Emerging markets are characterized by many socioeconomic factors, such as low income, rapid economic growth measured by GDP, vulnerability toward commodity swings and many others. A good example of emerging or developing economies are Brazil, China, Russia, South Africa, and Mexico among others.
The dependency on the traditional economy that relies on trade and agriculture makes these markets seek more secure and stable industries that they can develop in. This is one of the reasons why these countries provide great outsourcing resources and have heavily tapped into technology development.
Technological development also attracts investors curious to see fast economic growth and return on investment. Many governments favor this tendency and encourage tech companies to attract more international investment by providing them incentives, like support and lower tax rates.
Cloud technology is a broad term for all kinds of online services, where data can be stored and accessed online. In other words, cloud technology is the synonym for the Internet. Not affected by climate conditions and international market fluctuations it makes it a very attractive industry to develop for emerging economies.
Its simplicity, low cost, and accessibility help both governmental and private sector development. These are the key 5 ways in which cloud technology helps emerging economies to grow.
Cloud technology helps businesses to save on infrastructure costs by offering solutions that are easy to install, update and maintain, compared to the hardware options that often come at a higher price and with less adjustable.
It helps to create flexible workplaces and improve productivity, making remote working a popular choice for many companies and cutting down on office maintenance costs. The cloud allows the employee to have a fully functioning office at their home.
Not to mention that cloud technology enables access to foreign markets that is a great growth opportunity for many enterprises. Businesses are no longer location-dependent and local talents go global.
Cloud is the foundation for AI and IoT
Data is the base for deep learning and machine learning that are crucial for AI and cloud enables data gathering and analysis. For IoT, it works in a similar way enabling secure data transferring between the devices of the network.
Among others, China is leading the AI race, looking for revolutionary solutions and bringing robotics to the next level. While many worry that AI and automation will replace manual jobs that are in high demand in developing countries, the research for the creation of highly-intelligent machines doesn’t stop.
Improved customer experience
Cloud technology enables 24/7 customer support that is being imposed by the digital transformation. The accessibility of information and improvement of user support by global companies is possible thanks to the flexibility of cloud services, unrestricted access from different devices and high-quality information.
Companies big and small benefit from providing their customers with timely support and improving their experience. It’s not limited only to an actual support center that can attend to every query personally, but also includes sharing educative and helpful content online that users can access any time.
With cloud service providers picking up blockchain technology, security becomes another thing that the users don’t need to worry about. These companies are constantly upgrading and improving their security measures, making sure no kind of sensitive information can be lost or stolen.
Cloud technology uses encryption to store and transfer information which protects it from the possible cyber threats, which makes it safer than locally stored data. With cybersecurity being one of the biggest issues in the digital world, it's reassuring to know that your data is stored safely since both governmental and private organizations opt for cloud services and store your data there.
Scalability and lower costs
Not having the physical hardware and infrastructure makes cloud technology a cheap and flexible alternative to hardware options. Cloud is able to handle the growing amount of data to meet the users' demand without much change in pricing and availability. The capacity of the cloud is almost unlimited which makes growing and shrinking equally easy options for it.
Cloud technology helps to drive transformation and business growth to the developing countries, making them competitive players on the international tech arena by reducing business costs, eliminating entry barriers and providing a technological advantage. Technological growth is attractive for investors and is a great contribution to the local economy.
The adoption of cloud technology in developing economies presents a great opportunity to integrate into cross-country solutions. The advantages of cloud computing bring out local talents and capacities to the international level, providing opportunities for individuals, businesses, and government to grow.