Although cloud computing is certainly nothing new, there is no doubt that computing is increasingly becoming a utility. Whether it is raw computing power (provided, for instance, by Amazon), platforms that allow others to develop (Microsoft's Azure and Google's App Engine), web-based services (Salesforce.com, Google Apps, etc) or most of the online offerings labelled "web 2.0" (Facebook, Twitter), more and more of computing takes the form of service and happens in big data centres. This does not come as a surprise: it follows naturally from the combination of ever cheaper and more powerful processors with ever faster and more ubiquitous networks, allowing computing to centralise again after years of becoming more distributed.
The Banking and Finance sector is most dependent on cloud computing. After the introduction of mobile banking and net banking, many corporations in the financial section rely on cloud computing. Crowdfunding services and money management services such as PayPal, Western Union, Woocommerce have emerged, virtually making payments for goods through the roof. With the increasing popularity of virtual currencies like bitcoin, this trend of cloud computing for banking is projected to continue.
Cloud computing is becoming more popular and corporations and government are realizing its importance. It Is estimated that by the end of 2019, public cloud services will show a 45% growth as compared to 2015. A study found out that 80% of companies that adopted cloud computing witnessed major growth or improvement in their IT departments within just five months. It leads to reduce cost, low number of IT professionals as well as better data storage and improved security.
