Year ender 2023- Aiming for the cloud 

Year ender 2023: Aiming for the cloud 

There are two sides to a coin and the same is the case with technology. If the evolution of technology with the implementation of cloud solutions has eased functioning for business, it has given rise to privacy issues. To be sure, the cloud has eased a lot of business processes from e enabling remote work, bolstering supply chains and delivering digital services, among others. “ Future involves deeper cloud adoption, focusing on enterprise-wide data strategies, streamlined architecture and data-driven operations, among others. Industry-based cloud solutions might offer tailored offerings and easy access to broader ecosystems, enabling companies to focus on unique capabilities,” Vamsi Krishna R, Partner, cloud and digital transformation, PwC India, told FE-TransformX, adding that despite increased adoption, most companies have only scratched the surface of its capabilities.Sign Up to get access to the Financial Express Exclusive and Premium Stories.Register NowAlready have a account? Sign in

The cloud system infrastructure services (IaaS) segment can grow by 32.7% in 2024 compared to 2022. The public cloud services market might grow by 20%, with only cloud business process services (BPaaS) experiencing single-digit annual growth rates, as per insights from Statista, a market research platform. As businesses expand, data storage and information technology (IT) infrastructure needs to be able to meet the challenges with on-premises storage servers and hardware alone. Eventually, this is expected to create a need for scalability, which can only be efficiently and cost-effectively managed through cloud-based services. Amazon, Google, Microsoft and Alibaba, among others, are known as the big four in cloud technology, controlling over two-thirds of the global cloud market. Amazon Web Services (AWS) holds about 32% of the entire cloud market, as per insights from Statista, a market research firm.

Amidst the cloud

As organisations are expected to embrace cloud solutions, the integration of mobile devices and applications into daily operations has become predominant, impacting both personal and professional data. In alignment with the Digital Personal Data Protection Bill 2023, businesses might need to address data protection while delivering services through mobile apps. “Mitigating data leakage risks and exercising control over the sharing of mobile applications user data is critical while ensuring customers consent. Furthermore, the confluence of cloud migration, mobile technology and data protection regulations can ensure data security, compliance and customer trust,” Manish Mimani, founder, CEO, Protectt.ai, a cybersecurity platform, explained.

About 85% of enterprises will adopt a cloud-first principle by 2025, as per insights from Gartner, a market research platform. However, when it comes to funding, experts believe many companies underinvest in cloud security services. The global cloud infrastructure market service spend exceeded $66 billion, in the fourth quarter of 2023, as per insights from Statista. This is expected to result in addressing breaches reactively rather than integrating robust security measures into their system architecture from the outset. This reactive approach proves costly, offering lower-level safeguards compared to proactive integration.

Under the Data Protection Bill (DPDP) Act the transition to cloud environments in India is not only about regulatory compliance but also about strategically leveraging advanced technologies. With the collaboration of intellectual property (IP) and device-level insights, businesses can add an extra layer of security to cloud transactions. “The synergy of IP and device-level intelligence with behavioral AI not only safeguards sensitive data but can bring businesses to the forefront of technological resilience. It becomes an investment in not just compliance and security today but a strategic move for future-proofing against the evolving digital landscape of fraud and risks,”  Ranjan R Reddy, founder and CEO, Bureau, a no-code, identity decisioning platform, highlighted.

Industry experts believe that the cloud can facilitate the development of an AI-first architecture, ensuring responsible and explainable AI practices, thereby aligning with evolving industry standards. For Indian businesses, embracing a cloud digital infrastructure can become paramount amid the growth of digital payments, digital identity and start-up ecosystem, among others.“In 2024, cloud adoption by businesses can be fuelled by the imperative to stay competitive in the era of AI-driven innovation. The growth of AI and its operational governance is pivotal, and cloud services can provide the agility required for future scalability,” Rahul Mahajan, CTO, Nagarro, a digital product engineering and technology consulting company, concluded.

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