Study by Oxford Economics Gives Insights on Cloud Usage

Study by Oxford Economics Gives Insights on Cloud Usage

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A new study done by Oxford Economics offers insights on the current and projected usage of the cloud. Beginning in late 2014, researchers studied businesses that use this technology, and those that plan to make a serious investment. The study provided them with a long list of statistics and figures, which we’ve compiled into a list for an easier read.

1. Within the next three years, 69% of companies plan to make at least moderate investments in the cloud, and will be migrating core functions strictly to the cloud.2. In order to launch new business models, 44% are using cloud computing. This number will hit 55% within three years.

3. Cloud computing is being used by 32% to streamline supply chains, and this is predicted to rise to 56% in three years — a 24% increase.

4. 59% are using the applications and platforms in the cloud in order to better manage and analyze data. This is a clear indicator of the importance analytics have and will continue to have for companies.

5. Almost 60% of businesses are predicting that cloud usage will drive up their revenue growth over the next three years, and 67% believe that the use of cloud services will change skill sets. This use may also begin to transform the role of HR.

6. About two-thirds have said that innovation is cloud-based, and 61% have new products or services to offer their consumers thanks to the cloud.

7. Between 2012 and 2014, security strategies for the cloud have increased by 24%. 19% of companies are focusing on virus attacks, while 16% are focused on identity theft.

8. The top three areas that the cloud is helping companies with are: new product and service development (61%), entering new markets (40%) and new lines of business (51%). Product development has jumped 35% for many companies.

9. 31% say that the cloud had transformed their business, while almost half say it has had a moderate impact. Most believe that it has a significant impact either way.

10. Nearly 70% have said marketing, purchasing, and supply chain are partially cloud-based, and many are looking forward to the innovation that can come from using the cloud.

11. According to the International Data Corporation, public cloud spending will increase by $40 billion between 2012 and 2016.

What do you think about the future of cloud technology? Is it a great idea or do you think it may backfire?

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