- The public cloud market will likely bring 67% more revenue in 2025.
- Software as a service (SaaS) is the most significant revenue source in the public cloud market.
- Cloud computing encourages innovations.
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 instance, cloud computing is more cost-effective than traditional data storage. According to BanklessTimes.com, the public cloud market is anticipated to bring in 67% more revenue by 2025.
This is a deliberate shift from the way things were done previously. In the past, most businesses would store 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 due to the many benefits that come with cloud computing.
The CEO of BanklessTimes, spoke on the data,
BanklessTimes CEOPublic cloud marketplaces are set to experience significant growth in the years ahead. This is being driven by the benefits they offer businesses, such as reduced costs and improved agility. cloud computing makes it easier for businesses to scale their operations and manage their data.
SaaS Is the Most Lucrative Revenue Source
Software as a service (SaaS) has dominated public cloud services and generates the highest revenue. The SaaS-based customer relationship management (CRM) and enterprise resource planning (ERP) systems are highly demanded and, thus, provide more revenue.
The most lucrative SaaS market is CRM, which will likely increase at a CAGR of 12.14 percent from USD 44.7 billion in 2019 to USD 99.7 billion in 2025. The second most common kind of SaaS application is ERP. The SaaS-based ERP revenue is likely to increase from USD 15.7 billion in 2019 to USD 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. Moreover, it eliminates the need for costly hardware and software.
Another reason cloud computing has been gaining popularity is that it encourages innovation. For instance, Amazon Web Services (AWS) allows businesses to use its cloud platform to build and test new applications without the need for expensive hardware.
Different organizations can reinvent their businesses to move quicker and be more agile thanks to the cloud. Cloud computing has transformed how we interact, work, and communicate. Besides, venturing into the public cloud market allows companies to remain competitive in the digital space.
Due to increased data circulation, most enterprises are becoming uneasy about operating on internal servers. The major issue is data breaches, which are becoming rampant and causing a lot of financial damage. Cloud services have become the go-to solution as they provide security and peace of mind.
