The Exponential Growth of Cloud Computing

The Exponential Growth of Cloud Computing

Cloud Computing has grown exponentially in the recent years, and it is still expected to experience another increase. The increase will range from $67 billion reported in 2015, to $162 billion by the year 2020.[1] Cloud computing is the feature that allows companies to buy, sell, lease or distribute a range of software and other digital resources as a service provided on demand over the internet.

Almost three years ago in Bermuda, about 80% of the new startups would have opted in for data stored in a physical office while now they mainly prefer cloud. Through implementing Cloud Computing and Microsoft Dynamics GP, Certus Group, centered in Bermuda, has since been implementing lower price strategies.[2]

Through its business implementation, the use of an off premise “Cloud” server allows for an increased number of small and medium sized businesses to use cloud computing rather than physical on-premises servers. By 2020, Cloud implementation will be the ‘default’ option for businesses. Deloitte Global predicts that procurement of IT technologies will accelerate in the next 2.5 years from $361B to $547B. At this rate, IT-as-a-Service will represent more than half of the IT spending by the end of 2022. Software-as-a-Service (SaaS) spending on Cloud Services is expected to increase 20.1%, hitting new spending totals of $46.3B in 2017.

Deloitte Global’s Expected Increase in Cloud Computing: