! In the retail industry, no matter where you access inventory, cloud computing allows you to have inventory at your fingertips. It provides an effective method of stock management for large retail groups by providing key data insight and analysis, real-time data, and Cloud Architecture. This allows for more informed decisions regarding business operations and commodities.
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- Medical industry
The healthcare industry has long been one of the industries that has refused to adopt cloud infrastructure for security reasons, and this is a time-consuming process. However, given the dual benefits of cost, data privacy, and improving patient prognosis for both patients and doctors, medical institutions are increasingly turning to the cloud.
With the novel coronavirus pneumonia epidemic in particular, the rapid development of remote health care and telemedicine has resulted in an increase in patient health parameters and remote monitoring of medical devices.
According to an IDC survey, 66 percent of global manufacturing enterprises use public cloud services, while 68 percent use private cloud services. In 2017, digital technology, including cloud computing, accounted for approximately 25% of total investment in the final product. “Intelligent manufacturing” results in increased productivity and efficiency. Cloud computing is a cost-effective solution for businesses that do not have the resources to invest in a diverse range of IT infrastructure for their manufacturing operations.
When issues arise, cloud computing assists departments in dealing with them. Cloud computing enables novel coronavirus pneumonia to address a variety of challenges, including network security, automatic scaling, quality control, big data, and virtual machine backup. As a result, it is clear that cloud computing will continue to exist and will help the industry achieve its business objectives in the future.