Cloud technology has had a tremendous impact on the economy. The market for cloud computing is expected to be worth $1.27 trillion by 2028.
This figure should not be surprising, since an estimated 94% of all companies around the world rely on cloud technology. However, some companies rely on the cloud more than others.
We have talked about major companies that have moved to the cloud. However, many smaller companies rely on the cloud too. The industries that are benefiting the most from cloud computing are listed below.
1. Information Technology and Software Development
The IT and software development industry has been affected by cloud computing more than any other industry. IT companies use the cloud to manage dynamic workloads and support continuous integration and deployment (CI/CD) pipelines. They can use the cloud to ensure they have the resources needed to handle all of these functions. This is why many of them are relying on services like Svitla systems business solutions.
2. Online and Offline Retail
Retail businesses use the cloud to handle online traffic, which fluctuates significantly throughout the year. The cloud helps them make sure that their websites are constantly accessible and ensures customers have a good experience online.
Cloud technology offers a number of other benefits as well. It can help retailers store data on customers to personalize their marketing strategies. Many retailers also use cloud technology to manage their inventories.
We recently spoke with a few growing online retailers about the benefits of cloud technology. They stated that it had had a huge impact on their bottom lines and makes it easier to compete against larger brands like Amazon and eBay.
3. Banking
The banking sector is also very dependent on cloud technology. Global banks reportedly spend over $77 billion on cloud services.
The cloud offers a number of great advantages for banking institutions. They are using cloud technology to better adhere to regulatory requirements, manage their risks more easily and do real-time data analysis.
4. Healthcare
Healthcare providers around the world are leaning more heavily on cloud technology. They are expected to spend $89.4 billion on cloud services in the next three years.
One of the biggest benefits of cloud technology in healthcare is that it can help manage electronic health records. Another reason more healthcare providers are investing in cloud technology is that it can help with telehealth services. Finally, cloud technology has made it a lot easier for healthcare providers to offer personalized services to their patients.
5. Media and Entertainment
Companies like Netflix have relied on cloud technology for years. Amazon has a great article talking about how Netflix relies on AWS for almost all of its cloud computing needs. This article talks about how the cloud has helped Netflix offer better recommendations to customers and create databases on movies.
Of course, Netflix isn’t the only media company that relies on cloud technology. ABC, YouTube and countless other media giants are heavily reliant on cloud technology in 2024.
6. Education
The education sector has been dependent on cloud technology for many years. However, it has become even more important in recent years, especially since the pandemic. A growing number of schools are offering online learning programs, which would not be possible without the cloud. The cloud also offers a number of tools that make it easier for students to work with each other in groups and for teachers to share resources for their students.
7. Manufacturing and Logistics
We have talked about how important logistics has become for many businesses around the world. Cloud technology has made the process easier. Companies can use the cloud to monitor their inventory in real-time.
Manufacturing companies are also relying more on cloud technology. They have greater access to valuable data, which they can use to make time-sensitive decisions. This helps them increase production and improve their bottom lines. We have an article that talks about how the cloud has made manufacturing companies more agile.
8. Cloud Technology is Changing the Future of Business
A growing number of companies are turning to cloud technology to increase efficiency, fight fraud and improve customer satisfaction. It is going to have a huge impact on the future of the economy in the years to come. These industries will be most affected by it, but many others are going to depend on it as well.