December 7, 2017

Cloud computing industry witnesses major investments

Investments have come from major Indian and Irish players to tap business growth and employment opportunities.

Cloud computing as an industry is witnessing a growing trajectory with investments flourishing in Asia, Europe, and Asia Pacific as well. Sources say that the rising need for secure and recoverable data is the key element that is pushing organizations to move to the cloud.

Recently, the cloud computing industry has seen two major investments coming from India and Ireland. In India, Tata Communications has stated that they plan to invest USD 20 to 25 million in cloud computing. They also added that this investment won’t have an immediate impact on the stocks but is healthy in the long run.

On the other hand, in Ireland, Irish connectivity and cloud computing provider Strencom have announced an investment of EURO 6 million from reinvested profits with an addition of 20 employees to their current batch of 28, at their Dublin and Cork offices. Sterncom says that the addition of employees is a result of consistent revenue growth over the past three years.

According to Sterncom the investments will help them target a broader range of industry sectors and in turn fund the development of an expansion of their business offerings. This expansion plan also aims at acquiring two to three companies in the coming years with the annual increment of Euro 50 million in revenue.

Reflecting on the investment, Tim Murphy, CEO at Sterncom said:

Strencom is on a strong growth trajectory and we’re very excited about the future. Our growth plans are very ambitious, but we are well placed to achieve our target. Our managed cloud service has been our biggest area of growth over the past three years. We have a great team in Strencom, which has enabled that growth, and are looking for more of the right people to join us at this very exciting time in our development.

Sterncom’s growth story and the bullish attitude of Tata Communications is an indication of a promising future for the cloud computing industry. Sources predict that this USD 200 billion will increase at a rate of 30%- 32% CAGR. It will be interesting to see how companies from various industries deploy cloud for data management and recovery.

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