How Industry Cloud Platforms are Transforming Businesses Across Industries

In today's digital age, Industries ranging from healthcare to retail have unique and specific requirements for managing and securing their data. As companies worldwide are turning to cloud solutions for their data management needs, over 60% of corporate data is now stored in the cloud.

However, many companies are finding that general-purpose cloud solutions don't meet their industry-specific needs. This is where industry cloud platforms come into play, providing organizations with tailored solutions to address their most critical use cases. Industry cloud platforms are rapidly gaining adoption as more hyper scalers, including Google, Amazon Web Services, and Microsoft, embrace business-as-a-service models. The industry cloud market is maturing quickly across various sectors, with an estimated 64% of the $1 trillion cloud market having the potential to benefit from industry clouds, creating a massive market worth up to $640 billion. So, what exactly are industry clouds, and why do they matter?

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Unveiling Industry Cloud Platforms: Exploring their Popularity and Purpose

Industry cloud platforms are gaining popularity as organizations and companies recognize the benefits of having industry-specific content solutions. A recent global survey revealed that 50% of enterprises have workflows in the public cloud, and 46% store data there. However, many organizations have yet to realize the full potential of industry-specific cloud solutions.

For companies and organizations that have yet to transition to general cloud operations, moving to industry cloud platforms may require significant effort. Industries with complex legacy systems typically have custom-built applications and software designed for their industry. Such industries may find that general-purpose cloud solutions do not meet their needs. A strategy of "lifting and shifting" applications to the cloud may result in sub-optimal performance, while optimizing applications for the cloud could be costly. These organizations, already facing competition from cloud-native competitors, require a cloud solution tailored to their specific requirements.

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“Increasingly diverse geopolitical regulations, a higher need for industry compliance, and a rise in protectionism are among the drivers of vertical cloud solution adoption”

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Industry cloud platforms provide tailored solutions that cater to the precise needs of various industries, enabling organizations to meet their workloads efficiently. Different industry cloud platforms offer features and tools that the industry needs and only include those that are relevant. Furthermore, there may be opportunities for customization, enabling enterprises to streamline their cloud solutions further.

In addition to tailored solutions, there are other factors driving enterprises to consider industry cloud platforms. According to Gartner, increasingly diverse geopolitical regulations, a higher need for industry compliance, and a rise in protectionism are among the drivers of vertical cloud solution adoption. Essentially, companies and organizations are seeking ways to mitigate risk and ensure the security of their content. Industry cloud platforms help address this problem by providing security analytics, threat detection, and prevention.

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[Also Read: From Reactive to Proactive: How a Digital Immune System Can Improve Cybersecurity]

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Challenges of Implementing Industry Cloud Platforms

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While Industry Cloud platforms offer a range of benefits, there are also some challenges that businesses may face when implementing them. Here are five challenges of implementing Industry Cloud platforms:

Data Integration: Integrating data from various sources into the Industry Cloud platform can be a complex process, requiring specialized skills and tools.

Customization: Industry Cloud platforms are often designed to meet the needs of a specific industry, making customization difficult and time-consuming.

Security and Compliance: Industry Cloud platforms require high levels of security and compliance to protect sensitive data and meet regulatory requirements.

Change Management: Implementing Industry Cloud platforms can require significant changes in business processes and may require training and support for employees to adapt.

Vendor Lock-in: Once a business has invested in an Industry Cloud platform, it may be not easy to switch to a different vendor or platform, leading to potential vendor lock-in.

To overcome these challenges, businesses can adopt a phased approach to implementation, starting with a pilot project to test the platform's functionality and scalability. Businesses can also work with cloud platform providers that offer pre-built integrations and compliance capabilities, reducing the time and effort required to integrate the platform with existing systems.

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Future of Industry Cloud Platforms

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Industry cloud platforms are rapidly gaining traction in the technology industry, and the trend is only expected to continue in the coming years. As the world becomes increasingly connected and digital, industry cloud platforms will play an even more critical role in helping businesses transform and thrive. According to a report by MarketsandMarkets, the global industry cloud market is projected to reach USD 140.63 billion by 2023, growing at a compound annual growth rate (CAGR) of 24.3% during the forecast period of 2018 to 2023. The report also notes that the healthcare and life sciences sector is expected to have the largest share of the industry cloud market during this period.

Industry cloud platforms are cloud solutions tailored to meet the specific needs of a particular industry or vertical, such as healthcare, finance, or retail. These platforms help organizations and companies to store, manage, and analyze industry-specific data securely and efficiently.

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As the world becomes increasingly connected and digital, industry cloud platforms will play an even more critical role in helping businesses transform and thrive.

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One of the main drivers of industry cloud adoption is the need for specialized solutions that can provide organizations with a competitive edge. Unfortunately, general-purpose cloud solutions often do not meet the unique requirements of certain industries. A recent survey by IDG found that 73% of respondents stated that industry-specific cloud offerings were important for their organizations' technology strategies.

Furthermore, industry cloud platforms are becoming increasingly popular due to the need for compliance with industry-specific regulations. For instance, in the healthcare industry, HIPAA regulations mandate the storage and protection of patient data. Industry cloud platforms can provide healthcare organizations with solutions that meet HIPAA requirements, ensuring compliance and preventing legal issues.

The financial services industry is another sector that is witnessing the adoption of industry cloud platforms. A report by Deloitte states that the financial services industry is embracing industry clouds to enhance customer experience, reduce operational costs, and comply with regulatory requirements. The report notes that industry clouds can provide financial services organizations with solutions such as fraud detection, risk management, and compliance monitoring.

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Satya Nadella, CEO of Microsoft, stated that industry clouds are "the next frontier."

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Industry leaders have also expressed their views on the future of industry cloud platforms. For example, Satya Nadella, CEO of Microsoft, stated that industry clouds are "the next frontier." He believes that industry clouds can provide organizations with an edge in their respective industries by offering tailored solutions that meet specific needs.

The growing demand for industry-specific solutions, compliance with regulations, and the need for competitive differentiation are key drivers of industry cloud adoption. As industry cloud platforms continue to evolve and mature, they are likely to provide organizations with greater efficiency, agility, and innovation, enabling them to stay ahead of the competition in their respective industries.

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[Also Read: 6 Ways Custom Software Development Can Take You to the Next Level]

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Conclusion

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As businesses grapple with complex legacy systems and homegrown applications designed for their industry, industry cloud platforms will continue to offer tailored solutions to meet their unique needs. With benefits like scalability, flexibility, and cost savings, it's no wonder that industry cloud adoption is on the rise. As we move towards an increasingly connected and digital world, industry cloud platforms will play a crucial role in helping businesses transform and thrive in the years to come.

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