With access to analytics, collaboration tools and core business applications. Cloud computing has become shorthand for how businesses turn winning ideas into efficient software. It provides organizations the opportunity to scale their business model without spending large amounts of money on inhouse infrastructure.
Studies have shown that nearly 60% North American business rely on public cloud platforms. In fact, according to Gartner Inc., the public cloud services market is predicted to amount to a total of $214.3 billion by the end of 2019.
Making Money with Cloud Computing
Cloud computing is defined as internet-based computing that facilitates centralized data storage. Online access of computer services and sharing of data-processing tasks through large group of remote servers.
Simply put, cloud computing allows you to store and access your data over the internet, instead of a computer’s hard drive.
Apart from giving users the ability to scale services to fit their needs. Cloud computing saves organizations the cost of expensive hardware with the use of remote resources.
So, with the cost of costly infrastructure out of the way, the question remains as to how service providers make money with cloud computing.
1. The Pay-as-you-go (PAYG) model
The PAYG cloud computing model charges the consumer based on usage. This practice is similar to that of utility bills, where you only pay for the resources you use. Some vendor examples of this model are Amazon Web Services and Microsoft Azure.
What’s in it for the service provider? The model gives vendors the opportunity to directly target customer needs, and upsell new services.
The customer, on the other hand, has the flexibility to add and remove services on demand, and only pay for them as long as they need them—eliminating the need for long-term contracts and licensing.
2. Tiered Pricing— Software as a Service (SaaS)
One of the most common models to make money with cloud computing is the SaaS model. In this software distribution model, a third-party provider hosts applications on the cloud and makes them available for consumers over the internet. Salesforce, HubSpot and Google Apps are some of the many SaaS examples.
The pricing in SaaS model is subjected to metrics like number of modules, servers, data volumes, etc. It’s ideal for customers who expect organizational growth; as their demands increase and evolve, they can move up the tiers of the model.
Customers’ requirements can be met both in present and the future through high level tiers that they can ‘graduate into’ over a period of time.
Apart from SaaS, service providers can benefit from similar cloud services: Platform as a Service (PaaS), Infrastructure as a Service (IaaS), Mobile Backend as a Service (MBaaS) and Security as a Service (SECaaS).
3. Leverage Latest Technology
Technologies such as machine learning, Internet of things (IoT), and artificial intelligence are now built onto the cloud to meet customers’ demand for apps and services that are tailored to their preferences and personal habits.
Combined with digital business services and intelligent technologies. Cloud computing can really catapult businesses into a new dimension of competitiveness. Studies show that leading enterprises use these solutions for business insights when developing new products.
For instance, if a process requires the hiring of several data scientists and engineers. AI as a service in the cloud is the solution of getting things done without relying on individuals.
Moreover, companies can move their workloads on hyperscale clouds to create powerful on-premises platforms in their own data centers.
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