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The global pandemic has reinforced the tremendous value and necessity of cloud computing to the world’s economy and workforce. Without access to cloud technology, businesses could not have moved millions of workers to the safety of remote work, maintained global supply chains and shifted entire industry business models in a matter of weeks. Cloud technology enabled Moderna to develop its vaccine in record time. Cloud’s initial value proposition was mostly based on operational improvements, including IT cost reductions and fast scalability. But, increasingly, cloud service providers (CSPs) provide access to capabilities that most companies could never develop on their own, such as advanced AI technologies and cybersecurity tools. IDC expects that by 2024, 63% of enterprise infrastructure hardware spending will be devoted to cloud technologies, with emphasis on cross-cloud governance, security, and cost monitoring capabilities.

• Cost savings among the biggest cloud fallacies (2022-05-24)