In 2014, the global market for cloud services was valued at USD 210 billion, which is expected to reach USD 555 billion by the end of 2020, growing at a CAGR of 17.6 percent
FREMONT, CA: Cloud storage and cloud computing have become buzzwords of today leading to a cognitive era. It has created significant interest and curiosity among the companies that need cloud services for computing and storage to maintain their business operations. Earlier banks and financial institutions weren't allowed to move their customer data to cloud owing to some regulatory mandates. Those financial institutions and banks are now moving their non-customer data to the cloud to release storage. In 2014, the global market for cloud services was valued at USD 210 billion, which is expected to reach USD 555 billion by the end of 2020, growing at a CAGR of 17.6 percent.
The rapid increase in the use of enterprise-critical operations involving technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and Machine Learning (ML) consumes a large amount of data. This phenomenon has encouraged the demand for localized computers, network resources, and data storage. The edge computing market, which was $1273 million in 2018 is growing tremendously and is expected to reach $6960 million by 2024, with 34 percent CAGR.
As containers assist developers in managing and moving software code, they hold greater importance in today's IT world. Businesses are upgrading their containers progressively to enable portability between cloud services from Microsoft Azure, Google Cloud, and AWS. The upgradation ensures DevOps to make strategies for faster software production. The orchestration of such containers can be done in the Kubernetes platform, which is an open-source platform, where the management of applications are built-out of large, multiple, and self-contained runtimes.
Mobile Cloud Computing
The market for the mobile cloud was valued at $24.51 billion in 2018, which at a CAGR of 25.28 percent now, is expected to reach $94.75 billion by the end of 2024. Smartphones have turned mini-computers these days, providing almost all services a computer provides. Smartphones and other portable devices have boosted up the mobile cloud computing market. Cloud-based applications and services can directly be accessed in portable devices through the mobile cloud. This makes accessing applications or services stored with desired data on any device quite an easy task.
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