Is IoT Driving Cloud Infrastructure Market?
Irrespective of verticals and sectors, cloud today is not a business requirement, but a business imperative. As cloud market matures, investments are increasing, the focus is narrowing to derive the maximum Return on Investment.
According to Infoholic Research, Global cloud infrastructure market is estimated to reach $206.93 billion by 2020. The high growth has come mainly from the manufacturing industry followed by banking & financial services industry. The manufacturing industry is expected to reach $72.84 billion by 2020 at a CAGR of 13.7% for the forecast year 2015-2020.
What is partly contributing to the growth is the rising adoption of emerging technologies like the Internet of Things. While IoT is all about connected devices that produce huge amount of data, cloud that enables analytics helps derive value from the data.
“Public, hybrid and mobile based cloud computing technologies are providing companies with a way of connecting traditional information systems of enterprises to IoT-enabled devices which are both public and private. This capability will allow enterprises to build Internet of Things based sense and respond systems quickly and economically,” says Maitri Vaghela, IEEE Member.
Cloud infrastructure will bring in a new era of functionality and opportunity by enabling organizations to do things which were not possible before. The cloud infrastructure will help smaller organizations to gain access to computing capabilities that were beyond their reach and budget in the past.
Cloud infrastructure services will help organizations to shift focus from their local technology maintenance to a business and customer satisfaction oriented tasks. Hybrid cloud service is set to be imperative with time. Hybrid cloud services will deploy unified integrated cloud model, which consists of internal and external cloud platforms that can be leveraged based on particular organization’s requirements.
Cloud infrastructure gives opportunity to large organizations to plan and support a broader portfolio of applications. Cloud services along with Software Defined Network (SDN) help to develop cost effective service offerings, which help in reducing the organization’s network cost.
“The ever-changing innovation environment in the internet of things (IoT) market gives a lot of scope to start-ups to offer new devices and services to its customers, which in turn helps in the growth of the cloud infrastructure market as the majority of these start-ups will use cloud services as it is cost effective and start-ups get access to the latest technology,” opined Pavan Mudholkar, senior analyst.
Lot of changes are expected during the forecast year 2015-2020. Cloud infrastructure is one the important technology trends that has marked its way in the last 10 years. Software development will shift to the cloud and software companies will build the majority of the applications on cloud technologies.
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