Future of Cloud Computing: AI and Multi-Clouds as Growth Drivers

The cloud computing industry is on a steep growth trajectory and is expected to reach a volume of $1.2 trillion by 2024, as reported by the Nasscom Community. The trend is driven by the increasing demand for scalable and cost-efficient digital solutions, a development also supported by the spread of remote work, the acceleration of digital transformation strategies, and the strong proliferation of IoT devices. In recent years, the merger of cloud computing with artificial intelligence (AI) has revolutionized business processes across various industries. According to industry experts, cloud strategies are continuously evolving as companies increasingly rely on these services and expectations of AI as one of the biggest growth drivers rise. John Samuel, global CIO and EVP at a worldwide IT and outsourcing provider, emphasizes that cloud providers have heavily invested in GenAl technologies and are collaborating with chip manufacturers to improve performance and scalability. These partnerships enable cloud platforms to operate a growing ecosystem of downstream SaaS providers developing solutions to facilitate the adoption of AI-based technologies. GenAl will thus continue to act as the main driver for the adoption of advanced AI capabilities in various industries, with the cloud serving as the backbone. Alex Turgeon, President of Valere, predicts that AI will drive around 35% of the growth of the cloud computing market in the next two years. By 2025, AI and cloud computing are expected to form an inseparable partnership. Companies investing in AI-enabled cloud infrastructures are expected to benefit from increased scalability, performance, and accessibility. According to Deloitte, 70% of companies adopting AI will do so through cloud-based infrastructures. The Nasscom Community anticipates that future developments in cloud computing will be supported by multi-cloud strategies that require the use of multiple cloud service providers. By 2025, greater interoperability between various cloud platforms is expected, which could promote more efficient exchange and a greener cloud initiative. The sustainability of cloud solutions is expected to develop into a significant trend by 2025.