The adoption of cloud-based solutions is on the rise in businesses of all sizes, and in countries all around the world. These businesses seek to reduce costs, streamline operations, and support WFH (work from home), to help gain a competitive advantage.
While developments on the other side of the world may not directly impact your everyday operations, there is strategic benefit in being aware of trends. These trends may soon influence your near-term IT planning, especially since cloud initiatives could by the end of 2020 amount to as much as 70% of all tech spending.
Organizations are adopting cloud-based solutions at three different rates. Below you can find the trend information and how it applies to the different rates of adoption.
The global market for public cloud services is expected reach $350B by the end of this year. Moreover, it is expected to exceed $623B by 2023. In the time span of just five years, 80% of organizations worldwide are predicted to migrate toward cloud, hosting and co-location services. Specifically, one of the fastest growing cloud-service segments is infrastructure-as-a-service (IaaS), with an expected growth of 24%.
94% of all enterprises already use at least one cloud service, while 83% of enterprise workloads will be cloud-based by the end of this year. Cutting costs tops the list for reasons why large organizations are adopting cloud services. Many organizations second desire is to add new features and capabilities. About 66% of enterprises already have a central cloud team or center of excellence in place to help them assess solutions, set policies, and optimize spending.
Small Business Adoption
In the next 6 to 12 months, 78% of small businesses will fully adopt cloud computing. 41% will favor the public cloud, with more than half of them choosing Amazon Web Services (AWS). Of SMBs who have moved to the cloud: 94% report security benefits; 84% attest to lower costs; 59% report IT-related increases in employee productivity. Nearly 70% are reinvesting savings back into their business.
Keeping up to date on trends in cloud-based solutions can be extremely helpful to your business. Additionally, it can help you find out what solutions are right for your company, by learning what has worked from companies similar to yours. These trends can help give you a competitive edge when it comes to cloud-based solutions.
Think your company could benefit from switching to cloud-based solutions? Contact one of our specialists today!