Most companies used to rely on on-premises IT systems to run their businesses… and clouds used to have a white, fluffy meaning. But recently, cloud-based services have taken over how the world consumes technology. And as the whole business scenario changed, the pressure to move applications to the cloud has only grown higher.

Now, as organisations move to a digital-first economy, the cloud will continue to play an increasingly critical role. Cloud computing services allow businesses to take their performance to the next level.

Cloud computing stats

There are three main areas that compose the cloud computing industry: Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service (IaaS). Altogether, these cloud-based software distribution models allow users to access software, build custom apps, as well as to store, back up, and recover data entirely remotely. These have grown significantly over the last decade.

With the cloud, we are not talking about low figures but rather record numbers. Gartner’s latest projections have end-user spending on public cloud services totalling nearly $600 billion in sales in 2023. That’s a 20.7% increase from 2022’s $490.3 billion – higher than the previously forecast 18.8% growth for that year.

Due to its agile and scalable nature, the cloud will remain a symbol of innovation and adaptability. In order to minimise risk, optimise costs and meet customers’ expectations, cloud computing services will continue to grow as businesses accelerate their efforts towards technological modernisation. Nevertheless, it comes with a price as they will have to adapt themselves and invest in a transition that serves the digital.

A new survey sheds new light on how organizations are adopting a multi-cloud approach. According to the HashiCorp 2022 State of Cloud Strategy Survey, 90% of large enterprises were the most likely to use a multi-cloud approach (at least one shared and one private cloud), while only 60% of small businesses and 76% of mid-sized organizations had multi-cloud infrastructure. The survey also shares that an overwhelming 9 out of 10 respondents who have adopted a multi-cloud approach say it is already helping their organisation advance or achieve their business goals.

Cloud computing services can help your business grow

Like any new technology, there are some risks to cloud migration. Nevertheless, the advantages far outweigh the cons. But what benefits can cloud computing services provide to a company comfortable with a more traditional tech mindset? Next, we will enumerate some of the advantages of using cloud computing for business.

Flexibility and scalability: These are one of the most important aspects of the cloud as businesses can request their resources to be scaled both up and down.

Cost-effectiveness: You pay only for the services you actually require. Cloud hosting and cloud computing services generally use a pay-as-you-go model. The investment is also easy to predict because it is directly aligned with business usage.

Reduction of your business costs: As the cloud is not stored on your premises, you can significantly lower the operational cost of your IT systems management and maintenance. On the other hand, if your company uses only on-premises infrastructure, you need to make a massive investment in buying and maintaining physical servers, equipment, expertise, and software licenses.

Data is extremely accessible: Cloud computing stores data online so that companies can access information from any location with an internet connection. As remote and hybrid work becomes the new standard, better team collaboration and communication should be top priorities for business owners and managers.

Upgraded user experience and collaboration: With cloud computing services, files and projects exist in a single location and data is automatically synced between all devices. As a result, it can reduce downtime and allows multiple users from your development team to access information and the most recent version.

Security: Data stored in the cloud is usually encrypted. Designed for maximum data security, the Cloud provides more layers of protection compared to on-premises servers. Cloud backup also helps organisations recover their critical data, files and applications so they can continue their operations without any downtime.