# The Future of Cloud Computing
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-09-16
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Discover the Benefits of a Multi-Cloud Strategy for Your Business
Meta Description: Discover the benefits of a multi-cloud strategy and how cloud technology can drive innovation and efficiency in your organisation. Stay ahead in the digital
URL: https://financedigest.com/the-future-of-cloud-computinghtml

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_By_ **_Ben Schein,_** _Domo’s VP of Data Curiosity_

As businesses across industries are continually innovating, the adoption of a multi-cloud strategy is becoming more popular. Cloud adoption has been accelerated by the pandemic and the subsequent adoption of flexible working conditions by businesses worldwide. Therefore, business leaders are seeing first hand the importance of data, [cloud infrastructure and business](https://www.financedigest.com/7-ways-cloud-technology-can-transform-business-finances.html "7 ways cloud technology can transform business finances") intelligence.

[Cloud computing](https://www.financedigest.com/how-hybrid-cloud-computing-offers-the-best-of-all-worlds.html "How hybrid cloud computing offers the best of all worlds") is a term that covers a wide range of technologies and services. It generally refers to the ability to access data and applications over the Internet, often from a remote location. It enables on-demand availability of resources, data, and computing power that can be allocated over numerous locations. This can be done either through cloud-based services, such as ATP, or through on-premises [cloud solutions](https://www.financedigest.com/the-future-of-fintech-and-open-source-cloud-solutions-in-the-united-kingdom.html "The future of fintech and open source cloud solutions in the United Kingdom"), such as private cloud. In this way, all teams can access and integrate [cloud data](https://www.financedigest.com/the-logo-of-french-cloud-computing-company-ovhcloud-is-seen-on-a-data-center-building-in-strasbourg-france-october-13-2021-reuters-christian-hartmann.html "The logo of French cloud computing company OVHcloud is seen on a data-center building in Strasbourg, France, October 13, 2021.  REUTERS/Christian Hartmann") and create a network that meets the specific needs of each team.

**The role which [cloud computing](https://www.financedigest.com/the-value-of-cloud-computing.html "The Value of Cloud Computing") plays in business and how spending has increased**

As forecasted by IDC, spending on [compute and storage infrastructure products for cloud](https://www.financedigest.com/embracing-cloud-computing-how-and-why-organisations-are-set-to-invest-more-in-cloud-computing-in-2023.html "Embracing Cloud Computing: How and why organisations are set to invest more in cloud computing in 2023") deployments will surpass that of other scenarios for the first time, later this year. In its latest [Worldwide Quarterly Enterprise Infrastructure Tracker](https://www.idc.com/getdoc.jsp?containerId=IDC_P31615), IDC said such spending rose 17.2% in the first quarter from a year ago, to $18.3 billion.

The hybrid cloud market was worth $52 billion in 2020 and grew to $85.3 billion in 2021, highlighting the growing adoption of hybrid technologies and services ( [Statista](https://www.statista.com/statistics/1232355/hybrid-cloud-market-size/), 2021 & [PRNewsWire](https://www.prnewswire.com/news-releases/global-hybrid-cloud-market-report-2022-to-2027---industry-trends-share-size-growth-opportunity-and-forecasts-301582903.html#:~:text=The%20global%20hybrid%20cloud%20market,20.6%25%20during%202021%2D2027), 2022). Organisations are continually looking for new [ways to address growing business](https://www.financedigest.com/6-ways-how-to-create-great-tiktok-videos-for-your-business.html "6 Ways How to Create Great TikTok Videos For Your Business") demands and challenges, especially with the pandemic making a profound and transformative impact.

IDC’s cloud services tracker showed the total [revenue](https://www.financedigest.com/adding-revenue-through-rd-tax-relief-service-2.html "Adding Revenue through R&D Tax Relief Service") for segments such as infrastructure as a service, platform as a service, software as a service and more increased by 29% in 2021, to $408.6 billion.

This year, according to a [Flexera report](https://info.flexera.com/CM-REPORT-State-of-the-Cloud), a survey reported 59% of organisations are optimising their existing use of cloud and 57% are migrating more workloads to cloud infrastructure, which are the top cloud strategies for 2022. In order to stay competitive as we move more into the digital world, organisations rely on hybrid [cloud infrastructures and therefore more investments into cloud technology](https://www.financedigest.com/the-benefits-of-adopting-cloud-technology-in-the-finance-industry.html "The benefits of adopting cloud technology in the finance industry") is necessary.

**How a multi-cloud strategy can [benefit your business](https://www.financedigest.com/does-the-cloud-benefit-modern-business.html "Does the Cloud Benefit Modern Business?"), whilst alleviating stress**

A multi-cloud strategy is when an [organisation uses more than one cloud](https://www.financedigest.com/cloud-migration-for-financial-services-organisations-whats-the-best-approach.html "Cloud Migration for Financial Services Organisations – What’s the best approach?") provider. Using this infrastructure across the business brings about a lot of advantages, including cost savings, less complex processes, and an increase in consistency and flexibility. There are seven main benefits: cost, global scale, performance, security, speed, productivity, and reliability. Each type of cloud has its own advantages and disadvantages, so it’s important to choose the right cloud solution for your needs.

