How Cloud Computing is Evolving: Trends & Statistics for 2024
The realm of cloud computing is continually evolving, much like changing weather patterns. With the rapid advancement in cloud technology and the proliferation of new services and tools, it’s projected that global spending on public cloud services will approach $600 billion by 2023, according to Gartner.
This makes the cloud computing sector an exciting yet complex area to navigate. To support IT and business executives in staying abreast of the industry’s fast-paced developments, we’re introducing a live blog.
This platform will provide up-to-the-minute insights into key topics that are critical for today’s business leaders. These include areas such as business sustainability, data analytics, artificial intelligence (AI) and machine learning (ML), cloud infrastructure, cybersecurity, and corporate sustainability, among others.
Let’s analyze the following categories:
Financial Stability Insights
AI and Machine Learning Developments
Innovation Culture Insights
Cloud infrastructure trends
Financial Stability Insights
1. In light of recent economic challenges, leaders in cloud technology are increasingly adopting cloud services and tools to future-proof their operations. Specifically, 41.4% are expanding their use of cloud services, 33.4% are migrating from traditional software to cloud-based solutions, and 32.8% are moving on-premise workloads to the cloud.
2. To manage cloud technology costs effectively, hiring and training personnel is a top strategy. A significant portion of organizations is either bringing in new talent or upskilling current staff to enhance cloud cost optimization.
3. A significant number of firms are still in the early stages of adopting cloud-based financial operations. Out of 572 survey participants, 37.1% are just beginning to understand the basics of FinOps, 41.7% have started implementing practices without mastering them, and only 19.5% are at an advanced stage, incorporating FinOps into their regular operations.
4. The impact of cloud technology spans all sectors, with predictions indicating a substantial boost in EBITDA for Fortune 500 companies, potentially exceeding $1 trillion by 2030 through strategic cost optimization and value-driven business models.
AI and Machine Learning Developments
1. Organizations are recognizing the need to develop internal AI skills rather than relying solely on new hires. A study by IDC highlights that about 34% of AI service purchasers globally are focusing on IT education and training to enhance their AI capabilities over the next year.
2. AI/ML capabilities are becoming a critical requirement in multi-cloud environments, with technology leaders seeking cloud infrastructures that support these workloads. A study found that 39% of respondents prioritize AI/ML as their main workload, leading them to utilize services from multiple cloud providers.
3. Many organizations are still exploring and testing their AI/ML infrastructure, with only 31% having AI fully operational and a small fraction of these at a mature stage with a comprehensive enterprise-wide AI strategy.
Innovation Culture Insights
1. The concept of digital transformation is evolving beyond simple cloud migration, with 72% of decision-makers viewing it as encompassing more significant changes.
2. There’s a strong focus on innovation investment, with 75% of companies planning to allocate resources towards new technology platforms that foster innovation exchanges, alongside initiatives in training, hiring diversity, and data analysis enhancements.
3. The workplace culture significantly influences how teams cope with the challenges of remote work, including burnout. A supportive and inclusive culture is crucial for team resilience during difficult times.
Cloud infrastructure trends
1. The adoption of multi-cloud strategies is growing, allowing organizations to scale applications dynamically across various cloud and on-premise environments. A significant majority, 85%, use services from multiple IaaS providers.
2. The preference for deploying applications in the cloud first is evident among 47% of organizations, highlighting the cloud’s importance in new application development strategies.
3. APIs are seen as pivotal for digital innovation and collaboration, with 61% of IT executives acknowledging their role in enhancing digital products and speeding up innovation.
To sum up, as cloud computing continues to redefine the technological landscape, its evolution is marked by significant advancements and shifts towards more strategic, cost-effective, and innovative uses. The data and trends for 2024 underscore the growing reliance on cloud services to enhance financial stability, leverage AI and machine learning for smarter operations, foster an innovation-driven culture, and build robust cloud infrastructures. With global spending on public cloud services poised to reach new heights, organizations are strategically adopting cloud technologies to future-proof their operations, optimize costs, and drive value through digital transformation.
