By Sameer Danave
Cloud computing is transforming the fortunes of business across the industrial sectors and here’s a close look at what new developments the sector will go through in 2024 and beyond.
With investment in cloud computing set to exceed $1 trillion in 2024, the stage is all set for witnessing new evolution in the technology, underlying trends, and developments that will dominate the sector in 2024. While many interesting developments are emerging in the cloud computing space, we pick the most relevant ones that will redefine and reshape the future of the segment in the future.
1. AI As A Service: The transformative potential of AI is very much apparent today. From IT and manufacturing to retail and supply chain, AI applications are enabling companies to take their performance to a whole new level. Going forward, the potential of AI can be augmented with the help of cloud technology. Making AI available as a service will allow even medium- and small-size firms to use AI to transform their businesses. Generative AI models such as ChatGPT can be made available to entrepreneurs and startups at affordable packages. AI as a service will also allow organizations to use and pay for only those features that are relevant to their business and sustainability.
2. Hybrid And Multi-Cloud: Experts predict that the use of hybrid and multi-cloud strategies is going to expand significantly in 2024 and beyond. As per the Gartner survey, 81% of firms confirmed that they’re already working with two or more cloud companies as it offers them excellent flexibility and cost advantage. However, the strategy of working with multiple cloud networks could also add to the complexity of data and governance issues. In the coming years, hybrid and multi-cloud solutions are expected to gain more traction and will become a mainstay of businesses across product categories and service domains.
3. Edge Computing: Edge computing is on the rise and with an expected 15.7% CAGR, its market size will grow from $56.3 bn in 2023 to $111.3 bn by 2028. The primary benefit of edge computing is its ability to move storage and processing systems close to the data network so that insights can be generated on a real-time basis. The decentralization of the data is another important benefit that enables faster and better decision-making across the hierarchical levels in companies. Boosted by the evolution of faster connectivity, improved hardware and software systems, and latency-sensitive functionality, the growth in the edge computing category will remain one of the most intriguing topics in 2024.
4. Quantum Computing: No other technology can match the speed and proficiency of quantum computing in running multiple data processing algorithms. Based on the principles of quantum physics, the computing technique can process large swaths of data and process them at a significantly faster rate than others. The data storage technology of quantum computing is in qubit form which partly explains the lightning-quick speed at which the processing can be done by the technology. The icing on the cake is the continuous progress in the affordability of technology as it will play in favor of its adoption in the coming years.
5. Serverless Computing: Growing exponentially at 23.17% CAGR between 2023-28, the market of serverless computing will go past $58.17 bn by 2031. The technology allows the convenience of running the processes, applications, and systems without needing to manage the infrastructure of the organizations. This means clients can develop, implement, and manage their codes, programs, and algorithms without worrying about the underlying infrastructure supporting all these processes. The approach offers a host of benefits to organizations including faster development, rapid scalability, and reduced expenses among others.
All trends mentioned above offer a sneak peek into what we have in store in 2024 for cloud Computing Technology. These developments point towards the immense growth possibilities that can be realized by focusing on the adoption and deployment of cloud computing and associated technologies. These trends also hint at the growing influence of technology integration in the modern world and as we step into 2024, these new developments will reshape business processes and operational mechanisms around the world.
The author is senior director marketing, MSys Technologies
