Cloud computing refers to the delivery of different services through the use of the internet. This includes resources such as tools and applications such as data storage, servers, databases, networking, and other software.
To understand cloud technology it is important to understand what it actually does? To put it bluntly, it is the technology through which the user can access data using the internet without having to be in a particular place to gain access. Thus, giving the user a lot more flexibility by allowing them to work remotely from almost anywhere in the world.
Type of cloud computing:
Software as a Service (SaaS): This involves providing licenses of a software application to customers for a particular period of time, such as subscriptions. Example: Google Workspace, Dropbox, Cisco WebEx, Concur, GoToMeeting.
Infrastructure as a Service (IaaS): IaaS allows multiple users to share the same physical infrastructure. This means it allows its users to access and share resources over the internet. IaaS providers provide services based on a pay-as-per-use basis. The users are required to pay for what they have used. Example: IBM Cloud, Microsoft Azure.
Platform as a Service (PaaS): PaaS is similar to SaaS with one key difference. That is, instead of delivering software online, it is actually a platform for creating software that is delivered via the Internet. Example: Salesforce, Heroku.
The global cloud technology market has been expanding at a rapid pace. According to Statista, the world cloud market (SaaS, IaaS, PaaS) is expected to reach 445Bn USD by the year 2022. The technology is being adopted across all industries due to its flexibility and cost-effectiveness.
Source: Primary sources for this article are: https://www.investopedia.com/terms/c/cloud-computing.asp and https://www.statista.com/topics/1695/cloud-computing/
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