In an era of knowledge-driven economics, information is an asset. An enterprise’s extent of success relies on its ability to share information. The era has witnessed a drastic change in the way businesses exchange information with the emergence of cloud technology. Besides redefining how we share and store information, Cloud technology is helping B2B companies overcome the limitations associated with using a physical device for data sharing.
Cloud computing has been around for almost two decades. Owing to the tangible and intangible benefits it provides, its popularity among small and big businesses and organizations is on the rise. With a multitude of firms and conglomerates making a paradigm shift to cloud computing, it is no longer a buzzword. It has become an integral part of every business across industries and verticals as businesses are bidding goodbye to traditional on-premise data centers and deterring away from running their applications on these servers.
Here is an overview of Cloud Adoption Statistics and the technology’s undeniable impact on businesses backed by numbers!
What is Cloud Technology?
Cloud Computing Technology: The Lifeblood of Businesses
Cloud computing technology, popularly known as the cloud refers to storing data and accessing it over the internet instead of on a hard drive, and transitioning from on-premise infrastructure to the cloud is cloud adoption. It is the delivery of computing services, including servers, databases, networks, software, analytics, and intelligence over the internet (“the cloud”) to accelerate innovation, keep resources flexible, and scale economies.
Why Cloud Adoption?
Cloud Adoption: Ramps up revenue by bringing a slew of perks for businesses
Cloud adoption holds immense potential to propel a business to new heights of success. As a transformative tech offering more than what meets the eye, cloud adoption has become a growth catalyst, revolutionizing the way businesses operate today. Here are some Cloud Adoption statistics that corroborate the fact!
1. Cost Savings
41% of businesses are able to cut down operational costs owing to cloud adoption.
Easy access to business data through cloud adoption will help enterprises save time and money. By using cloud services on a pay-as-you-go basis, enterprises end up shelling out money only for the features they have utilized and save costs. Businesses can utilize storage space based on the services they need to offer their users or clients and avoid unnecessary financial burnout owing to the pay-as-you-go usage module of the cloud.
2. Security
Cloud adoption let 66% of businesses avoid data thefts and helped 91% of enterprises to adhere to compliance.
Businesses are switching to the cloud as it empowers them to mitigate the risk of data theft and allows them to meet specified compliance norms. As encrypted data is transmitted over networks and stored in databases, it paves the way for amped-up security in cloud computing technology. With cloud adoption, businesses get to gain the vantage point of using encrypted data that makes information less accessible to hackers or to any unauthorized access.
3. Scalability
41% of businesses are using cloud technology to scale their operations for profitability.
A decade ago, scaling IT solutions based on demand was a cumbersome task, and B2B companies were forced to limit the size and power of their hardware setups. With cloud adoption, these problems have ceased, as it allows businesses to manage technical resources and scale IT solutions whenever the need arises and provide the best services to their users and clients.
4. Flexibility
65% of enterprises are adopting cloud owing to the flexible solutions it offers.
Businesses are in need of flexible infrastructure as tech is an ever-evolving space. Cloud technology provides a perfect avenue for businesses to accomplish this, making cloud adoption even more worthwhile. Companies spend massive amounts of money and resources to expand their venture and end up not recovering any cost of investment. Cloud adoption gives tech firms the means and methodologies to upgrade existing applications and put their best foot forward to emerge victorious in the competitive B2B landscape.
5. Ease of Management
24% of businesses take up cloud adoption as it allows hassle-free management of operations and data.
With cloud adoption, businesses can access data via smartphones and devices and ensure that none of their teams, participants, or associates are left out of the loop. Access to data from anywhere and any device lets enterprises keep themselves updated with clients and co-workers. Additionally, this type of data access allows easy data sharing among various business teams, making collaborative innovations possible.
6. Disaster Recovery
43% of businesses use the cloud as it facilitates quick recovery of data.
Cloud computing technology provides fast data recovery for emergency scenarios ranging from natural disasters to power outages. It allows businesses to control operations efficiently and overcome the woes of unproductive downtimes, decreased revenue margins, and other negative outcomes associated with it.
7. Automatic Software Updates
50% of companies prefer cloud adoption as it offers automatic software updates.
Applications working on Cloud technology automatically refresh and update themselves without businesses having to initiate system updates. It allows companies to save valuable time, effort, and resources on IT teams as there is no need for manual updates to be performed across teams and organizations.
8. Competitive Edge
77% of businesses go for cloud adoption as it helps them gain a competitive edge in the market.
The myriad of benefits cloud computing technology offers enables businesses to fast-track innovation and provide the best products and services to their clients and users. With cloud benefits at their fingertips, companies can deploy their solutions across continents, stay ahead of the curve, and gain an edge over their competitors.
