5 Cloud computing trends 2024: Predictions and Growth Drivers

Cloud computing is one of the most rapidly evolving niches in the information technology sector. Even though the cloud technology trends have been around for more than a decade, its popularity has skyrocketed in recent years. Given this growth trajectory, cloud computing industry trends will become the most discussed topic in 2024.

Statistics reveals that 42.5 % of EU enterprises bought cloud computing services in 2023, mostly for e-mail, storage of files and office software. Considering the upward trend, this percentage will likely be higher in 2024. The global tendency is similar.

In this post, you’ll discover what is cloud computing in businesses and what the top 5 computing trends are, as of 2024. 

What Is Cloud Computing In Business?

Cloud computing is the delivery of different services through the Internet, including data storage, servers, databases, networking, and software.

In business, cloud computing is used as a replacement for traditional in-house server structures containing business data and on-premise applications for data storage, analytics, and networking.

The cloud computing trend enables you to use and save data and apps online rather than on a hard disk. You’re utilizing cloud computing if your organization employs Jira for task tracking, Dropbox or Google Drive for storing documents, Slack for cross-team messaging, or digital CRM systems to manage sales.

As can be seen advantages of cloud computing lie in the easier and more affordable data management and use of software. The disadvantages of cloud computing include security risks and difficulty setting up without technical expertise in-house. We’ll look at cloud computing, how it functions, how to choose a good service, and what the top trends in cloud computing developments are.

To implement a cloud computing project, you need to collaborate with a trusted provider for fintech software development services. 

What Are The Different Types Of Cloud-Based Models?

The services provided by the cloud vary from file storage to functional applications like spreadsheets, customer support tools, and remote management hosting. In general, cloud-based models can be divided into three categories.

#1 Infrasturcture-as-a-Service (IaaS)

Infrastructure as a Service (IaaS) is a form of cloud computing that provides virtualized computing resources over the Internet. In an IaaS model, a provideroffers IT infrastructure on a pay-as-you-go basis, including servers, storage, and networking. It enables scalability and flexibility for managing various workloads. 

Specific features:

• Scalable infrastructure provisioning
• Pay-as-you-go pricing model
• Virtual machines and storage options

Examples of IaaS vendors: Amazon Web Services (AWS), Microsoft Azure, Google Cloud

#2 Platform-as-a-Service (PaaS)

PaaS provides development tools, middleware, and runtime environments for building, testing, and deploying applications. It streamlines the development process by abstracting cloud infrastructure management, facilitating rapid innovation.

Specific features:

• Development frameworks and SDKs
• Database management services
• Integration with third-party APIs

Examples of PaaS vendors: Google Cloud Platform, Salesforce Platform, AWS, Azure

#3 Software-as-a-Service (SaaS)

SaaS delivers fully functional software applications over the internet, accessible via web browsers or APIs. It offers features like automatic updates, data security, and scalability, enhancing user experience and productivity.

Specific features:

• Multi-tenancy for shared resources
• Customization and configuration options
• Usage-based subscription billing

Examples of SaaS solution: Microsoft Office 365, Dropbox, Google Workspace

Biggest Cloud Computing Trends For 2024

As the fintech industry evolves and digitalizes rapidly, businesses should be well familiar ith cloud computing trends to utilize its advantages when necessary and stay competitive. The flexibility and capacity of the public cloud lower the business risk of development while providing corporate flexibility when it is most needed.

Here are a few major cloud industry trends for 2024:

#1 Edge computing

Edge computing, a cloud trend for 2024, involves processing data closer to its source, reducing latency and optimizing performance. It enables real-time data analysis and decision-making, enhancing efficiency and responsiveness in various applications. 

With edge computing, data processing occurs at or near the source of data generation, such as IoT devices or sensors, rather than relying solely on centralized data centers. 

This cloud computing trend is driven by the need for faster processing, particularly in sectors like manufacturing, healthcare, and autonomous vehicles. By decentralizing computing resources, edge computing supports distributed work environments.

#2 Sustainable Cloud

The digital sector’s carbon emissions vary from 3 to 4%. Considering how the world is concerned about the environment and sustainability, no wonder big cloud suppliers have started focusing on allowing users to assess and manage carbon emissions related to their cloud operations.

The tendency is to minimize carbon emissions by integrating eco-friendly practices and technology such as renewable energy sources and energy-efficient data centers. The aim is to develop a more ecologically responsible cloud architecture that is consistent with global sustainability objectives.

Sustainable cloud initiatives are expected to address the issues of the high environmental footprint of data centers and IT operations. Inherently, such an intervention drives innovations in green technologies within the cloud computing industry.

Access the blog post on green fintech and sustainable business by DashDevs. 

#3 AI and ML in Cloud Computing

Artificial intelligence (AI) and machine learning (ML) adoption in cloud computing continues to rise as businesses aim to enhance organizational effectiveness and foster innovation. Cloud platforms now definitely play a role in maximizing the benefits of AI and ML investments since any smart app can now be deployed on cloud-based infrastructure. 

Top performers utilize the cloud service to gain access to further AI functionalities, such as natural-language speech and face recognition. Statistics reveal that the market of AI and ML functionalities via cloud-based services is expected to grow at a Compound Annual Growth Rate (GAGR) of 17.1% over the next years. 

AI and machine learning will expand cloud computing demand 2024. These cloud computing trends will focus on improving self-learning capacities, enhancing data protection and privacy, and delivering better-customized cloud interactions.

#4 Multi and Hybrid Cloud Deployment

Multi and hybrid cloud deployment strategies, as one of cloud services trends, are gaining traction as organizations seek to optimize their use of cloud resources and cloud infrastructure. These solutions make use of several cloud environments, including public, private, and on-premises clouds.

Multi and hybrid cloud models enable enterprises to reap the advantages of each cloud model, such as the scalability and flexibility of public clouds, as well as the security and control of private clouds.

The distribution of workloads across multiple cloud infrastructures enables enterprises to tailor performance, cost-efficiency, and data management techniques to their individual requirements.

#5 Cloud Disaster Recovery and Backup

Cloud disaster recovery and backup is a cloud-based technology that swiftly recovers an organization’s overall business assets in the case of a disaster, whether they are of a natural cause, a result of cyberattacks, or hardware failures. 

Cloud disaster recovery and backup allows online network access within safe virtual environments. It combines different backup procedures to safeguard data, applications, pre-set configurations, and settings of software solutions in use.

As one of cloud computing benefits, cloud backups enable businesses to recover any lost data and resume normal functioning. Using standard disaster recovery to run a backup data facility can be regarded as a costly investment, yet, its high value can’t be argued. Only over the last year, there were ransomware attacks on ICBC, DDoS attacks on US financial services, MOVEit data breaches, and other disasters costing companies millions of dollars. 

You can discover information about cybersecurity in fintech and banking from another blog post by DashDevs. 

Final Take

An increasing number of enterprises and organizations will move their operations to the cloud to address commercial problems. Hence, those are the five significant cloud computing future trends that will emerge in 2024 and beyond. In addition, further cloud computing trends such as serverless computing, cloud management, and data backup may emerge.

Entrust your cloud computing project to DashDevs. Our team has more than 13 years of experience delivering tailored fintech solutions to businesses from across different industries. We are ready, willing, and able to provide you with expert development assistance.

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