Cloud computing has gained prominence as one of the internet-based computing models that have driven the world into actualizing greater efficiency and cost savings. Cloud computing enables the remote access of servers, storage, databases, and application services over the internet to users worldwide. These web-based IT resources are available to users in a flexible and low-cost manner. 
In addition to this, cloud computing allows small-scale and infant businesses to use these cloud resources, saving the upfront investment cost required to build an IT structure from scratch. Moreover, the deployment of applications on a global scale is now handled in a few minutes and clicks. Mentioned below are a few ways that cloud computing helps to induce economic growth.
Creation of Employment Opportunities
Cloud Computing ensures economic growth through the provision of new job opportunities. As cloud computing is employed by the smartphone services industry and aerospace sector, new pathways are opening up via the construction and staffing of data centers required to host the cloud. Not only is additional staff being hired to operate and maintain the cloud through its data centers, but there is also an increasing need to ‘upskill’ the existing workforce. This upskilling is helping individuals to benefit from higher than average salaries. Higher salaries will directly impact the GDP per capita as the average income of the working class augments.
Consequently, higher economic growth prevails in this society. In addition to this, the managerial staff that would otherwise be dealing with in-house IT resources may now concentrate on other more profitable segments of the business. Lower distraction and increased focus will eventually result in higher economic growth.
Cost Saving and Efficiency
Another one of the most eminent cloud computing factors driving economic growth is its ability to cut down costs and bring about efficient work practices. Small enterprises have been the primary beneficiaries of cloud computing because they have explored revenue opportunities through the cloud infrastructure, streamlining processes across the board, hence, gauging profitability. Cloud computing infrastructure tends to be more flexible as there is no up-front investment required for the set-up.
Firms are required to pay for the server and infrastructure capacity as and when needed. These payments are in the form of commission. This allows for cost savings, as hardware installation costs are minimized. Moreover, this inculcates efficiency with no additional equipment, facility, and utilities for set-up. Cloud computing has successfully revolutionized traditional computing, enabling higher output using fewer resources – leading to economic growth in terms of efficiency.
Access to IT Infrastructure
The availability of IT resources and infrastructure still lacks in many parts of the world, even today. Countries with a shortage of IT professionals and the necessary IT resources can access these via cloud computing. This would require a reliable internet connection for accessibility. Once reliable connectivity has been established, IT resources can be used through the web, allowing for growth in even remote areas. This is another way of driving economic growth into areas where IT infrastructure may be non-existent.
Increased Competition
Cloud computing has created innovative opportunities for small and medium enterprises to use cloud technology and progress in their field of expertise. Infant industries that were initially faced with finding start-up capital to acquire IT resources can now save on these start-up costs and innovate in production and provision of services using rigorous R&D services.
Hence, risk-neutral entrepreneurs have now stepped into the leveled playing field due to major cost-savings through the use of cloud computing. As a result, competition has elevated, leading to lowered prices and more substitute products and services for everyday consumers.
Conclusion
Therefore, cloud computing has brought about significant benefits that make way to higher profits, lower costs, upskilling of the workforce, the creation of new job opportunities, increased competition in the market, and lower, more affordable prices. All these aim toward a better and more enhanced lifestyle within the economy, thereby fostering economic growth.
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