According to the latest statistics, cloud computing is big. So big, in fact, that a full one third of IT budgets are now expected to be spent on cloud computing technologies in 2014. Not only that, but cloud computing is also growing at a rapid pace. It’s estimated that the cloud computing market generated $131 billion in revenue in 2013 and will grow to $181 billion within the next two years.

Oh yeah, cloud computing is definitely big.

Far from just being a popular buzzword, cloud computing offers a number of benefits for its users. For example, it’s estimated that users who switch to cloud computing will save 21 percent. And for many businesses, that level of savings creates a compelling case for using cloud computing.

However, like most cutting edge technology, cloud computing is changing. Fast. And with many of these changes, it is important for companies that use cloud computing services and technology to learn about these changes to take full advantage of the benefits that they offer.

Five Trends for Cloud Computing

Bring Your Own Cloud

One of the major changes forecasted for cloud computing is the rise of Bring Your Own Cloud (BYOC). This phenomenon involves employees using public or private third party cloud applications such as Dropbox or Google Docs in order to complete their jobs. BYOC is quickly increasing due to the fact that it allows workers to freely access information from any location or device, meaning that they can work on projects at home or on the go. In addition, it also allows for the easy backup of data, and many of the services used are free or extremely low cost. However, BYOC does come with drawbacks. These include the fact that sensitive work data may be subject to security breaches if employees fail to set up adequate security. In addition, if all of the work parties aren’t on board with the same cloud software, then cloud sprawl occurs, where efficiency is limited due to the fact that employees are using different software on the same project.

Better Security

With more people adopting cloud computing, the issue of creating a secure cloud platform gains more and more attention. The nature of cloud computing means that there are many security issues that companies now face when it comes to sensitive data. Issues such as moderating levels of access to various users or ensuring the security of BYOC employees means there may be a minefield of security issues to be dealt with. However, with companies such as Microsoft and Okta providing new identity management solutions to deal with the security of cloud platforms, the issue of security is one that is sure to be placed on the front burner for the next few years.

Platforms as a Service

Another development in the cloud computing sphere is the movement towards Platforms as a Service (PaaS) technology. With the availability of technology that facilitates the easy development of software apps, PaaS will be pushed to the forefront due to its ability to facilitate collaboration across the cloud. PaaS provides companies an avenue to develop and run applications across the cloud without needing to have localised hardware or software infrastructure. As a result, companies with multiple locations can work on the same project almost seamlessly, increasing efficiency and collaboration. In addition, PaaS technologies cut costs due to the fact that companies no longer have to purchase the requisite hardware and software for each individual location, but instead can use the infrastructure stored in one central cloud location.

Lower Prices

As storage technology continues to get cheaper, the price for cloud computing services will continue to see a corresponding rapid drop in price. One of the leading cloud computing services, Amazon Web Services, slashed their prices by 80 percent in 2013 alone. Other cloud companies have followed their lead, with Microsoft and Google offering competing prices with Amazon. Within the upcoming few months, it is expected that price drops will continue, allowing even the smallest of companies access to cloud technology that just a year or two ago may have been out of their financial reach.

Graphics as a Service

The rising ability of the cloud to provide graphic solutions is another key change that is on the horizon of cloud computing. Graphics as a Service (GaaS) technology allows users to harness the graphics processing abilities within the cloud, making it easier for clients to run graphic needy programs without paying for expensive hardware. This new development is expected to benefit users in a wide range of fields that need high quality graphics, from the gaming industry to science and engineering.

With many companies still trying to get a hold on cloud computing it seems as if many of its benefits have not even yet been fully realised, much yet harnessed. However, by keeping in mind some of the trends in cloud computing, you will have a higher chance of being able to tap into the benefits of cloud computing and use this advantage to propel your business into the future.