How Big is the Cloud Computing Market?
Cloud computing has become imperative for most businesses. By offering them precisely what they need, when they need it, and wherever they need it, cloud adoption is becoming a mandatory aspect of day-to-day business operations. The massive revenue growth and monetary value of the market underlie the fact that businesses across the globe are opting for cloud adoption to transform their businesses.
The Global Cloud Computing Market valued at USD 495.3 Billion is projected to reach USD 2,495.2 Billion by 2032, growing at a CAGR of 17.8%.
How Are Industries Embracing Cloud Adoption?
Cloud Adoption is Omnipresent Across Industries and Sectors
Cloud technology is the most worthwhile adoption industries have ever witnessed. It is creating a newfound momentum in businesses and organizations across sectors by empowering them to make better decisions, win consumer’s trust, and scale operations. From being a future technology, cloud adoption has become the need of the hour for industries and businesses. Here are a few industries that have ardently embraced cloud adoption for growth and profitability.
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Healthcare:
Cloud adoption has opened the healthcare industry to the numerous possibilities of digitization; owing to this, about 50% of businesses are using it. By leveraging cloud technology, it has incorporated electronic prescriptions and automated patient records, making information easily accessible to medical professionals and users. By paving the way for data-driven decision-making, cloud adoption has allowed the sector to suffice the needs of its users efficiently. Also, real-time data sharing via cloud adoption has improved collaboration across medical facilities, departments, and healthcare professionals.
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Manufacturing:
19% of companies in the manufacturing industry are adopting cloud technology for their functionality as it enables them to create better products at lower costs. Allowing manufacturers to connect their operations and enhance communication and collaboration among teams brings high efficiency to the sector.
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Financial Services:
With mobile banking and other smartphone technologies becoming the norm of the day, 71% of businesses in the finance sector are adopting cloud technology and deviating from the use of traditional physical spaces. Additionally, the multi-tier protection cloud solutions offer allows finance firms to mitigate the risks of data security breaches. As cloud adoption bestows businesses the ability to handle large volumes of data quickly, it results in faster transactions, allowing the firms to serve their users in a better way.
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Entertainment:
Enterprises in the entertainment industry can monitor their business projections without any additional investments by using cloud technology. Around 56% of businesses in this sector have taken steps to minimize downtime and provide excellent user experience.
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Retail:
22% of businesses in the retail sector are utilizing cloud technology to cater to the needs of their users. Cloud adoption enables retail companies to collect user data from multiple sources and analyze it to comprehend the preferences, likes, and dislikes of their audience and accordingly customize their offerings.
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Real Estate:
With cloud adoption, about 40% of real estate companies are able to harness the benefits of real-time data present in a centralized cloud location. Owing to this, real estate enterprises are bidding goodbye to the method of working in silos. Instead, through effective information sharing, brokers, contractors, property managers, and real estate agents collaborate and make decisions on the go.
What is the Impact of Cloud Adoption on Businesses?
Cloud Adoption: Eliminating All Barriers to Success
Companies that use cloud computing technology have realized their desired outcomes by avoiding unnecessary spending, enhancing resilience, exploring new streams of revenue, driving sales, and the list continues. Cloud-powered companies have reinvented their ventures, achieved 15% higher growth, and are 4x times more likely to break the shackles of inefficiencies and achieve success. Here are some cloud adoption statistics that vividly describe the positive impact of cloud technology on businesses.
- Businesses adopting cloud witness 100% improved decision-making
- Cloud-powered B2B companies have increased their productivity by 97%
- Cloud technology has made businesses 91% more agile, making them adapt to the changing whims of the market
- Businesses have improved their cyber posture by 94% owing to cloud adoption
- Businesses are 93% resilient and more equipped to tackle disruption by adopting cloud technology
- Cloud-powered companies have witnessed 92% cost savings
- Owing to cloud adoptions, B2B businesses have explored new streams of revenue and improved profitability by 92%
- Cloud technology-empowered companies are equipped to meet 92% of their user’s demand and needs
- B2B enterprises embracing cloud technology are able to fast-track innovation and services by 92%
Wrapping Up
As businesses are functioning in an era of tech disruptions, cloud adoption doesn’t come as a big surprise! The myriad benefits cloud adoption offers make this technology a must-have for businesses of all sizes. Hence, 94% of companies are using the cloud, and 61% are migrating their workloads to the cloud. Cloud-powered businesses are streamlining endeavors, working towards creating innovative solutions for their clients in less time without issues like data centers, server maintenance, or obstructing and impeding the outcomes. Cloud adoption provides scalable storage solutions, enables hassle-free data management, democratizes access to a computational power vital for implementing AI, and prepares businesses for new technologies.