Most IT companies are now turning to cloud computing to promote their business. This is due to the many benefits that come with it. For example, cloud computing is more cost-effective than traditional data storage. According to BanklessTimes.com, the public cloud market is expected to be 67% more profitable by 2025.
This is a deliberate shift from the way it used to be. In the past, most businesses stored their data on-premises. This is no longer the case as more companies are now moving to the cloud. The main reason for this change is because of the many benefits that come with cloud computing.
BanklessTimes CEO Jonathan Merry had this to say about data:
SaaS is the most profitable revenue stream.
Software as a Service (SaaS) has dominated public cloud services and is the most profitable. SaaS-based customer relationship management (CRM) and enterprise resource planning (ERP) systems deliver more revenue because they are in high demand.
The most lucrative SaaS market is CRM, which is projected to grow from $44.7 billion in 2019 to $99.7 billion in 2025, growing at a CAGR of 12.14%. The second most common SaaS application is ERP. SaaS-based ERP revenue is projected to grow from $15.7 billion in 2019 to $35.8 billion in 2025 at a CAGR of 12.42%.
Why Cloud Computing?
Cloud computing has become increasingly popular because it allows users to access and use applications remotely. The beauty of SaaS is that it can be used on any device with an internet connection. It also eliminates the need for expensive hardware and software.
Another reason cloud computing is gaining popularity is because it encourages innovation. For example, Amazon Web Services (AWS) allows businesses to use a cloud platform to build and test new applications without expensive hardware.
Thanks to the cloud, many organizations can reinvent their businesses to move faster and become more agile. Cloud computing has changed the way we interact, work and communicate. Moreover, by entering the public cloud market, enterprises can remain competitive in the digital space.
With the increasing data circulation, most businesses are nervous about running on internal servers. The main problem is that data breaches are rampant and cause a lot of financial damage. Cloud services have become essential solutions that provide security and peace of mind.