Cloud computing as we know it today began in 2002 with the launch of Amazon Web Services’ (AWS) public cloud. AWS provided many small- and medium-sized businesses with a cost-effective way to maintain servers, access software, and better manage the growing need for information technology (IT) services by using a trusted, third-party provider such as Amazon.
The growth in Internet availability and speed, high-capacity networks, and low-cost computers increased the number and types of cloud computing technologies that were available to businesses, nonprofits, government agencies, and consumers. Additionally, the COVID-19 pandemic prompted many businesses to require their employees to work from home and schools to educate students online, which created even more demand for cloud computing systems.
More than 90 percent of U.S. firms use some form of cloud computing, according to CompTIA, a nonprofit industry trade association. Over 60 percent of those companies reported that cloud components represent at least one-third of their overall IT architecture. The use of cloud computing is expected to grow quickly in coming years. The cloud services market size reached $602.3 billion in 2023, according to the market research firm Grand View Research, and will grow to nearly $2.4 trillion by 2030. "The market is on a fast track to expansion, fueled by a confluence of factors," according to Grand View Research. "Large enterprises are realizing the transformative power of cloud computing. By migrating to the cloud, they can streamline operations, improve agility, and unlock new levels of efficiency. This translates to significant performance gains across the organization."
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