Cloud technologies have just come out of the teenage and stepping into adulthood. The last 20 years have witnessed the birth and growth of several cloud companies but still had not hit the moment we are experiencing now. COVID-19 situation, coupled with the economic downturn, has now created an “iPhone” moment in Cloud, and here are few reasons for us to recognize it as the “smartphone” moment.
- Cloud has put technology in everyone’s pocket.
With Cloud, every business can subscribe to products/services which were only accessible to large enterprises as on-prem tools/technologies.
- Cloud has transformed the eCommerce channel from the option to a necessity to survive.
eCommerce was most prevalent in the B2C market, but the current situation has provided a significant impetus for B2B to go online, which is a much larger market segment. Now, as businesses taste the convenience, ease, and transparency of doing business online it will become the mainstay.
- Cloud is changing the way Products/Services will be created and distributed.
From individual yoga teachers to entertainers to businesses, Cloud has offered the lifeline to maintain business continuity and thereby ensuring revenue streams are intact. In several other situations, it has inspired them to quickly develop new product/service offerings, which will accelerate their path to recovery.
- The future of work is remote, and Cloud is what makes it happen.
Most of the knowledge economy companies have embraced remote work like never before. In the most recent announcement, Twitter has shared that it will allow its employees to work remotely forever. This trend will only continue, and new products/services, which will make remote work safe, productive, more collaborative will be on the rise, which will fuel further cloud adoption.
- Cloud will democratize and proliferate the entire world.
The speed at which technology is available across the world is high, and it has a twofold effect: a. it reduces the technology gap across geography b. it breeds innovation across the globe, creating new silicon valleys.
- API economy will emerge stronger and drive innovation across industries.
Cloud has nurtured a shared economy model and collaboration among technology companies. Successful companies are the ones that have built the ecosystem by opening up their APIs for other ISV(Independent Software Vendors) & Product entrepreneurs. For example, companies like Salesforce, Microsoft, and Hubspot have large ecosystems that has helped them generate 3X-6X times the revenue from their own product lines.
- Cloud enables Automation and AI to work at scale.
Automation and AI have experienced a surge in demand in the current situation. Both of them rely on Cloud to be transformative and compelling.
Thus, year 2020 for Cloud will be similar to 2007 for the Mobile telephone market when iPhone emerged on the scene and changed everything for good.