The phenomenon is particularly applicable to an economy with an “If it works, don’t fix it” mindset; adopting this change wasn’t easy in terms of shredding the current infrastructure and the deployment costs of embracing the new one.
However, the crisis has paved the way for the Indian economy to finally formulate an efficient approach that collaboratively crunches through and activates massive volumes of information.
The current legacy system cannot keep pace with an approach that excels in managing vast data on the cloud or on-premises.
The parallel shift to digitalisation has also been experiencing exponential growth while managing business complexities, operational change, security and compliance risks, and the misalignment between IT and business.
However, this is just the tip of the iceberg, and the hyper-converged system’s backend is handling even more. The data will continue to expand, requiring an equally augmented data-driven cloud security.
Statistics That Predict An Upcoming Shift Towards Cloud Strategies
The COVID-19 pandemic’s negative impacts are evident and still in effect against adopting a hyper-converged infrastructure for the Indian economy.
However, one thing is clear: it has also raised the concerns of financial organisations now preparing to deploy hybrid cloud strategies to respond quickly to customer needs. Why hybrid, you might ask?
While hybrid cloud solutions are advantageous for delivering extended flexibility, more deployment options, security, and compliance, they also extract more value from the existing legacy infrastructures.
The public cloud in the Indian economic space is projected to reach $11.64 billion by 2027, with an impressive CAGR of 18%. In addition, public and hybrid cloud strategies in the Indian economy can be the critical factors that have increased awareness about cloud-based solutions, with the healthcare industry emerging as the strongest.
On the other hand, end-user spending on public cloud services is also estimated to reach $4.4 billion, an increase of 30% from $3.4 billion in 2020.
The leading cloud solutions segment is application services, with an estimated $1.1 billion in user spending in 2020. So, it’s safe to say that the pandemic has undoubtedly accelerated the economy.
The Concerns With The Current Infrastructure
The general misconception about “legacy systems” is that they are outdated. In reality, even if the modern system fails to meet the current standard in finance or any other industry, it can be defined as a legacy system.
Here are the key considerations which can quickly transform seemingly modern infrastructures into legacy systems:
· The inability to process multiple data types
· Lack of data transparency and data flow
· Potential data security risks in data centres
· Higher operational costs and lower efficiency
· The inability to quickly remote collaboration
The Indian economy will benefit from AI, Big Data, and enhanced performance by upgrading legacy systems and financial industries. The economy will also benefit from the agility and better scalability that can be adopted and integrated into data strategies.
Why Does The Indian Economy Need To Embrace Cloud Strategies?
With fast digitisation and an expanding financial database, now is the perfect time for the Indian economy to migrate to cloud strategies. Thus, cloud solutions enable economic sectors to keep evolving their services while improving their compliance and regulations.
The phenomenon will further strengthen the data security of data centres and legacy systems against potential cybersecurity risks.
State-of-the-art cloud technology has matured appreciably, overcoming all odds against its wide adaptation in the Indian economy.
Addressing Security and Compliance Challenges with Cloud Computing
Dramatic improvements in agility, efficiency, and performance are an obvious benefit of hybrid cloud migration and rapid adaptation.
However, industry leaders and authorities won’t immediately praise its sustainability unless they ensure that customer experience and data security are uncompromised.
66% of leaders in the Information Technology space prioritise the data security of their IoT systems over operating costs or business continuity.
Modern cloud-based computing, storage, and analytic solutions are highly secure for well-regulated industries.
Notably, for the financial landscape, authorities must understand that data is just as secure in cloud servers as in legacy systems.
To have complete trust in this evolving environment, economists, leaders, and end-users need to understand which security layers have been deployed and see where the data flows.
Even before the cloud was integrated with its operations, the financial sector was well-known for its reliance on outdated centralised systems. Still, an updated ecosystem of cloud services will surely help them tackle issues more effectively.
The future operations of the Indian economy will be executed primarily through cloud strategies where data security compliance may become an ultimate trusting factor.
However, the rapid evolution of cloud computing and IT will provide actionable insights into security events, help avoid cloud disasters, and bridge the gap between financial services and end customers.
Additionally, data security, agility, operating costs, and business continuity of operations will be cited by economic leaders to embrace a data-driven economy more often than other sectors.
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