Trends In The Cloud Services Market- Internet Of Everything, Quantum Computing, And Demand For Public Cloud Platforms
The increasing adoption of the Internet of Things (IoT) worldwide, continuous innovations in real-time data analytics, and cloud computing are set to push the Internet of Everything (IoE) to the fore in the near future. IoE relies on machine-to-machine communications, data, processes, and how humans communicate with everything in their environment. Cloud computing plays a significant role as the IoE develops into complex systems aimed at simplifying all interactions. With IoE, humans will be able to interact more easily in human-to-human communications. For example, Google’s Pixel Buds, released in October 2017, is a headset equipped with the ability to recognize and translate 40 languages in real-time for its user. These buds use Google Assistant to translate the languages in cloud.
The global cloud services market is expected to grow from $325.1 billion in 2018 to $528.4 billion in 2022 at an annual growth rate of nearly 13%. IoT technology adoption by manufacturing, transportation services and other industries is expected to drive the cloud services market in the forecast period. The emergence of IoT based support service offerings by the cloud services industry is expected to drive revenues for cloud service providers.
Increasing amounts of data generated worldwide have led cloud service providers to work continuously on creating the first quantum computer with abilities such as seamless data encryption, solving complex medical problems, weather prediction, real conversations with Artificial Intelligence, and better financial modeling. In November 2017, IBM released a 5-qubit and a 20-qubit version, and it began offering quantum computing as a cloud service. JPMorgan Chase, Daimler Honda, Barclays and Samsung were the first companies that signed up for testing. Alibaba also collaborated with the Chinese Academy of Sciences to launch an 11-qubit quantum computing service that is now publicly available on the quantum computing cloud platform.
With technological advances in cloud computing and continuous requirements for updating in-house IT infrastructure, companies are seeing an increasing demand for public cloud platforms. A public cloud is a service based on the standard cloud computing model, in which a service provider makes resources, such as virtual machines (VMs) applications or storage, available to the general public over the Internet. Companies are increasingly opting for public cloud platforms to minimize their costs as the public cloud provides services on a pay-as-you-go model, which reduces the need to invest in and maintain their own in-house IT resources, and enables scalability to meet workload and user demands.