Each cloud platform specialises in a unique task that can pull in and [integrate data](https://www.financedigest.com/the-four-pillars-of-data-integrity-what-finance-businesses-need-to-know.html "The four pillars of data integrity: what finance businesses need to know") from a variety of sources, so strategic decisions can be executed efficiently and with precision. As [remote working](https://www.financedigest.com/shoring-up-cyber-defences-in-the-remote-working-era.html "Shoring up cyber defences in the remote working era") is increasingly becoming the preferred work model, this infrastructure best addresses employee’s needs to ensure operation is productive and organised. Being able to easily create, share and analyse information emphasises the collaborative advantage of [cloud computing](https://www.financedigest.com/tomorrows-world-how-cloud-computing-will-impact-the-financial-services-sector-in-2016.html "TOMORROW’S WORLD: HOW CLOUD COMPUTING WILL IMPACT THE FINANCIAL SERVICES SECTOR IN 2016"). Centralising all cloud data enables readily available data for employees, [customers and partners and more efficient business](https://www.financedigest.com/any-business-can-now-offer-their-customers-financial-services-how-embedded-finance-is-reinventing-the-wheel-when-it-comes-to-banking.html "Any business can now offer their customers financial services: How embedded finance is reinventing the wheel when it comes to banking") decisions and reports. With working [models moving](https://www.financedigest.com/investment-advice-moving-towards-a-new-model.html "Investment advice – moving towards a new model") into hybrid or fully remote, cloud computing is key to streamlining processes across the whole business, whilst reducing stress for your workforce.

Furthermore, enhanced [data governance is a key](https://www.financedigest.com/sterling-edges-lower-ahead-of-key-data.html "Sterling edges lower ahead of key data") benefit, as data remains secure yet accessible. Team members are [able to create dynamic data](https://www.financedigest.com/interoperability-of-data-to-accelerate-the-ablative-skin-resurfacing-market.html "Interoperability of data to accelerate the Ablative Skin Resurfacing Market") attributes that ensure users have access to data based on differing levels of permission.

To summarise, having multi-cloud capabilities can [benefit your business in three simple ways:](https://www.financedigest.com/5-ways-cfo-and-cio-collaboration-can-benefit-the-business.html "5 Ways CFO and CIO collaboration can benefit the business")

- Integrating more [data and at a higher](https://www.financedigest.com/european-shares-edge-higher-on-healthcare-lift-weak-china-data-stokes-worries.html "European shares edge higher on healthcare lift, weak China data stokes worries") magnitude
- Enhanced data governance
- [Empowering your employees and teams with data](https://www.financedigest.com/aon-data-empowers-unica-to-offer-flood-insurance-for-5-2bn-canadian-peril.html "Aon data empowers Unica to offer flood insurance for .2bn Canadian peril") to encourage agile decision making while creating a data-driven enterprise

**How these [trends will continue in years](https://www.financedigest.com/2022-the-year-future-payment-trends-become-reality.html "2022 – the year ‘future payment trends’ become reality?") to come**

It is evident that technologies such as [cloud computing, hybrid and multi cloud strategies are critical to business sustainability](https://www.financedigest.com/green-cloud-one-way-your-company-can-commit-to-sustainability.html "Green Cloud: one way your company can commit to sustainability"), resource efficiency, and staying competitive. The ongoing pandemic and persistent reliability on digital services are making the [cloud a central component in businesses](https://www.financedigest.com/how-cloud-computing-saves-businesses-money.html "How cloud computing saves businesses money"), specifically business strategies, ways of working and sustainability. A Microsoft [report](https://blogs.microsoft.com/wp-content/uploads/prod/2022/01/Microsoft-Cloud-Survey-Results-Final.pdf) showed that most enterprises are choosing these technologies with strategic objectives and continually deploying cloud solutions for not only across the business, but for other specific purposes too. It was also reported that flexibility and freedom of choice were identified as clear [needs from businesses](https://www.financedigest.com/what-is-premises-liability-coverage-and-why-does-your-business-need-it.html "What is Premises Liability Coverage … and Why Does Your Business Need It?") that are adopting the right mix of cloud and tools. To emphasise cloud computing growth, [Gartner](https://www.gartner.com/en/newsroom/press-releases/2021-11-10-gartner-says-cloud-will-be-the-centerpiece-of-new-digital-experiences) forecasts that 85% of organisations will be ‘cloud first’ and at least 95% of digital duties will be situated on cloud platforms by the end of 2025.

Finally, almost nine out of ten respondents [say they will increase their spending](https://www.financedigest.com/should-we-be-more-cautious-about-contactless-1-in-4-young-adults-with-contactless-cards-say-theyve-increased-their-spending.html "Should we be more cautious about contactless? 1 in 4 young adults with contactless cards say they’ve increased their spending") on hybrid or multi cloud over the next three years. According to IDC, businesses will [spend a combined $90.2 billion](https://www.financedigest.com/chipmaker-infineon-ready-to-spend-billions-on-acquisitions-ceo.html "Chipmaker Infineon ready to spend billions on acquisitions – CEO") on cloud infrastructure services. Collaboration software and cloud infrastructures are becoming more [powerful and integral to business](https://www.financedigest.com/ceo-riggs-eckelberry-of-originclear-discusses-the-power-of-intuition-in-running-a-successful-business.html "CEO Riggs Eckelberry of OriginClear Discusses the Power of Intuition in Running a Successful Business ") processes not only because of efficiency and productivity levels, but importantly because of the on-demand services that allows team members to act fact and make decisions when data is breached.


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