Try to imagine, most of your competitors equip their brands with the latest innovation but you stay waiting at the start line, how competitive would you be? It is no exaggeration to say that the whole world is turning ‘smarter’. Any industry, even the most traditional ones, have an element of technology including IoT, Cloud Computing and Software.
The implementation of 5G & Low Power WAN (LPWAN) gives IoT solutions a wider space to play in. Many vertical industries are tending to pay more for non-cellular LPWAN to enhance flexibility and upgrade capabilities associated with IoT on 5G. As an example of tracking wild farm animals, the ultra-low latency and high-capacity availability of 5G IoT enables it to implement Unmanned Aerial Vehicle operation (drones). The boundary between the traditional industries and modern technology has gradually dissolved. There are numerous insights to support. As 5G era starts, 100% of the global population is expected to have LPWAN coverage by 2022(McKinsey Global Institute). Investment took up more than 50% of the overall spending in 2020.
Cloud Computing Market
Cloud computing has become a vast ecosystem of technologies, products, and services. The cloud market can generally be divided in to three segments which are Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS)
IaaS and SaaS are the predominant leaders in this market. Shifting to Cloud is a phenomenal new trend in the business world. Capacity demand could be the most significant reason as hardware utilisation issues are common for companies, especially during growth peak time. Costs mount if you can't finish projects quickly. Moreover, scalability is an important motivation as cloud computing improves the ability of rapidly scaling the compute and storage requirements. Lastly, moving to the cloud allows businesses to choose the services that are already compliant - great fro GDPR responsibilities. The Cloud providers (Such as Amazon AWS and Microsoft Azure) are responsible for the upgrades when those compliance requirements or rules change. It is forecasted that Cloud Computing market is expected to grow at a CAGR of 19.1% from 2021 to 2028. It has emerged as the latest trend, and it is going to continue in the long term.
The software market growth is unsurprisingly strong as well. Various customers are getting used to the subscription-based pricing model to meet growing IT demands, compared with on-premises software deployments, it delivers better strategic value as the deployment efficiency can be improved in a large rollout.
SaaS vendors are able to fix bugs, upgrade security and make feature improvements ion the fly. Many on-premises deployments cannot do this because it requires several layers of organisational protocols and governance to pass through. From the perspectives of both business and end-users, they experience a better onboarding and sticky process with SaaS solutions. The number of businesses specialising in SaaS that have IPO'd in 2021 has increased by 130% compared to last year.
No doubt that the whole World is adopting to transforming the way that business leverage smart technologies. Industrial 4.0 and new business models complementing each other, your business may be next inline to follow the times.