Rapidly growing industry sectors, including FMCG, retail, healthcare, life sciences, and more are progressively embracing cutting-edge technologies such as AI/ML. Big Data, Edge Computing, and 5G, facilitated by the integration of cloud computing. According to a report by Markets and Markets, the worldwide cloud computing market is projected to exhibit significant growth, from USD 626.4 billion in 2023 to USD 1,226.4 billion by 2028 reflecting a robust CAGR of 15.1% throughout the forecast period.
In the year 2024, the cloud is set to fuel increased business opportunities and innovation while undergoing significant transformation. This article provides a brief exploration of key cloud computing trends anticipated in the upcoming year, influencing the future of cloud technology.
Surge in Hybrid and Multi-Cloud Integrations
A growing number of enterprises are set to adopt hybrid and multi-cloud strategies, drawn by their inherent flexibility and cost-effectiveness. Organizations are keen on customizing their service choice by opting for the most suitable cloud provider for specific requirements, thereby enhancing overall performance. These integrations not only offer better security, flexibility, and resilience but also foster innovation. By avoiding reliance on a single provider, businesses experience a significant reduction in vendor lock-ins, gaining increased negotiating power and robust disaster recovery capabilities. Various sectors, including BFSI, Gaming, Manufacturing, and Healthcare will be leveraging hybrid cloud solutions.
Advancement of Edge Computing
The growing prominence of edge computing is set to bring about a transformational impact on cloud computing by minimizing latency and enhancing the efficiency of data processing. This evolution is attributed to the proximity of data processing to the point of collection, particularly advantageous for real-time applications. The increasing prevalence of power-efficient processors and the expansion of 5G networks facilitate the extension of edge computing to a broader spectrum of applications. Being beneficial in IoT devices, autonomous vehicles, and industrial automation, edge computing is set to see expanded integration with cloud computing in the coming days. This integration further enhances and streamlines data processing and analysis. Additionally, the deployment of AI-powered visual inspection on edge devices automates these processes, delivering significant benefits in sectors like manufacturing and healthcare. As the demand for real-time analysis grows and the IoT landscape expands rapidly, the significance of edge computing within cloud technology gets more pronounced.
Rise in the integration of AI, ML, and Generative AI Technologies
The integration of AI and ML technologies is driving significant progress in cloud technology, prompting cloud service providers to enhance their offerings to meet the escalating demand for AI and ML applications. The utilization of specialized AI chips and readily-configured ML models is empowering organizations to seamlessly harness the capabilities of AI. The momentum for integrating AI and ML technologies into hybrid cloud environments is steadily increasing. As enterprises aspire to make informed, data-driven decisions, automate tasks, and deliver personalized customer experiences, the amalgamation of AI, ML, and Generative AI is becoming more evident. Numerous smaller businesses are capitalizing on AI-as-a-Service through cloud infrastructure and platforms, where they can efficiently train vast datasets using extensive computational power.
Cloud security to take top priority
In light of cyber criminals advancing AI-powered attacks, there is an anticipated uptick in data theft and breaches. Ensuring robust security and resilience is poised to become a key concern for both cloud providers and their customers. In the dynamic threat landscape of 2024, the protection of data, infrastructure, and applications will be orchestrated through measures, such as encryption, identity and access management, multi-factor authentication, and disaster recovery. Cloud providers are slated to continue investing in enhancing security features and obtaining compliance certifications in the coming year. According to Gartner’s projections, global public cloud end-user spending is expected to reach USD 679 billion in 2024. The prioritization of establishing and implementing consistent security policies across all cloud platforms is set to take precedence.
Upsurge in Quantum Cloud Computing Services
Although quantum computing which by harnessing the power of quantum bits, has yet to reach mainstream adoption, it is undeniably emerging as a key technology, heralding a new era of innovation. Leading cloud computing organizations such as Google, Amazon, IBM, and Microsoft are actively engaged in the forefront of developing quantum computers, aiming to refine computing technology and democratize access to quantum computing through cloud platforms. In 2024, the expansion of quantum computing services is expected as cloud providers increase investments in quantum research and development. Various industries, recognizing the transformative potential of quantum computing particularly in areas like drug discovery, cryptography, and material science are witnessing a surge in research and development investments to unlock its full potential. Quantum computing’s ability to swiftly tackle complex technological challenges sets it apart from traditional computers, promising groundbreaking solutions at unprecedented speed.
By embracing the above trends, organizations are empowered to stay competitive, innovate at speed, and unlock newer and better possibilities on their journey toward digital transformation.
– Rahul S Kurkure, Founder and Director of Cloud.in