The idea of cloud computing has been around since the 1960s, but not everyone is aware of how important this area has now become for different industries. Here are some examples of sectors that have embraced the cloud to make their processes better.
Companies Offering Instant Access to Many Games
The iGaming industry moved online more than two decades ago, but it wasn’t always built around the cloud. In many cases, players had to download special casino software to access games like roulette and blackjack. However, advances in technology mean that games are now available online in any browser.
This has led to a huge increase in the number of games offered, as can be seen with the current range of themed slots and card game variants. Spin Till You Win is an example of the way this increasing variety has allowed new roulette versions to flourish. Created by Playtech, it follows the classic approach in many aspects but has free bets and multipliers. Thanks to cloud computing, iGaming companies collect vast quantities of data to see which games and features are most popular among their players.
It’s Easier for Banks to Analyze Data
Banks and other financial institutions are among the companies that have discovered some major benefits from moving to cloud services. Among the key factors in this industry is the way that they can now analyze vast quantities of data to spot trends, detect potential fraud, and provide a better service to customers.
This look at the future of cloud banking by Fast Company points out key technology such as the blockchain and artificial intelligence (AI). While many retail banks will continue to have branches dotted across the regions where they operate, the rise of internet-only banking has forced a shift in attitude. NuBank, Chime, and Revolut are among the digital banks that have been leading the way.
Digital banks allow customers to open an account remotely, verify their identity, and carry out transactions at any time. AI tools can be used to help users budget more effectively, while blockchain technology is increasingly used for payment processing. The success of cloud banking has forced traditional banking to look at digital alternatives, with many of them closing branches while streamlining their operations by increasing their cloud banking options.
Stock Control and Lower Operating Costs in Retail
The use of cloud computing in retail is growing, with studies showing that it is expected to grow from $46.98 billion in 2024 to $127.69 billion in 2029. Part of the reason why it’s so popular is that it gives retailers a huge level of control over their stock control processes. This is traditionally one of the main challenges in retail, but by keeping the full inventory and details of sales in the cloud, the exact numbers are there at all times.
The report linked above suggests that cloud technology can help reduce supply chain operating costs by as much as 16%, with many executives stating that supply chain efficiency is a powerful reason for switching to the cloud.
Cloud-based inventory management helps retailers track their stock around the clock using smartphones and other connected devices. This allows everyone in the company to access the same information no matter where they are. Automated barcode scanning and stock ordering are among the other innovations that help save time and money.
Greater Security in Healthcare
There are some challenges associated with cloud computing across different industries, with the security and confidentiality of the data one of the most important. The healthcare sector is an industry worth looking at in this respect, as the confidential nature of patient records makes it a huge concern. Cyberattacks are common in this industry and often lead to financial losses or reputational damage.
Data encryption and authentication are identified in this study from the National Library of Medicine. In 25% of cases, data encryption is used, while authentication is reported at a 15% rate. Smaller percentages are attributed to the likes of the blockchain (4%), access control (6%), and digital signature (7%).
The rise of telemedicine and remote working in healthcare has led to the increasing use of the cybersecurity mesh technique. This distributed approach is based on protecting individual users who are part of a cloud network, rather than trying to protect the full network at once.
Scalability in Any Industry
Finally, the question of scalability is one of the key areas behind the success of cloud computing in many industries. If we look at each of the cases covered above, the ability to quickly and effortlessly scale the network’s power is a huge advantage. In the past, casinos could only offer gambling to the number of players who could fit around their table, while banks and shops were restricted by the number of people who fit into their premises. Even healthcare has been limited by physical restrictions.
This means that scalability is possibly the biggest advantage across these diverse industries. By turning to cloud computing, they can grow across the planet or in a specific region without worrying about physical limitations.
These benefits prove that doing business on the cloud has provided more than just an easy way to access and share information. It’s also sparked some fascinating trends in different industries that are making it easier for companies to find a new way forward that suits them.
