While the cloud market is expected to hit $1T by 2028, some 63% of surveyed IT and decision-makers are claiming their organizations lack the support for a variety of cloud resources. Read the blog for insight and a deeper dive.
What is the current state of the global cloud market?
The global cloud market is projected to reach approximately $1 trillion by 2028, growing from $429.6 billion in 2021. However, many organizations are encountering challenges, particularly in cloud security and resource availability. A report by Forrester Consulting revealed that 63% of IT leaders feel their organizations lack adequate support for various cloud resources.
What are the main concerns regarding cloud security?
Organizations are increasingly facing security risks in the cloud, including data loss, compliance issues, and cyberattacks. According to IBM's Cost of a Data Breach report, the average cost of a significant data breach in a public cloud environment is around $4.8 million. Additionally, 58% of surveyed leaders reported experiencing greater risks due to cloud challenges, which can hinder their capacity to innovate.
What do organizations prioritize in their cloud strategies?
Organizations prioritize customer experience, performance, and speed in their cloud strategies. A Forrester Consulting report indicated that 58% of leaders want faster infrastructure and 59% seek quicker automation of hybrid cloud environments. As companies continue to invest in cloud technologies, they aim to enhance efficiency, productivity, and resilience in their operations.
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