SILVER LINING IN THE CLOUD


 

COVID-19 pandemic has pushed the world into unchartered territory and has forced businesses to adopt and test the future work environment. This has encouraged the sudden shift to digital solutions in a bid to retain productivity with increasing their dependence on cloud technology in the essential service areas such as press, healthcare, banking, pharmacy and retail.


COVID-19 pandemic has affected the cloud industry with a sudden uptick in demand and interest for infrastructure in the Government and other Organizations in scaling up their platform to deal with the increasing demand. “Global impact of COVID-19 on cloud market is expected to grow from USD 233 billion in 2019 to USD 295 billion by 2021 at a CAGR of 12.5% with commanding orders from IT and non-IT sectors. Overall organizations regardless of size have exceeded their cloud budgets by an average of 23% and expect to spend to increase by 47% next year” said in a forecast by markets and markets, B2B research company with 7500 customers worldwide.1








Among the major sectors which have been positive in implementing cloud technology to adapt to the current pandemic and to become prospective clients are:


IT and ITES: Cloud is helping to tackle disaster recovery situations using distributed cloud IT systems. Owing to the lack of on-site IT personnel amidst the lockdown, enterprises are leveraging cloud capabilities to check, maintain, and monitor their server and storage installations in data centers.


Healthcare :   Healthcare  has record-high investment to manage and maintain patient information, with need for technologies such as cloud computing for analysis of patient data, furthermore private doctors are promoting online consulting amidst lockdown using collaboration platforms to improve operational efficiency . According to Acumen research and consulting’s recently published report which said healthcare cloud computing market to hit US$ 40 billion by 2026.2


Collaborative solutions: Many Organizations are requiring employees at non-essential businesses to work remotely as a result collaborative solutions have recorded unprecedented growth.  The dominant platform of this service headquartered in San Jose has reported 300 million active users3


Education: EdTechStartups have received a great boost ever since the pandemic hit as more classrooms move to cloud platforms. Absolute market insights, a leading market research company predicts that the higher education  market is expected to grow at CAGR 25.4% by 2027 who will eventually adapt to cloud technology4.


Retail: Retailers are upgrading their IT infrastructure by developing commerce websites to take advantage of gained traction in online shopping


COVID-19 has demonstrated the importance of digital readiness, which allows business and life to continuing as usual – as much as possible – during pandemics. Building the necessary infrastructure to support a digitized world and stay current in the latest technology will be essential for any business or country to remain competitive in a post-COVID-19 world. the outbreak of COVID-19 has impacted the whole world and has been felt across industries. The outbreak is even declared as a national emergency by the World Health Organisation, despite these adversaries high spending on cloud-based application development and ERP solution is creating revenue opportunity for cloud service providers forming silver lining in the cloud.


REFERENCES:

1https://www.marketsandmarkets.com/Market-Reports/covid-19-impact-on-cloud-computing-market-86614844.html

2https://www.prnewswire.com/news-releases/healthcare-cloud-computing-market-to-cross-us-40-bn-by-2026-301007540.html

3https://www.bizjournals.com/sanjose/news/2020/04/30/zoom-user-numbers-zm.html

4https://www.prnewswire.com/news-releases/cloud-computing-in-higher-education-market-is-expected-to-grow-at-cagr-25-4-by-2027-owing-to-increase-in-implementation-of-cloud-based-solutions-to-reduce-costs-improve-productivity-and-efficiency-absolute-market-insights-300973123.html

5https://blogs.imf.org/2020/04/06/an-early-view-of-the-economic-impact-of-the-pandemic-in-5-charts/


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