Cloud computing is the technique of processing, storing, and managing data on a network of remote computers hosted on the internet by cloud service providers rather than on a personal computer or local server using only as much compute power and storage as needed to meet demand. This theoretically allows for cheaper and faster computing because it eliminates the need to purchase, install, and maintain servers.
Cost Saving Implications of Cloud Computing Adoption
McKinsey estimates that cloud adoption could generate $3 trillion in global value by 2030 derived from:
- reducing operational costs,
- reducing digital risk,
- generating new revenue from innovation-driven growth and accelerated product development and hyper-scalability and from
- emerging technologies, including new cloud-based business models and integration with technologies like 5G, blockchain, and quantum computing. (Source)
What is SaaS?
SaaS, also known as cloud application services, makes software available to users over the internet, usually for a monthly subscription fee. They are typically ready-to-use and are run from a users’ web browser which allow businesses to skip any additional downloads or application installations. SaaS accounts for 38.5% of cloud computing revenue. (Source)
Image source: The Motley Fool
For more insightful information you are encouraged to read Cloud Computing 101.
Examples of cloud computing companies:
- Atlassian (TEAM):
- designs, develops, licenses, and maintains various software products
- Cloudflare (NET):
- provides integrated cloud-based security and application performance website solutions
- Datadog (DDOG):
- operates an observability and security platform for cloud applications
- HubSpot (HUBS):
- provides a cloud-based customer relationship management (CRM) platform for businesses
- MongoDB (MDB):
- provides general-purpose database platforms worldwide and offers consulting and training services
- ServiceNow (NOW):
- provides end to-end intelligent workflow automation platform solutions for digital businesses
- Workday (WDAY):
- provides enterprise cloud applications to help its customers manage their business and operations
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