Like the cosmos, the realm of technology is always expanding. Due to the speed at which new technologies are being developed, the current generation of technology quickly becomes antiquated or even obsolete. Technology advanced quickly in the second half of the 20th century, with the invention of computers serving as a major milestone. These devices supported the fundamental human aim of streamlining work, boosting productivity, and making the most use of the few resources, especially time, at our disposal. The development of the cloud was a turning point in computer science and altered the rules regulating the universe of technology for all time.

What is Cloud Computing?

Cloud computing can be defined simply as quick access to computing services that are provided over the internet or in a “cloud.” These services cover both software and hardware, including servers, analytics, databases, and intelligence. Cloud-based systems come with a number of benefits, including:

Lower costs because cloud computing eliminates the need for costly hardware and software purchases;

Scalability, as cloud solutions enable companies to scale up or down their operations on the cloud in accordance with requirements;

increased productivity as a result of cloud systems’ elimination of on-site datacenter-specific hardware configuration and software patching problems; and

Excellent dependability because cloud computing makes it possible to safely backup and retrieve data in the event of an unfavourable incident.

It is not surprising to see that the cloud computing market is expanding at a fast pace given its many benefits for organisations. According to Fortune Business Insights™, the global cloud computing market size stood at USD 199.01 billion in 2019 and is expected to reach USD 760.98 billion by 2027, growing at a CAGR of 18.6% during the course of the forecast. Examining some of the most significant advancements achieved in this field over the previous several years will be worthwhile.

Aladdin will be hosted by BlackRock using the Azure platform from Microsoft.

The US-based investment firm BlackRock and Microsoft announced a strategic partnership in April 2020 to host Aladdin, its investment infrastructure, on the Microsoft Azure cloud platform. By making Aladdin available on Azure, BlackRock will be able to utilise the cloud system’s network of datacenters located around the world, enabling the business to significantly increase the range of financial instruments and services it offers to clients. Additionally, by making this decision, BlackRock will have the ability to take advantage of Azure’s superior cloud capabilities to address the specific demands of its clients while keeping its system secure. BlackRock wants to take the lead in the financial services sector with this tactical move.

IBM and Wipro Team Up to Offer Cloud Solutions

In June 2020, IBM and the Indian IT behemoth Wipro teamed up to create and provide businesses hybrid cloud solutions. The Wipro IBM Novus Lounge, a cutting-edge innovation centre, was built as part of the relationship and is located on the Wipro campus in Bangalore.

To speed up innovation among businesses and independent developers, comprehensive solutions leveraging the capabilities of artificial intelligence (AI), machine learning (ML), and the internet of things (IoT) will be developed. According to Wipro, the emphasis will be on creating hybrid cloud platforms that will make it easier to move, manage, and convert mission-critical business functions between private and public clouds.

Oracle Provides Enterprises with Public Cloud Services

The fully-managed cloud system, Oracle Dedicated Region Cloud@Customer, which combines all of the company’s second-generation cloud products to customer datacenters, was released in July 2020, according to the US-based computing developer Oracle Corporation. The new system, which only costs $500,000 a month, comes with the Autonomous Database and Oracle’s premier Oracle Cloud applications.

 Enterprises will be able to access all of the comprehensive cloud services provided by Oracle’s public cloud regions in their own datacenters for a cost that is a tiny fraction of what other cloud providers are charging. Organizations like the Nomura Research Institute in Japan and the Oman Information and Communications Technology Group have previously implemented Oracle’s novel cloud solution to provide customers with high-quality services that have a higher security quotient.

Cloud Computing Start-Ups: Combining Technology and Entrepreneurship

The profusion of start-ups in the burgeoning cloud market is even more interesting than the business changes mentioned above. These young startups are making real strides in cloud-based technology and have reenergized the tech industry with their fresh ideas.

·       Using a straightforward algorithm, Stripe, a financial technology startup with headquarters in San Francisco, helps small businesses optimise their online payment infrastructure.

Slack is a cloud-based platform created to streamline business communication and promote effective channel-based collaboration amongst many teams engaged in a same project.

Tanium is a business that provides a comprehensive security platform that is supported by cloud computing. All endpoints in a corporate network are protected by its solutions.

Procore is a start-up that has gained notoriety for creating and offering cloud software solutions for effective management of building projects because these endeavours entail a lot of moving parts.

These organisations make up a very small percentage of the cloud start-ups that have appeared since the turn of the century. The crucial thing to keep in mind is that the cloud industry is creating opportunities for people and organisations to channel their entrepreneurial fire and offer practical solutions to businesses.

Is cloud computing the remedy that companies have been seeking?

One of the main objectives of any business is to increase operational effectiveness. The other is to maximise profits. Cloud-based systems appear to have the qualities required for organisations to achieve their twin goals, boosted by the incorporation of automation technologies like AI, ML, and IoT. Cloud computing is not perfect, though. It has flaws, the most glaring of which being their susceptibility to hackers and cybercriminals.

Nonetheless, the potential of cloud systems is immense and seemingly boundless. Moreover, crisis situations such as the current COVID-19 pandemic, which has forced people to work from home, are further fuelling the adoption of cloud in organizations. How the future of this industry unfolds will certainly be an interesting experience for the world.

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