Fortune recently revealed that the cloud computing market has reached a global market size of over $405.65 billion. This is expected to continue growing with a 19.9% CAGR by 2029. Ever since the inception of cloud computing, we have seen industry leaders emerge in the likes of Amazon Web Services, Microsoft Azure, and Google Cloud.
Both from and beyond those providers, the industry has seen Infrastructure as a Service (IaaS),0 Software as a Service (SaaS), and Platforms as a Service (PaaS). Between these models, more and more companies are turning to the cloud for storage, application development, and deployment among others. In 2023, 94% of all companies globally use cloud computing and there are a few good reasons why.
It Offers Better Scalability
The cloud is inherently scalable, making it the perfect use case for both small and large networks that must deal with a varying influx of traffic or data. It essentially allows businesses to adjust their resource allocation as needed without over or under-allocation.
We see this implemented in cloud databases as companies require flexible data allotment that doesn’t sacrifice efficiency and accessibility. In fact, the reason why people use MongoDB is for its fully scalable environment. This means its architecture can support both an increase and fluctuation in data and traffic, spreading the load across nodes so that performance doesn’t stutter and each cluster is maximized.
It Provides Good Data Recovery
Be it due to downtime, malware, or human error, there are plenty of ways that a company’s data is at risk. Data loss is one of the most problematic occurrences a business can deal with as it can interrupt operations, affect resources, impact finances, and cause legal liabilities.
The cloud provides quick and reliable data recovery as any corrupted or lost files can be restored from a safe state thanks to a backup. Many cloud ecosystems even have dedicated bandwidth for backing up data, so if your local server crashes or files are accidentally deleted, there is always a resource that can indefinitely keep the lost data for restoration.
It Improves Cybersecurity
When considering ‘How Cybersecurity Can Help Your Business’, one only needs to look at the sheer number of cyberattacks faced by companies worldwide. 64% of businesses get attacked in a year, with the number of attacks rising significantly since 2020. Intelligent cloud security is one of the tools at businesses’ disposal to prevent such attacks from causing devastating financial loss and sensitive data breaches.
We see cloud security provide an easy response and access for authorized users while configuring safeguards to prevent unauthorized users from stealing information or injecting malicious input. This is largely thanks to real-time encryption, firewalls, and identity management functions.
It Allows Real-Time Collaboration
Many businesses work on multiple files and projects with set deadlines and objectives between different teams. With that in mind, the importance of being aligned and able to collaborate in real time is a real boon in terms of productivity.
Whether team members are working remotely or simply using different devices while in an office environment, cloud technology enables employees to work together on projects and implement changes at the same time. This is also helpful for regulation, as cloud systems have user-based authorization that restricts others from adding unwanted input.
It Saves On Time and Money
One of the biggest draws for cloud storage and solutions is the fact that it saves time and money. You can kickstart your operations faster with little setup thanks to the cloud, and the lack of a fixed infrastructure means you don’t have to spend on hardware. This is great for businesses that don’t want to allocate a huge budget to building office space, and will even remove the need for long-term expenses like hardware repair and upkeep.
Comparatively speaking, the extended cost of hosting cloud services is still more sustainable than on-premise alternatives.
It Enables Remote Work
Remote work can be less costly and is even more attractive for a majority of workers, particularly after the pandemic. A study by Ergotron revealed that employees working from home actually end up feeling less stressed while putting in more hours toward work productivity.
Thanks to the cloud, a primarily remote setup is much more feasible for businesses across industries. This allows network access, storage, collaborative tools, and communications to be possible even if teams are not in the same location.