Cloud based platforms are virtual networks which have been on the market since the early 2000s. In recent years they have experience a staggering growth as organizations globally have started looking for agile and scalable solutions to store, analyze and share an exponentially increasing amount of data.
The traditional company’s IT infrastructure seems increasingly inadequate to properly manage the massive flows of data generated daily, due to its non-scalable data storage capability and high management costs. The migration towards cloud-based technology solutions is becoming mandatory for organizations to stay ahead of the competition.
The global lockdowns experienced this year have only accelerated this trend due to the pressing need for companies to provide flexible solutions to allow employees to work efficiently from everywhere. Cloud computing systems can potentially have an impact on any business in the world, by enabling companies of all sizes, needs, and industries to embrace the digital transformation and avoid fixed costs such as equipment, staff training, or tools development.
Cloud technologies allow companies to scale up and speed their data management system from the get-go by sharing all information through the internet connection, rather than requiring implementation of new software or hardware. At the same time, the acceleration in deployment of technologies such as IoT and 5G are enhancing cloud systems to keep the latency to the minimum and increase the connectivity performance also in areas which previously would not have been accessible.
An example of an innovative cloud computing platform is Snowflake, an open data warehouse providing businesses across industries with easier and secure data access thanks to its virtual architecture, without hardware or software to configure. Thanks to its integrated cloud platform, Snowflake helps companies to maximize their efficiency by using and paying for storage and computation separately, which means companies can scale up and down the service ladder according to their needs. As Snowflake reports, a total of 250 petabytes of data runs through Snowflake’s cloud platform every day, an impressive performance when compared with tech giant Google which manages “just” 20 petabytes per day.
Microsoft is also heavily investing in the market: through its Azure Space division it is working on a new, space based, cloud ecosystem aiming to make the transmission of information easier by offering high-intensity cloud computing and secure satellite connectivity worldwide.
In the current and future scenario characterized by the rise of digitalization, the need for data analysis, storage and sharing is expected to increase massively. As reported by Markets&Markets research, the cloud industry is projected to continue its strong growth over the next years, growing from $371.4B in 2020 to $832.1B by 2025, at a CAGR of 17.5% during the forecasted period. In summary, cloud computing will act as a key enabler for companies by providing them with the flexibility, agility, and efficiency to accelerate their digital transformation and enhance their chance of survival in an extremely competitive environment.
The information in this article should not be regarded as a description of services provided by Delian Partners SA. The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product. It is only intended to provide education about the financial industry. The views reflected in this article are subject to change at any time without notice.
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