When talking about what does cloud based solutions mean, we refer to cloud-based services. These services are resources such as storage, networks, and applications. They are usually accessed through the Internet or any cloud computing infrastructure.
The definition above is one of the best definitions for cloud based services meaning. But the concept of cloud computing has a broad scope. It could mean any service that is accessed through the Internet.
A lot of cloud service providers attach the word ‘solutions’ in the names of their services. The primary reason for this is to give people the idea that they offer solutions to problems. This is one of the answers to what does cloud based solutions mean.
Do you want a clearer picture of what does cloud based solutions mean? To do that, we will discuss the growth of the cloud service provider industry. We will also visit how solutions benefit businesses today. And eventually, we will discuss the challenges it currently faces today.
Growth of an Industry – Cloud Based Solutions
According to Markets and Markets, the cloud computing industry will worth $623.3 billion by 2023. This is a giant step from the $272 billion it made back in 2018. When the forecast was made, the Annual Growth Rate or CAGR is 18.0%.
Back in 2008, the concept of cloud computing is still young. Well, the market itself is still young back then. In that year, the cloud computing market made $5.82 billion.
By 2009, the cloud computing market grew to $8.68 billion. Within just three years, it went triple at $40.96 billion in 2012. Now, we are expecting it to grow more than we could wish for.
So, how did this market grew so large in a short span of time?
What does cloud based solutions mean is that it is cheaper and more flexible? The concept of cloud computing is to reduce the need for extensive infrastructure. All you had to do is contact a service provider. Your service provider will take care of the infrastructure for you.
The use of the Internet is also what makes cloud computing flexible. Cloud computing services could easily be adjusted to cater to specific needs. In an on-premise environment, adjustments are done manually and more expensive.
With these positive traits, no doubt the cloud computing industry could expand the market. The growth of the industry is in a fast-phase. So, we might want to regularly update what does cloud based solutions mean.
Industry-specific Solutions
One of the traits that make up the cloud services meaning is flexibility. Flexibility is one of the most recognized characteristics of cloud computing. Cloud computing’s flexibility allows the platform to cater to industry-specific needs.
For example, finance and healthcare organizations need delicate handling of data. The cloud computing services should maximize cloud storage security in serving these businesses.
Some industries put much more emphasis on computing power. For example, manufacturing businesses need better computing power to maximize resources in production. Such businesses are usually in a race to reach quotas. So, efficient and accurate computation of the resources and products are needed.
What does cloud based solutions mean is being able to cater to industry-specific needs.
By Business Size Solutions
What does cloud based solutions mean is also being able to adjust to the size of businesses. Cloud computing is so flexible that it is able to adjust based on the size of the business.
Of course, small-time and big-time businesses have different needs and issues. For example, big-time businesses need more powerful solutions. This is because they usually have larger amounts of data.
There are 294 billion emails sent every day. If you are a large conglomerate, you probably add a large percentage within this number. Big business generates larger data every day. And they need higher storage capacity than small businesses.
In contrast, small-time businesses need less storage capacity. And they usually could afford only smaller storage capacity. This is because small-time businesses usually have a smaller budget.
Service providers should give these small businesses quality service despite having little budget. Quality is also within the cloud-based services meaning.
What does cloud based solutions mean is being able to cater to businesses of any size.
Challenges
There are a few challenges that cloud-based solutions are currently facing. These challenges include security, vendor lock-in, and downtime. They are also answers to what cloud-based solutions mean.
Cloud computing is highly dependent on the Internet. So, when the Internet is not available, you will not be able to use cloud services. This is known as downtime. Thus, when you want to efficiently use cloud services, secure your Internet connection.
Another challenge for cloud-based solutions is vendor lock-in. It happens when you find it expensive or impossible to switch service providers.
Each service provider has unique services. So, switching providers may be hard for you. Make sure that you get the best service provider so would not need to find another one.
Security is also an issue of cloud computing. Security is one of the best in cloud-based platforms. But, cyber threats such as malware are ever-evolving. They are getting stronger than ever. So, cloud computing security must be constantly updated to fight these threats.
What does cloud based solutions mean is providing answers to problems with cloud computing. So, the task of every cloud service provider is to lessen the challenges of the platform. This is so that they could provide better service to businesses.
