The rate at which organizations today are bombarded with operational and financial data is posing a challenge concerning data management while presenting an opportunity to gather actionable data insights. By using an appropriate cloud deployment model, companies can manage critical data effectively and harness the proven benefits of the cloud – reliability, cost-effectiveness, scalability, and flexibility. Another reason why cloud adoption is on the rise can be attributed to the rise of the BYOD worker and the need for accessing business-critical data on the go. And companies are making significant investments in deploying cloud-native applications and replacing legacy software with SaaS offerings to empower the mobile workforce.
Interestingly, an industry-by-industry comparison unearths unexpected trends in cloud spending. According to IDC, professional services, discrete manufacturing, and banking will account for one-third of all public cloud spending from 2018 to 2023. Investment in infrastructure-as-a-service (IaaS), in particular, will be higher for industries focused on building data and compute-intensive services. That can be linked back to the agility that cloud solutions deliver when it comes to mining large volumes of data and running in-depth analytics on them.