Most Popular Cloud Computing Services

Companies pour billions on the most popular cloud computing services every year. According to Forbes, 77% of enterprises partially use the cloud in their business.

A report from PR Newswire stated that the cloud computing market grew to US$ 272.0 billion in 2018. The same reports says that the cloud computing market will grow to US$ 623.3 billion by 2023. This means that the market is growing at a compound annual growth rate of 18.0%.

These numbers show how large the cloud computing market is. This is because cloud-based solutions are getting popular and more and more companies are seeing the benefits of cloud solutions.

Yet, there are specific cloud-based services that are more popular than others. They much of their popularity in their universality as platforms. Here are the most popular cloud computing services today:

1 — Cloud Storage

Cloud storage is one of the most popular cloud computing services today. They are practical, inexpensive, and accessible to most people.

According to Mordor Intelligence, the global storage market went up to US$ 30.8 billion in 2017. It also predicts that it will grow to a staggering US$ 101.59 billion by 2023. This means that it has a compound annual growth rate of an astonishing 22.49%.

One probable reason for such a rapid growth of the cloud storage market is its advantages. On-premise storage is getting more expensive both in availing and maintaining it. Whereas, cloud storage is much cheaper as users only pay for what they use.

Cloud storage platforms are readily available to most people. One of the most popular cloud storage platforms today is Google Drive.

2 — Cloud Infrastructure

On-premise infrastructure is getting more expensive and hard to maintain. This is because the hardware degrades through time and software becomes obsolete.

Maintenance of these resources is expensive if users are to shoulder these themselves. But, the cost of using infrastructure can be cut down when availing it from third-party providers. That is why cloud infrastructure is one of the most popular cloud computing services.

Cloud infrastructure is the virtualization of most infrastructure parts. These parts include data centers, servers, and networks. These parts are traditionally available only in on-premise environments.

Thus, maintenance and updates are the sole responsibility of the user. This can be burdensome for the user as he or she has to divide attention between business and managing IT. But, putting this responsibility to service providers allows users to focus on business.

For this reason, cloud infrastructure is one of the most popular cloud computing services. Market Watch predicts that the market share will exceed US$ 206.93 billion by 2022. It has a compound annual growth rate of 11.3% between 2015 and 2020.

3 — Cloud Migration Services

Companies who rely heavily on IT resources used to have extensive on-premise systems. With the rise of cloud computing, these companies do not want to get left behind. So, they want to migrate their IT resources from their on-premise environment to the cloud.

On-premise environments are starting to be labeled as legacy resources. This is because cloud computing is starting to lag these systems behind. Popular cloud applications are rapidly replacing installed apps.

Cloud migration services are also the most popular cloud computing services. Back in 2017, the cloud migration market went up to US$ 3.35 billion. MRC predicts that it will reach US$20.65 billion by 2027.

4 — Cloud Backup Provide

Another reason for the growth of the cloud storage market is cloud backup. There is an increasing demand for cloud backup.

Cloud backup is becoming more appealing than on-premise backup solutions. This is because cloud backup is more scalable. This means that backup in the cloud could easily adjust its capacity to go up or down when needed. Whereas, traditional backup solutions include devices that have fixed storage capacity.

For this reason, cloud backup is one of the most popular cloud computing services today. Markets and Markets report that the market grew to US$ 1.30 billion in 2017. The same firm predicts that it will grow by US$ 4.13 billion by 2022. It has a compound annual growth rate of 26.1%.

Good IT resources are no longer affordable only by big-time companies. IT resources are now getting cheaper and widely accessible because of cloud computing.

Cloud computing virtualized almost every aspect of the resources needed by businesses. This virtualization allowed for a much more flexible platform necessary for growth.

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